Regulation 10 Interim claims in advance
An interim claim for a period allowed by paragraphs (2) and (3) may be made not later than 1 month, or such shorter period as the Board may allow, before the date to which paragraph (5) refers, and is referred to in these Regulations as an “interim claim in advance”.
The periods for which an interim claim in advance may be made are:—
1 calendar month; or
3 calendar months.
Interim claims in advance made by a lender may not (except where authorised by prior written approval of the Board) be made for different periods.
An interim claim in advance for a period shall be based on an estimate of the amount deductible by borrowers in respect of payments of relevant loan interest to the lender falling due in that period, and the estimate shall be certified by an authorised officer of the lender as being the best estimate that can reasonably be made of the amount deductible.
If the Board are satisfied with the estimate they shall pay a sum equal to the estimated amount deductible on the date prescribed in paragraph (6) or where it is not a working day the next following working day; if they are not so satisfied they shall pay the lender such lesser sum, if any, as in their estimation will approximate to the amount deductible.
Subject to paragraph (7), the date referred to in paragraph (5) is—
in the case of a claim for 1 calendar month the 23rd of the month;
in the case of a claim for 3 calendar months the 15th of the second of those months.
In the case of a claim for 1 calendar month, if the lender so claims and satisfies the condition in paragraph (8), the date referred to in paragraph (5) above is the 2nd, 9th or 15th instead of the 23rd of the month.
The condition mentioned in paragraph (7) is that the lender's mean repayment date is closer to the date on which repayment is claimed than each of the other 3 dates and the lender's “mean repayment date” means —
the date which is found by multiplying the date of each day of the months of April to September in the previous year by the payments of interest due on that day, adding together the products so calculated for all the days of those 6 months, and dividing the total of those products by the total of all payments of interest due in those months; or
a date arrived at on some other basis which is authorised by the Board.