LegalizeThe Loans for Mortgage Interest (Transaction Fee) (Amendment) Regulations 2020
Made: 1st July 2020
Laid before Parliament: 2nd July 2020
Coming into force: 3rd August 2020
In accordance with section 173(1)(b) of the Social Security Administration Act 1992[^f00002] the Social Security Advisory Committee has agreed that the proposals in respect of these Regulations should not be referred to it.
Citation and commencement
1
- (1) These Regulations may be cited as the Loans for Mortgage Interest (Transaction Fee) (Amendment) Regulations 2020.
- (2) These Regulations come into force on 3rd August 2020.
Amendment of the Loans for Mortgage Interest Regulations 2017
2
In Schedule 4 (direct payments to qualifying lenders) to the Loans for Mortgage Interest Regulations 2017[^f00003] omit paragraph 6 (fees payable by qualifying lenders).
Signed
Signed by the authority of the Secretary of State for Work and Pensions
Stedman-Scott — Parliamentary Under Secretary of State — Department for Work and Pensions — 1st July 2020
Explanatory note
(This note is not part of the Regulations)
EXPLANATORY NOTE
Regulation 2 of these Regulations amends Schedule 4 to the Loans for Mortgage Interest Regulations 2017 (S.I. 2017/725) to remove the requirement for qualifying lenders to pay a fee to the Secretary of State in respect of each occasion on which a payment is made directly to the qualifying lender.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, public or voluntary sectors is foreseen.
Footnotes
[^f00001]: 2016 c.7.
[^f00002]: 1992 c.5.
[^f00003]: S.I. 2017/725. There have been amendments of Schedule 4 but none of them are relevant.
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