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.

Table of Contents

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

Homebuy

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.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.