503Exception from section 501 for certain loans under qualifying policies
This section has no associated Explanatory Notes
(1)Section 501 does not apply to a loan made by the body issuing a qualifying policy if either or both of conditions A and B are met.
(2)Condition A is that interest is payable on the loan at a commercial rate.
(3)Condition B is that the loan was made—
(a)before 6th April 2000,
(b)to a full-time employee of the body issuing the policy, and
(c)to assist the employee in purchasing or improving a dwelling to be used as the employee’s only or main residence.