Law dictionary

regulated mortgage contract

regulated mortgage contract: For the purposes of the Financial Services and Markets Act 2000 (FSMA), a contract where, at the time it is entered into, the following conditions are met:

• The contract is one under which a person (the lender) provides credit to an individual or to trustees (the borrower).

• 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 UK.

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.

From 31 October 2004, the regulation of mortgage lending, sales and administration will become regulated activities (regulated activity) under FSMA.

Related links

FSMA overview

mortgage

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