Regulation 6(1)
SCHEDULE 1TERMS OF LOAN IN PURSUANCE OF THE RIGHT TO A LOAN
1. Repayment of the amount secured shall be made in equal instalments of principal and interest combined.
2.—(1) The period over which repayment is to be made shall be—
(a)three years, in respect of a loan of less than £1,500;
(b)five years, in respect of a loan of £1,500 or above but less than £5,000;
(c)ten years, in respect of a loan of £5,000 or above;
or, at the option of the borrower, a shorter period.
(2) For ascertaining the period of repayment, the amount of the loan is the aggregate of the amount of the loan made in pursuance of the right to a loan under regulation 2 and the amount of any loan made under regulation 5 in respect of any part of the service charge which does not qualify for a loan in pursuance of the right.