436 Terms of advance
Housing Act 1985 (1985 c 68) | Legislation

436  Terms of advance

(1)     The provisions of this section have effect with respect to the terms of advances under section 435.

(2)     The advance, together with the interest on it, shall be secured by a mortgage of the land concerned; and an advance shall not be made unless the estate proposed to be mortgaged is either—

(a)     an estate in fee simple absolute in possession, or

(b)     an estate for a term of years absolute of which a period of not less than ten years in excess of the period fixed for the repayment of the advance remains unexpired on the date on

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