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The Loans for Mortgage Interest Regulations (Northern Ireland) 2017
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Recovery of sum wrongly paid
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9.—(1) In the following circumstances, a qualifying lender must at the request of the Department repay any amount paid to the lender under regulation 17(1) (direct payments to qualifying lenders) which ought not to have been paid.
(2) The circumstances are that, in respect of a claimant—
(a)the loan payments are terminated under regulation 9(2) (duration of loan payment);
(b)the qualifying loan or alternative finance arrangement in respect of which owner-occupier payments are made has been redeemed; or
(c)both of the conditions in sub-paragraphs (3) and (4) are met.
(3) The first condition is that the amount of each loan payment determined under regulation 10 (calculation of each loan payment) is reduced as a result of—
(a)the standard rate determined under regulation 13 (standard rate to be applied under regulations 11 and 12) having been reduced; or
(b)the amount outstanding on the qualifying loan or alternative finance arrangement having been reduced.
(4) The second condition is that no corresponding reduction was made to the amount calculated in respect of the qualifying lender under paragraph 2 or 3 of this Schedule.
(5) A qualifying lender is not required to make a repayment in the circumstances described in sub-paragraph (2)(a) unless the Department’s request is made before the end of the period of 2 months starting with the date on which the loan payments are terminated.
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