(1) Entering into a regulated mortgage contract as lender is a specified kind of activity.
(2) Administering a regulated mortgage contract is also a specified kind of activity, where-
(a) the contract was entered into by way of business on or after 31st October 2004; or
(b) the contract-
(i) was entered into by way of business before 31st October 2004, and
(ii) as a regulated credit agreement immediately before 21st March 2016.
(a) a contract is a "regulated mortgage contract" subject to paragraph (5), if, at the time it is entered into, the following conditions are met - (i) the contract is one under which a person ("the lender") provides credit to an individual or to trustees ("the borrower"); (ii) the contract provides for the obligation of the borrower to repay to be secured by a mortgage on land; (iii) at least 40% of that land is used, or is intended to be used - (aa) in the case of credit provided to an individual, as or in c
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