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Testing your mortgage knowledge

A first-time home buyer reviewing mortgage documents, surrounded by homes and calculators, in a modern office setting.

Test Your Mortgage Knowledge

Are you planning to buy your first home? Take our quiz to find out how well you understand the mortgage process! Whether you're just starting to research or already in the thick of it, this quiz will help you identify key information you need.

10 engaging questions
Evaluate your understanding of mortgages
Learn valuable insights for first-time buyers

10 Questions2 MinutesCreated by BuyingHome101

What is the average price for properties bought by first time buyers?

140-150k

180-190k

100-110k

What is the average time it takes for first time buyers to save for a deposit?

1 year 9 months

2 years 7 months

3 years 8 months

When can you pull out of a house purchase?

At any time before the valuation

At any time before you have finalised the mortgage

At any time before the exchange of contracts

What information could a property search reveal?

Structual details of the house

Flood and other environmental risks

If the house is haunted

What is the main reason for being turned down on a mortgage?

Affordability fail

Credit score

Employment history

How much can you typically borrow?

Two and a half times your income

Four and a half times your income

Six times your income

How much is stamp duty for first time buyers in England and Northern Ireland

First time buyers dont pay

0% for properties up to 300K, 5% if between £300,000.01 - 500K & standard rates if 500K+

If you are asked to pay a holding deposit, how much should you typically pay?

£500-£1000

Nothing

£100-£200

Whats the average amount of time it takes to complete a mortgage

2 weeks

13 weeks

25 years

What of these would you need to consider when getting a mortgage

Home insurance

Life insurance

Critical illness cover

All of the above

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