Testing your mortgage knowledge

What is the average price for properties bought by first time buyers?
140-150k
180-190k
100-110k
What is the average time it takes for first time buyers to save for a deposit?
1 year 9 months
2 years 7 months
3 years 8 months
When can you pull out of a house purchase?
At any time before the valuation
At any time before you have finalised the mortgage
At any time before the exchange of contracts
What information could a property search reveal?
Structual details of the house
Flood and other environmental risks
If the house is haunted
What is the main reason for being turned down on a mortgage?
Affordability fail
Credit score
Employment history
How much can you typically borrow?
Two and a half times your income
Four and a half times your income
Six times your income
How much is stamp duty for first time buyers in England and Northern Ireland
5%
First time buyers dont pay
0% for properties up to 300K, 5% if between £300,000.01 - 500K & standard rates if 500K+
If you are asked to pay a holding deposit, how much should you typically pay?
£500-£1000
Nothing
£100-£200
Whats the average amount of time it takes to complete a mortgage
2 weeks
13 weeks
25 years
What of these would you need to consider when getting a mortgage
Home insurance
Life insurance
Critical illness cover
All of the above
0
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