4

This article does not apply to an agreement if—

a

the agreement is entered into on or after 21st March 2016,

b

under the agreement a mortgage creditor grants or promises to grant a credit in the form of a deferred payment, loan or other similar financial accommodation,

c

the credit is granted or promised to an individual who is acting for purposes outside those of any trade, business or profession carried on by the individual,

d

the purpose of the agreement is to acquire or retain property rights in land or in an existing or projected building, and

e

the agreement does not meet the conditions in paragraphs (i) to (iii) of article 61(3)(a) (regulated mortgage contracts).

5

A reference in paragraph (4)(d) to any land or building—

a

in relation to an agreement entered into before F1IP completion day, is a reference to any land or building in the United Kingdom or within the territory of an EEA State;

b

in relation to an agreement entered into on or after F1IP completion day, is a reference to any land or building in the United Kingdom.