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

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