Article 13 Advising on regulated mortgage contractsI1

After article 53 of the Regulated Activities Order insert—

“Advising on regulated mortgage contracts

53A.

(1)

Advising a person is a specified kind of activity if the advice—

(a)

is given to the person in his capacity as a borrower or potential borrower; and

(b)

is advice on the merits of his doing any of the following—

(i)

entering into a particular regulated mortgage contract, or

(ii)

varying the terms of a regulated mortgage contract entered into by him after the coming into force of article 61 in such a way as to vary his obligations under that contract.

(2)

In this article, “borrower” has the meaning given by article 61(3)(a)(i).”.