Have You Got The Mortgage Factor

10 Questions | Total Attempts: 2100

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Have You Got The Mortgage Factor

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Questions and Answers
  • 1. 
    With a capped rate mortgage what happens to the interest rate
    • A. 

      The mortgage rate goes up and down as interest rates change

    • B. 

      Its a mortgage product sold by an adviser that wears a cap

    • C. 

      The interest rate goes up and down but has a ceiling that it cannot go above

  • 2. 
    The minimum term you can take out a mortgage for is
    • A. 

      Five year

    • B. 

      One Year

    • C. 

      Seven year

  • 3. 
    APR stands for
    • A. 

      Annual percentage rate

    • B. 

      Annual penalty rate

    • C. 

      Annual performance rate

  • 4. 
    Who will a lender send to value the property you intend to purchase
    • A. 

      David Dickinson

    • B. 

      A surveyor

    • C. 

      An auctioneer

  • 5. 
    Whose responsibility is it to ensure an interest only mortgage is repaid at the end of the term
    • A. 

      The lender

    • B. 

      The borrower

    • C. 

      The solicitor

  • 6. 
    What is the most common reason for remortgaging
    • A. 

      To borrow money for an extension

    • B. 

      To get a lower interest rate

    • C. 

      To pay for school fees

  • 7. 
    Exchanging contracts on a mortgage means
    • A. 

      You make an appointment with solicitor and swap pieces of paper

    • B. 

      You are legally bound to proceed and complete the purchase

    • C. 

      You need to bring your work contract to prove you have a job

  • 8. 
    Which of the following would stop you from getting a mortgage
    • A. 

      Having a county court judgement

    • B. 

      You had a house reposessed 6 year ago

    • C. 

      Not having the sufficient income

  • 9. 
    Why would you choose an independent mortgage adviser
    • A. 

      It does not make any difference who you choose

    • B. 

      Because you get the best deal available for you not the best a lender has to offer

    • C. 

      All banks have the same deals anyway

  • 10. 
    Just to help you get your score upWho killed Heather Trott in Eastenders 
    • A. 

      Wellard, (or is that just another name for a Mitchell )

    • B. 

      Steve Owen

    • C. 

      Ben Mitchell