First Time Buyer Mortgage Quiz

A visually appealing infographic representing mortgage concepts, with elements like houses, money, and first-time buyers, in a bright and engaging style.

First Time Buyer Mortgage Quiz

Test your knowledge about the mortgage process, specifically aimed at first time buyers. This quiz will help you understand key terms and requirements you need to know before diving into the world of mortgages.

Key features:

10 multiple choice questions
Learn essential mortgage terminology
Understand common requirements for first-time buyers

10 Questions2 MinutesCreated by BuyingGuide101

Who is classes as a first time buyer

Someone who has never has a mortgage

Someone who hasn't had a mortgage in 1 year

Someone who hasn't had a mortgage in 2 years.

Someone who hasn't had a mortgage in 3 years.

What is the correct term for when you have an existing mortgage and you want to move providers?

Further Advance

Re-Mortgage

Porting

Product Switch

What does DIP stand for?

Deviation in Promise

Decision in Principle

Decision in Price

Deviation in Price

Do we need to see evidence of income and outgoings in order to go through a DIP?

Yes

Only Income

Only outgoings

What type of insurance do you need to have in place before getting a mortgage?

Life Insurance

Contents insurance

Building Insurance

Pet Insurance

For someone who is self-employed how many months of accounts will they need to have to hand?

6 months

12 months

24 months

36 months

How many months of accounts does a customer need to have to hand if they are employed?

6 months in total

9 months and 3 with current employer

12 months 1 with current employer

12 months and 3 with current employer

First Time Buyer Mortgage Quiz

First Time Buyer Mortgage Quiz

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