for paragraph (3)(a) substitute—

“(a)

a contract is a “regulated mortgage contract” if, at the time it is entered into, the following conditions are met—

(i)

the contract is one under which a person (“the lender”) provides credit to an individual or to trustees (“the borrower”);

(ii)

the contract provides for the obligation of the borrower to repay to be secured by a first legal mortgage on land (other than timeshare accommodation) in the United Kingdom;

(iii)

at least 40% of that land is used, or is intended to be used, as or in connection with a dwelling by the borrower or (in the case of credit provided to trustees) by an individual who is a beneficiary of the trust, or by a related person;”;