Glossary

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Term Definition Legal instruments

high loan to income mortgage contract

01/10/2014

THIS DEFINITION ONLY APPLIES TO THE HOUSING PART

means a regulated mortgage contract under which the credit provided by a firm to an individual, or to individuals jointly, is or exceeds a multiple of 4.5 times the individual’s income, or the individuals’ joint income, at the time at which that income is assessed by the firm for the purpose of entering into the regulated mortgage contract.