advising on regulated mortgage contracts

910the regulated activity, specified in article 53A of the Regulated Activities Order, which is in summary: advising a person if the advice:

1. (a) is given to the person in his capacity as a borrower or potential borrower; and
2. (b) is advice on the merits of his:
   1. (i) entering into a particular regulated mortgage contract; or
   2. (ii) varying the terms of a regulated mortgage contract entered into by him on or after 31 October 2004, or a legacy CCA mortgage contract entered into by him,130 in such a way as to vary his obligations under that contract.12