First Time Buyer Mortgage Quiz
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
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 is the smallest deposit (in percentage) we require for a mortgage?
2%
3%
4%
5%
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
No
Only Income
Only outgoings
What does LTV stand for?
Love to Vote
Loan to Value
Like to Vary
List the Variety
What type of insurance do you need to have in place before getting a mortgage?
Life Insurance
Contents insurance
Building Insurance
Pet Insurance
What is the maximum monthly repayment we accept?
599.99
699.99
999.99
1099.99
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
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