- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Regulation 6(1)
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.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: