Related provisions for PERG 4.10B.26

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

5The most obvious example of a regulated mortgage contract is a loan made to an individual to enable the individual to buy a home for themselves where the loan is secured on that home. However, there is no requirement that the borrower should occupy the property. There is a requirement that at least 40% of the land should be used as a house, but no requirement that it is the borrower who uses it as a house. So, for example:(1) a loan may be a regulated mortgage contract if the
(1) In order for a loan to fall within the definition of a regulated mortgage contract, at least 40% of the total of the land to be given as security must be used as or in connection with a dwelling. Therefore, the variation in approach provided for in MCOB 1.2.3 R(2) can only apply where the loan being used for a business purpose is secured against a property at least 40 per cent of which is used as a dwelling. It cannot apply to a loan secured on property that is used solely
PERG 8.17.3GRP
An agreement for qualifying credit includes the following types of loan in addition to those that would be a regulated mortgage contract, but in each case only if the lender carries on the regulated activity of entering into regulated mortgage contracts:(1) [deleted]66(2) secured loans for buy-to-let or other purely investment purposes;(3) loans secured on land situated outside the United Kingdom;(4) loans that include some unsecured credit such as a flexible mortgage that includes
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444