Paragraph 16 Loans on residential property
England, Wales and Scotland
A loan qualifies under this paragraph where the loan was taken out to defray monies applied for any of the following purposes—
acquiring an interest in the dwelling occupied as the home; or
paying off another loan to the extent that the other loan would have qualified under paragraph (a) above had the loan not been paid off.
For the purposes of this paragraph, references to a loan include also a reference to money borrowed under a hire purchase agreement for any purpose specified in paragraphs (a) and (b) of sub-paragraph (1).
Where a loan is applied only in part for the purposes specified in paragraphs (a) and (b) of sub-paragraph (1), only that portion of the loan which is applied for that purpose will qualify under this paragraph.
Annotations
Textual amendments
- F1
Sch. 6 paras. 16 17 omitted (with effect in accordance with regs.19 - 21 of the amending S.I.) by virtue of The Loans for Mortgage Interest Regulations 2017 (S.I. 2017/725), reg. 1(2)(a), Sch. 5 para. 1(c)(ix)
Notes on the whole SI
Textual amendments
- F1
Section 3(3) is cited for the power to prescribe a payment under paragraph (b) of the definition of “pension payment”.
- F2
Section 22 is cited insofar as it relates to paragraphs 1 to 3, 6, 7, 8(1), 9 and 10 of Schedule 2.
- F3
Section 24(1) is cited for the definition of “employment” and “employed”, “period of limited capability for work”, “prescribed”, “regulations” and “week”.
- F4
Paragraph 6(5) of Schedule 1 is cited for the definition of “couple”, “education” and “remunerative work”.
- F5
- F6
- F7
Notes on Schedule 6
Textual amendments
- F1
Word in Sch. 6 heading substituted (27.10.2008) by The Employment and Support Allowance (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/2428), regs. 1(2), 16(a)