delete The Housing (Right to Buy) (Priority of Charges) Order 1997
This Order specifies nine mortgage companies as 'approved lending institutions' for Right to Buy purposes under section 156 of the Housing Act 1985, which deals with priority of charges. It replaces an earlier 1996 Order containing a different list of approved lenders.
This regulation creates a closed list of privileged mortgage providers for Right to Buy financing, effectively barring thousands of other FCA-regulated lenders from participating. It exemplifies the kind of government-picked winners approach that Mises and Hayek identified as corrosive to market efficiency. The approved lenders gain a competitive advantage through government designation rather than superior service, while consumers face reduced choice. Any legitimate lending institution meeting general regulatory standards should be permitted to offer Right to Buy mortgages. The revocation of the 1996 Order also demonstrates these lists are arbitrary and subject to political influence rather than objective criteria.