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Primary And Secondary Advances

Volume 98: debated on Wednesday 4 June 1986

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made: No. 43, in page 14, line 45, at end insert

'and when an advance may, for those purposes, be treated partly as a class I advance and partly as a class 2 advance'.

No. 44, page 15, line 8, after 'security', insert

`(after deducting from that value any mortgage debt of the borrower to the society outstanding under a mortgage of the land);'.

No. 45, in page 15, line 10, leave out 'by the borrower'

and insert

`which is to secure the advance is outstanding'.

No. 46, in page 15, line 11, leave out 'is outstanding'.

No. 47, in page 15, line 34, leave out `by the borrower' and insert

`which is to secure the advance is outstanding'.

No. 48, in page 15, line 35, leave out 'is outstanding'.

No. 49, in page 15, line 38, at end insert—

(5A) An advance for a deposit for the purchase of land is also a class 1 or class 2 advance according as it is made with a view to the making of a class 1 or class 2 advance secured on the land.
(5B) Advances which would be class 2, and not class 1, advances by reason only that the extent of the residential use of the land is not as to satisfy the requirement in subsection (2)(b) above shall be treated as class 1 advances if and to the extent prescribed by an order under section 12(5A).'. —[Mr. Ian Stewart.]