447 Recognised lending institutions.E+W
(1)The lending institutions recognised for the purposes of section 445 (assistance for first-time buyers) are—
[F1building societies,]
local authorities,
new town corporations,
the Development Board for Rural Wales,
trustee savings banks
banks,
insurance companies, and
friendly societies.
[F2Swansea Building Society]
[F3Abbey Life Home Service Limited.
Abbey Life Mortgage Securities Limited.
Abbey Life Residential Loans Limited.
General Portfolio Finance Limited.
Royal London Homebuy Limited.]
[F4Abbey Life Mortgage Finance Limited,
Abbey Life Mortgage Loans Limited,
CIS Mortgage Maker Limited]
[F5Mortgage Express Ltd.]
[F6Halifax Loans Limited
BNP Mortgages Limited.]
[F7Sun Life of Canada Home Loans Limited
Halifax Loans (No.2) Limited
Halifax Loans (No.3) Limited
Halifax Loans (No.4) Limited.]
(2)The Secretary of State may by order made with the consent of the Treasury—
(a)add to the list in subsection (1), or
(b)direct that a named body shall no longer be a recognised lending institution;
but before making an order under paragraph (b) he shall give an opportunity for representations to be made on behalf of the body concerned.
(3)An order shall be made by statutory instrument.
Textual Amendments
F1Words substituted by Building Societies Act 1986 (c. 53, SIF 16), ss. 54(3)(a)(5), 120(1), Sch. 18 Pt. I para. 18(3)
F2Entry added by S.I. 1986/1489, art. 2
F3Entries added by S.I. 1988/84, art. 2, Sch.
F4Entries added by S.I. 1988/1723, art. 2
F5Entry added by S.I. 1989/956, art. 2
F6Entries added by S.I. 1989/2328, art. 2
F7Entries added by S.I. 1990/1387, art. 2
Modifications etc. (not altering text)
C1Ss. 445–450: power to amend or repeal conferred by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 171(1)(a)(2)
C2S. 447 amended by S.I. 1986/148, art. 10(6)
C3By S.I. 1987/1202, art. 2, Sch. the bodies “Yorkshire Bank Home Loans Limited” and “Abbey Life Home Loans Limited.” are specified for the purposes of section 447(2)
C4By S.I. 1987/1809, art. 2, Sch. the bodies “Abbey Life Executive Mortgages Limited.” and “Abbey Life Funding Limited.” are specified for the purposes of section 447(2)