15. Power to vary rate of interest payable under mortgage

Where loans are provided by the Board for the purchase of any property upon a mortgage of that property to the Board, whether the mortgage was entered into before or after 5 September 1986, the Board has the power, despite anything contained in the mortgage document, to vary the rate of interest payable under the mortgage upon giving the mortgagor one month’s notice of the Board’s intention to do so.

Any notice under subsection (1) must be in writing and is deemed to be sufficiently served on the mortgagor if sent by ordinary post to the mortgagor at the address of the mortgaged property and is deemed to be served on the mortgagor at the time when the letter would, in the ordinary course of post, be delivered.[14