Modifications etc. (not altering text)
C1Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)
140.—(1) Article 60G M1 (exempt agreements: exemptions relating to the total charge for credit) is amended as follows.
(2) In paragraph (2A)(a) M2, for “of a type described in Article 3(1) of the mortgages directive” substitute “ one to which subsection (2) of section 423A of the Act applies ”.
(3) In paragraph (2A)(b)—
(a)for “of such a type” substitute “ one to which that subsection applies ”;
(b)in paragraph (i), for “of a kind to which the mortgages directive does not apply by virtue of Article 3(2) of that directive” substitute “ one to which subsection (3) of that section applies ”;
(c)in paragraph (ii) omit “within the meaning of Article 4(23) of the mortgages directive”.
(4) In paragraph (8) M3, for “of a type described in Article 3(1) of the mortgages directive” substitute “ to which subsection (2) of section 423A of the Act applies ”.
(5) After that paragraph insert—
“(9) In this article “bridging loan” means a mortgage agreement that—
(a)is of no fixed duration or is due to be repaid within 12 months, and
(b)is used by a consumer, within the meaning given by section 423A(4) of the Act, as a temporary financing solution while transitioning to another financial arrangement for the immovable property concerned.”.
Commencement Information
I1Reg. 140 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1Article 60G was inserted by S.I. 2013/1881.
M2Paragraph (2A) was inserted by S.I. 2015/910 and was amended by S.I. 2016/392.
M3Paragraph (8) was inserted by S.I. 2015/910 and was amended by S.I. 2016/392.