Q&As

Does a proposed loan, which is to be secured on the borrower’s house, constitute a regulated mortgage contract under the Financial Services and Marketing Act 2000 for the purposes of redeeming an existing mortgage and purchasing an investment property? The loan is more than 40% of the value of the property over which it will be secured.

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Published on LexisPSL on 14/10/2019

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Does a proposed loan, which is to be secured on the borrower’s house, constitute a regulated mortgage contract under the Financial Services and Marketing Act 2000 for the purposes of redeeming an existing mortgage and purchasing an investment property? The loan is more than 40% of the value of the property over which it will be secured.

Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out a regulated activity, or purport to do so, in the UK unless they are either an authorised person (ie authorised by the Prudential Regulation Authority and/or the Financial Conduct Authority), or an exempt person (eg by being an appointed representative). For an overview of the regulated activiti

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