Test Your Mortgage Knowledge
Test Your Mortgage Knowledge
Are you ready to challenge your understanding of mortgages? This quiz will test your knowledge on key mortgage concepts, from early repayment charges to re-mortgaging options.
Put your financial expertise to the test and see how well you know the mortgage world!
What is an Early Repayment Charge?
The fee you pay when you break a product deal early with a lender
The fee you pay when you pay your monthly payment earlier than scheduled
What's the difference between a Standard Variable Rate and a Tracker Rate
A tracker mortgage rate is the lenders normal mortgage rate, a standard variable rate is linked to a particular base rate.
A standard variable rate is the lenders normal mortgage rate, a tracker mortgage is linked to a particular base rate.
What is a higher lending charge?
The higher lending charge is a fee charged by the lender to increase the borrowing capability of the mortgagee
The higher lending charge is a fee charged by a mortgage lender where the amount borrowed exceeds a given percentage of the value of the property
What is a re-mortgage?
Swapping the mortgage you have on your current property for another mortgage with a different lender
The process of borrowing more money on your mortgage with the same lender
If you earn £25,000 basic salary on an employed basis, how much do you think you can borrow on average?
£125000
£142000
£112500
£98350
How long do you need to be with your new employer before you can take out a mortgage?
One month - must have a payslip to show earnings
Three months - must have three months payslips and corresponding bank statements to show earnings
Six months - must have payslips available
Can apply three months before the new job starts with a contract of employment signed
Client has a default on a mobile phone contract from one year ago - can they get a mortgage with a high street lender?
Yes
No
True or False - Life Insurance is a legal requirement when taking out a mortgage.
True
False
Can you put someone on the mortgage and NOT put them on the title deeds of the property?
Yes
No
What is the maximum term for a mortgage that's available?
35 years
30 years
45 years
40 years
How much % deposit do you need to buy a house at the moment?
5%
0%
15%
10%
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