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  1. Point in time
    2006-07-06

drawdown mortgage

12a lifetime mortgage contract where:

  1. (a) the amount borrowed is paid by the mortgage lender to the customer in instalments during the life of the mortgage; and
  2. (b) the size and frequency of the instalments are:
    1. (1) agreed between the mortgage lender and the customer; or
    2. (2) set by reference to an index or interest rate (such as the Bank of England repo rate).