Article 3 Amendment of the Social Landlords (Additional Purposes or Objects) Order 1999

Article 3 (Priority of mortgages) of the Social Landlords (Additional Purposes or Objects) Order 1999^f1 is amended as follows.

For the definition of “qualifying lending institution”, substitute—

• ““qualifying lending institution” means—

  1. (a)

     the Housing Corporation; or

  2. (b)

     a person who—

     1. (i)

        is an authorised person within the meaning given to that expression by section 31 of the Financial Services and Markets Act 2000, and

     2. (ii)

        has permission under that Act to enter into a regulated mortgage contract as lender;

• “regulated mortgage contract” has the meaning given by article 61(3)(a) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.

In paragraph (4) delete sub-paragraphs (b) and (c).