Clause 3

Where loans are provided by the Board for the purchase of any property upon a mortgage of that property to the Board, whether such mortgage was entered into before or after the commencement of the Housing and Development (Amendment) Act 1986, the Board shall have the power, notwithstanding 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.(2) Any notice under subsection (1) shall be in writing and shall be deemed to be sufficiently served on the mortgagor if sent by ordinary post to the mortgagor at the address of the mortgaged property and shall be deemed to be served on the mortgagor at the time when the letter would in the ordinary course of post be delivered.”.