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Assessment - Mortgage

A detailed and informative illustration of a home with mortgage paperwork, including a calculator, representing mortgage assessment and financial planning.

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?

10 Questions2 MinutesCreated by CalculatingBear315

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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