Testing your mortgage knowledge
Test Your Mortgage Knowledge
Are you planning to buy your first home? Take our quiz to find out how well you understand the mortgage process! Whether you're just starting to research or already in the thick of it, this quiz will help you identify key information you need.
- 10 engaging questions
- Evaluate your understanding of mortgages
- Learn valuable insights for first-time buyers
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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