Paragraph 1

After paragraph 3 of Part II there shall be inserted the following paragraph:

“Borrowers: Loans by appropriate mortgage companies

3A

The operation or termination of the account of a borrower on the security of land from an appropriate mortgage company and the grant or refusal to grant a borrower from such a company further advances secured on the same or different land or other facilities normally available to borrowers of his description.

Note:

The operation or termination of the account of a borrower from an appropriate mortgage company includes any aspect of the relationship or the termination of the relationship between the lender and such a borrower including in particular the exercise of any power over the security.

Note:

“Appropriate mortgage company” means a company of that description which is for the time being the object of investment and support by a building society in accordance with the Building Societies (Designation of Qualifying Bodies) Order 1990^f1.

Note:

the grant of advances includes the terms on which they are granted.”