article 3(1)(b) credit agreement

118a credit agreement:

1. (a) under which the person to whom the credit is provided is a consumer,
2. (b) the purpose of which is to acquire or retain property rights in land or in an existing or projected building; and
3. (c) which is not an MCD regulated mortgage contract.

where the reference in (b) to land or a building is a reference:154

1. (d) in relation to a contract entered into before IP completion day162:154
   1. (i) to land or a building in the United Kingdom; or 154
   2. (ii) if the contract was entered into on or after 21 March 2016, to land or a building in the United Kingdom or within the territory of a State that was an EEA State at the time the contract was entered into; and154
2. (e) in relation to a contract entered into on or after IP completion day162, to land in the United Kingdom.154

[Note: articles 3(1)(b) and 4(3) of the MCD]