Article 31A Transitional provision: first charge mortgages entered into before 31st October 2004 which are regulated credit agreements immediately before 21st March 2016
(1) This article applies to an agreement -
(a) entered into before 31st October 2004,
(b) which is a consumer credit back book mortgage contract, and
(d) under which the mortgage securing the borrower's obligation to repay is a first charge mortgage.
(2) Until the relevant date -
(a) the agreement continues to be a regulated credit agreement within the meaning of article 60B(3) of the Regulated Activities Order,
(b) making arrangements for a person to vary the terms of the agreement is not a regulated activity pursuant to article 25A(1) of the Regulated Activities Order,
(c) advising a person on the merits of varying the terms of the agreement is not a regulated activity pursuant to article 53A(1) of the Regulated Activities Order,
(d) administering the agreement is not a regulated activity pursuant to article 61(2)(b) of the Regulated Activities Order,