buy-to-let credit agreement

59a contract that:

1. (a) at the time it is entered into:
   1. (i) is one under which a lender provides credit to an individual or to trustees (the 'borrower');
   1. (ii) provides for the obligation of the borrower to repay to be secured by a mortgage on land in the UK75;
   1. (iii) at least 40% of the land is used, or is intended to be used:
      1. (A) (in the case of credit provided to an individual) as or in connection with a dwelling; or
      1. (B) (in the case of credit provided to a trustee which is not an individual) as or in connection with a dwelling by an individual who is a beneficiary of the trust or a related person; and
   1. (iv) provides that the land secured by the mortgage cannot at any time be occupied as a dwelling by the borrower or a related person;
   1. and is to be occupied as a dwelling on the basis of a rental agreement; or
1. (b) is a regulated credit agreement which is an article 3(1)(b) credit agreement and provides that the land, or existing or projected building, to which it relates;
   1. (i) cannot at any time be occupied as a dwelling by the borrower or a related person; and
   1. (ii) is to be occupied as a dwelling on the basis of a rental agreement.

where “land” for these purposes means75:

1. (c) in relation to a contract entered into before IP completion day77:
   1. (i) land in the United Kingdom; or
   1. (ii) if the contract was entered into on or after 21 March 2016, land in the United Kingdom or within the territory of a State that was an EEA State at the time the contract was entered into; and
1. (d) in relation to a contract entered into on or after IP completion day77, land in the United Kingdom.

[Note: article 4(1) of the MCD Order]