Order for possession against mortgagor restored as High Court’s referral to plenary hearing overturned

The Court of Appeal allowed an appeal from the High Court's order that had adjourned an application by three financial institutions for possession of two mortgaged properties to a plenary hearing on six issues, and dismissed a cross-appeal by the borrower seeking to expand his defences. The Court found that the borrower was not a consumer, as his loan had a significant business purpose, and therefore consumer protection regulations did not apply. It held that the mortgage's terms meant the debt became due automatically upon default, without requiring a letter of demand, and that documentary evidence relied upon by the lenders was admissible under current legislation. The Court also determined that it was sufficient for the registered legal owner of the charge, rather than the beneficial owner, to seek possession, and rejected claims that regulatory authorisation defects or disputes over interest rate notification constituted credible defences. The case was remitted to the High Court only to decide whether the latest assignee, having been joined at appellate level, was legally entitled to possession on a summary basis. The lenders were provisionally awarded their costs.