SCHEDULES

SCHEDULE 7 Mortgage in Pursuance of Right to a Mortgage

1

The deed shall provide for repayment of the amount secured in equal instalments of principal and interest combined.

2

1

The period over which repayment is to be made shall be—

a

25 years, or

b

where the mortgagor’s interest in the dwelling-house is leashold and the term of the lease is less than 25 years, a period equal to the term of the lease,

or, at the option of the mortgagor, a shorter period.

2

The period mentioned in sub-paragraph (1) may be extended by the mortgagee.

3

1

The Secretary of State may by order—

a

vary the preceding provisions of this Schedule, or

b

prescribe additional terms to be contained in the deed,

but only in relation to deeds executed after the order comes into force.

2

An order under this paragraph—

a

may make different provision with respect to different cases or descriptions of case, including different provision for different areas, and

b

shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

4

The deed may contain such other provisions as may be—

a

agreed between the mortgagor and the mortgagee, or

b

determined by the county court to be reasonably required by the mortgagor or the mortgagee.