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The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, Section 60D is up to date with all changes known to be in force on or before 11 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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60D.—(1) A credit agreement is an exempt agreement for the purposes of this Chapter if, at the time it is entered into, any sums due under it are secured by a legal mortgage on land and the condition in paragraph (2) is satisfied.
(2) The condition is that less than 40% of the land is used, or is intended to be used, as or in connection with a dwelling—
(a)by the borrower or a related person of the borrower, or
(b)in the case of credit provided to trustees, by an individual who is a beneficiary of the trust or a related person of a beneficiary.
(3) For the purposes of paragraph (2)—
(a)the area of any land which comprises a building or other structure containing two or more storeys is to be taken to be the aggregate of the floor areas of each of those stories;
(b)“related person” in relation to a person (“B”) who is the borrower or (in the case of credit provided to trustees) a beneficiary of the trust, means—
(i)B’s spouse or civil partner,
(ii)a person (whether or not of the opposite sex) whose relationship with B has the characteristics of the relationship between husband and wife, or
(iii)B’s parent, brother, sister, child, grandparent or grandchild.]
Textual Amendments
F1Pt. 2 Chs. 14A, 14B inserted (26.7.2013 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2), 6
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