Test Your Mortgage Knowledge

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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!

11 Questions3 MinutesCreated by CalculatingThoughts2021

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

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

What is the maximum term for a mortgage that's available?

35 years

30 years

45 years

40 years

Test Your Mortgage Knowledge

Test Your Mortgage Knowledge

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