In this Schedule—

• “housing costs element” means an amount in respect of housing costs which is included in a claimant's award of universal credit under section 11(1) of the 2012 Act M1;

• “qualifying lender” means (subject to paragraph 10)—

  1. a

     the bodies or persons listed in paragraphs (a) to (g) of section 15A(3) M2 of the Administration Act;

  2. b

     the Regulator of Social Housing;

  3. c

     the Greater London Authority; and

  4. d

     any body incorporated under the Companies Act 1985 M3, the main objects of which include the making of loans secured by—

     1. i

        a mortgage of or charge over land, or

     2. ii

        in Scotland a heritable security;

• “loan interest payments” has the meaning given by paragraph 5 of Schedule 1 to the Universal Credit Regulations M4;

• “relevant claimant” has the meaning given in paragraph 2(1);

• “specified benefits”, in relation to a relevant claimant, means the benefits specified in paragraph 2(2)—

  1. a

     to which the relevant claimant is entitled; or

  2. b

     where the relevant claimant is a member of a couple, to which the other member of the couple is entitled;

• “standard rate” means the standard rate of interest determined under paragraph 12 of Schedule 5 to the Universal Credit Regulations.

References in this Schedule to a relevant claimant who meets the payment condition or the liability condition are to a claimant who meets those conditions in accordance with regulation 25 of the Universal Credit Regulations (the housing costs element).