2020 No. 666

Social Security

The Loans for Mortgage Interest (Transaction Fee) (Amendment) Regulations 2020

Made

Laid before Parliament

Coming into force

The Secretary of State for Work and Pensions in exercise of the powers conferred by sections 18 and 19(4)(b) of the Welfare Reform and Work Act 20161 makes the following Regulations.

In accordance with section 173(1)(b) of the Social Security Administration Act 19922 the Social Security Advisory Committee has agreed that the proposals in respect of these Regulations should not be referred to it.

Citation and commencement1

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 20172

In Schedule 4 (direct payments to qualifying lenders) to the Loans for Mortgage Interest Regulations 20173 omit paragraph 6 (fees payable by qualifying lenders).

Signed by the authority of the Secretary of State for Work and Pensions

Stedman-ScottParliamentary Under Secretary of StateDepartment for Work and Pensions
EXPLANATORY NOTE

(This note is not part of the Regulations)

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.