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.