An application made under regulation 9 shall not be approved—
(a) where the repayment of any other loan by the mortgagor is the subject of a guarantee by the Authority;
(b) where there is an undischarged undertaking by the Authority to enter into a guarantee in respect of any other loan to be made to the mortgagor, unless the parties for whose benefit such undertaking was given shall, by writing under their hand, release the Authority from its obligations thereunder; and
(c) unless the mortgagor establishes to the satisfaction of the Authority—
(i) that he or she has a good credit standing, and
(ii) that the periodic payments which he or she will be required to make under the approved mortgage securing the repayment of the loan referred to in such application bears a proper relation to his or her present and anticipated net income.