6.—(1) The grant payable under Article 3(1) to any young person in the period of 12 months beginning with a reckonable date shall not exceed an amount determined in accordance with paragraphs (2) and (3).
(2) The amount referred to in paragraph (1) shall be the prescribed percentage of the amount of the qualifying loan on the reckonable date.
(3) In paragraph (2) the prescribed percentage is, subject to paragraph (4), the sum of 3.5% and the official dealing rate in force on the reckonable date.
(4) Where there is more than one official dealing rate in force on a reckonable date, the prescribed percentage is the sum of 3.5% and the highest of those official dealing rates in force on that date.
(5) The total grant payable to any young person under Article 3(1) shall not exceed £17,000.