Paragraph 2
England and Wales
(1)
The period over which repayment is to be made shall be—
(a)
25 years, or
(b)
where the mortgagor’s interest in the dwelling-house is leashold and the term of the lease is less than 25 years, a period equal to the term of the lease,
or, at the option of the mortgagor, a shorter period.
(2)
The period mentioned in sub-paragraph (1) may be extended by the mortgagee.
Notes on Schedule 7
Textual amendments
- F1
Sch. 7 repealed (11.10.1993) by 1993 c. 28, s. 187(2), Sch. 22; S.I. 1993/2134, arts. 2, 4(b), Sch. 2 (with saving in Sch. 1 para. 4(1)).