Glossary

re-mortgage with no change to the principal sum outstanding

01/10/2014

means a regulated mortgage contract under which the amount of credit provided does not exceed that outstanding to the firm, or to a different lender, under a previous regulated mortgage contract, or any other type of contract under which the obligation to repay the credit provided is secured by a legal mortgage on land. In determining the amount of credit provided, no account shall be taken of:

(1) arrangement fees;

(2) professional fees and costs; and

(3) administration costs.