Mortgage quiz (5 minutes)
By
HuutiMoney
On this page, we have provided a mortgage quiz which will help test your knowledge of mortgages. This Mortgage quiz is fast and takes less than 3 minutes to complete.
The mortgage Quiz -Entry Level
How much mortgage deposit do you typically require to get a mortgage?
0%
5%
15%
20%
25%
You need at least a 20% mortgage deposit to buy a house?
True
False
Your credit score affects the mortgage rate you get?
Yes
No
Which is more likely to work in the bank?
A mortgage broker
A mortgage adviser
Loan to value means?
The amount of mortgage you get
The amount of interest you get in relation to the mortgage
The amount of mortgage you get in relation to the properties value
Pick the Government schemes which help you get on the property ladder from the below?
Home start
Rent to own
Shared ownership
Help to buy equity loan
Right to acquire
Co- ownership
Lifetime ISA
Help to buy ISA
Right to buy
A tracker rate mortgage tracks?
The bank of England
The mortgage lenders base rate
The government’s interest rate
A family deposit mortgage:
Requires you to gie your family a mortgage
Requires a 10% mortgage deposit from you
Requires your family to put up the mortgage deposit
The Mortgage Quiz- Intermediate
You can get a mortgage with 0% mortgage deposit?
True
False
You can get a mortgage with bad credit or no credit?
True
False
Mortgage multiple means?
The amount of mortgage you can get
The amount of mortgage you can get based on your income
The amount of mortgage you can get based on your mortgage deposit
Remortgaging means:
Selling your house and buying a new house with a new mortgage
Getting a new mortgage to pay off your old mortgage
Private mortgage insurance will cover you if you cannot make your monthly mortgage repayments?
True
False
A mortgage which you can reduce the interest you pay on your mortgage balance with the funds you have in a savings account is known as:
Interest saver mortgage
An offset mortgage
Savings account mortgage
The Mortgage quiz- Advanced
A debt consolidation mortgage is?
A mortgage which pays you cash to pay off your debts
A mortgage you get which pays you monthly to cover your debs
A mortgage which gives you extra borrowing to pay off your debts
Assume a 25-year mortgage and a 30-year mortgage, both with the same Annual Percentage Rate and the same amount borrowed.
The total amount repaid will be:
a) Higher for the 25-year mortgage
b) Higher for the 30-year mortgage
c) The total amount repaid on both mortgages will be the same
Legal checks carried out to ensure there are no restrictive covenants or other issues with a property are called:
Conveyancing
Property survey
Exchange of contracts is:
When you and the mortgage lender exchange contracts
When you and the buyer or seller exchange contracts
The Mortgage quiz- Expert
Support for mortgage interest is?
Government help to pay the interest portion of your mortgage.
Your bank offering you support for the interest portion of your mortgage
Mortgage protection is?
Insurance which helps you cover your monthly mortgage repayments if you fall ill, lose your job or become disabled.
The protection which pays your mortgage if you die
Overpaying your mortgage helps with
Saving you interest on your mortgage
Reducing how long your mortgage term is
A mortgage holiday is?
When you use savings from your mortgage to go on holiday
When you take a holiday from making monthly mortgage repayments.
When you make no payments on your mortgage because you are on holiday
If you are on a base rate mortgage and the base rate rises by 2045% how much will your mortgage payments rise by?
1.45%
0.45%
What do mortgage lenders look at when assessing your mortgage affordability?
Your committed expenses
Your lifestyle expenses
Your basic expenses
Your income
SVR stands for
Standard variable repayment
Standard variable rate
You have a mortgage balance of £550,000, a secured home loan of £35,000 and a property valued at £800,000. How much equity do you have in your home?
None
£150,000
£350,000
£225,000
Buy to let mortgages are:
Regulated
Non-regulated
Buy to let mortgages typically require a rent coverage of
200%
145%
125%
Assume you owe £400,000 on a mortgage with at an Annual Percentage Rate of five per cent. If you made annual payments of £10,000 per year how long would it take to repay the whole mortgage?
a) Less than 20 years
b) Between 20 and 30 years
c) Between 30 and 40 years
d) The mortgage would never be repaid
e) Don’t know
Assume you owe £150,000 on a mortgage at an Annual Percentage Rate of six per cent. If you didn’t make any payments on this mortgage how much would you owe in total after one year?
a) Less than £150,000
b) £150,000 – £154,999
c) £155,000 – £159,999
d) £160,000 – £164,999
e) More than £165,000
f) Don’t know
We hope you enjoyed our mortgage quiz and we hope the mortgage quiz allowed you to spot areas where your mortgage knowledge could improve.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.