Have You Got The Mortgage Factor
.
- 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
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