Assessment - Mortgage
Mortgage Assessment Quiz
Test your knowledge about mortgages with our engaging quiz designed for homeowners and prospective buyers. Discover essential facts about mortgage repayments, eligibility criteria, and different ownership types.
Get ready to answer questions like:
- What does mortgage repayment include?
- Which banks offer the biggest mortgages?
- What are the interest conditions in the Help to Buy scheme?
Q1: Mortgage Repayment includes ___________
Interest on Loan
Some of outstanding balance
Interest and some of the outstanding balance
Ineterst, outstanding balance and administration charge
Q2: Which of the following is the biggest mortgage lended in UK?
Natwest Bank Plc
Nationwide Building Society
Lloyds Banking Group
Barclays Group
Q3: Which of the following factors does a lender take into account while checking eligibility?
Credit History
Annual Salary
Monthly Expenses
All of the above
Q4: AMR Stands for ___________
Adjustable Rate Mortgage
Annual Rate of Mortgage
Annual Reverse Mortgage
Assertive Mortgage
Q5: Which of the following is a type of shared ownership?
Joint Tenants
Help to Buy
Partial Ownership
All of the above
Q6: The type of ownership where you own the property but not the land is called as ________
Free Hold
Lease Hold
Reverse Mortgage
Sole Ownership
Q7: Which of the following can be considered as a guarantor for mortgage?
A grandparent who owns their home
Parents living in a rental property
A wealthy neighbour
None of the above
Q8: Which of the following best describes the interest conditions in 'Help to Buy' scheme?
Fixed Interest Rate till it is paid off
No interest for first 5 years
Variable interest rate throughout the repayment period
No interest on repayments for 10 years
Q9: Registering on Electoral roll _________
Improves credit score
Degrades credit score
Has nothing to do with credit score
Reduces the survey fee
Q10: While offering a lump sum amount towards the repayment of Equity Loan, what percentage is mandatory?
Minimum value should be 10% of the Equity Loan
Minimum value should be 10% of the house value
Minimum value should be 5% of the Equity Loan
Depends on Borrower as there is no fixed limit
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