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  2. Point in time
    2017-11-10

lifetime mortgage

(1)

an MCD exempt lifetime mortgage; or62(2) (other than in (1)),627a regulated mortgage contract or an article 3(1)(b) credit agreement62 under which:

  1. (a) entry into the mortgage is restricted to older customers above a specified age;

and

  1. (b) the62 lender62 may or may not specify a mortgage term, but will not seek full repayment of the loan (including interest, if any, outstanding) until the occurrence of one or more of the 62specified life events; and62

    1. (c) while the customer continues to occupy the mortgaged land as his main residence:
      1. (i) no instalment repayments of the capital and no payment of interest on the capital (other than interest charged when all or part of the capital is repaid voluntarily by the customer), are due or capable of becoming due; or
      2. (ii) although interest payments may become due, no full or partial repayment of the capital is due or capable of becoming due; or
      3. (iii) although interest payments and partial repayment of the capital may become due, no full repayment of the capital is due or capable of becoming due.