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8. In article 61 of the principal Order—
(a)in paragraph (2), after “entered into” insert “by way of business”;
(b)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;”;
(c)in paragraph (4), for “paragraph (3)(a)(ii)” substitute “paragraph 3(a)”.
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