(1) The Mortgage Credit Directive Order 2015 [S.I. 2015/910.] is amended as follows.

(2) In article 2(1) (interpretation), in the definition of "consumer credit back book mortgage contract" -

(a) in sub-paragraph (a) -

(i) the second paragraph (iii) is renumbered as paragraph (iv) [S.I. 2015/1557 inserted a new paragraph (iii) after the existing sub-paragraph (ii). There was, however, an original paragraph (iii), and this provision renumbers that original paragraph (iii) as paragraph (iv).], and

(ii) in that paragraph, omit "but for article 28(1),"; and

(b) for sub-paragraph (b) substitute -

"(b)

(i) is entered into on or after 21st March 2016 in the circumstances described in article 28,

(ii) would be a regulated credit agreement within the meaning of article 60B(3) of the Regulated Activities Order if it had been entered into immediately before 21st March 2016, and

(iii) is a regulated mortgage contract immediately after it is entered into.".