# The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001, Article 8: Regulated mortgage contracts


In article 61 of the principal Order—
(a) in paragraph (2), after “entered into” insert “by way of business”;
(b) for paragraph (3)(a) substitute—
“(a) a contract is a “regulated mortgage contract” if, at the time it is entered into, the following conditions are met—
(i) the contract is one under which a person (“the lender”) provides credit to an individual or to trustees (“the borrower”);
(ii) the contract provides for the obligation of the borrower to repay to be secured by a first legal mortgage on land (other than timeshare accommodation) in the United Kingdom;
(iii) at least 40% of that land is used, or is intended to be used, as or in connection with a dwelling by the borrower or (in the case of credit provided to trustees) by an individual who is a beneficiary of the trust, or by a related person;”;
(c) in paragraph (4), for “paragraph (3)(a)(ii)” substitute “paragraph 3(a)”.

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Source: https://www.legislation.gov.uk/uksi/2001/3544/article/8 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-amendment-order-2001/article-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.