Section 121(2)

“Mortgage credit institution” means an institution— which does not have permission under Part 4A of FSMA to carry on the regulated activity of accepting deposits (within the meaning given by section 22 of that Act, read with Schedule 2 and any order under section 22); and whose lending— relates to an agreement under which the obligation of the borrower to repay is secured, or is to be secured, by a legal mortgage on land; and is financed by covered bonds .

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Source: legislation.gov.uk · retrieved 2026-09-04