The Loans for Mortgage Interest Regulations 2017

Election not to be regarded as a qualifying lender

7.—(1) A body or person who would otherwise be within the definition of “qualifying lender” in the Act—

(a) may elect not to be regarded as such for the purposes of these Regulations by giving notice to the Secretary of State in writing; and

(b) may revoke any such notice by giving a further notice in writing.

(2) In respect of any financial year, a notice under sub-paragraph (1) which is given not later than 1st February before the start of the financial year, takes effect on 1st April following the giving of the notice.

(3) Where a body or person becomes a qualifying lender in the course of a financial year—

(a) any notice of an election by the body or person under sub-paragraph (1)(a) must be given within 6 weeks (“the initial period”) beginning with the date on which the body or person becomes a qualifying lender; and

(b) no direct payments may be made under regulation 17(1) to the body or person before the expiry of the initial period.

(4) Sub-paragraph (3)(b) does not apply in any case where—

(a) the person or body gives the Secretary of State notice in writing that that provision should not apply; and

(b) the notice is given before the start of the initial period or before that period expires.

(5) In relation to a notice under sub-paragraph (1)—

(a) where the notice is given by an electronic communication, it must be given in accordance with Schedule 2 of the Universal Credit, Personal Independence Payment, Jobseeker’s Allowance and Employment and Support Allowance (Claims and Payments) Regulations 2013(1);

(b) where the notice is sent by post, it is to be treated as having been given on the day the notice was received.

(1)

S.I. 2013/380.