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Test for Residential

By Jake Syms / July 8, 2020

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Question 1 of 11

1. Question
What is the minimum deposit needed for a help to buy mortgage?
- 25%
- 15%
- 5%
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Question 2 of 11

2. Question
If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home and pay rent on the remaining share. What are the share percentages?
- Between 25% and 75% of the home's value
- Between 10% and 60% of the home's value
- Between 50% and 75% of the home's value
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Question 3 of 11

3. Question
With Shared Ownership, the purchaser has the option to increase their share during their time in the property. What is this process called?
- Step laddering
- Staircasing
- Ladder climbing
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Question 4 of 11

4. Question
If a client is looking to for a Right to Buy mortgage, how long must they have lived in their council property before they can apply to buy it?
- 5 years
- 3 years
- 6 years
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Question 5 of 11

5. Question
What is a Guarantor Mortgage?
- A Guarantor Mortgage is a home loan where a parent or close family member takes on some of the risk of the mortgage by acting as a guarantor
- A Guarantor Mortgage is a loan where the mortgage is guaranteed to be paid off at the end of the term, assuming all payments have been made on time and up to date
- A Guarantor Mortgage is a home loan where a spouse takes on some risk of the mortgage by acting as a guarantor
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Question 6 of 11

6. Question
How much can you borrow up to with a Guarantor mortgage?
- 75% of the property value
- 95% of the property value
- 100% of the property value
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Question 7 of 11

7. Question
What is the minimum age for someone to qualify for equity realease?
- 55
- 60
- 65
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Question 8 of 11

8. Question
Do clients need to make monthly repayments if they have taken out an Equity Release mortgage?
- Yes
- No
- Yes, payments start 5 years before the mortgage term ends
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Question 9 of 11

9. Question
What is he maximum amount you can borrow for a lifetime mortgage?
- 60%
- 50%
- 75%
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Question 10 of 11

10. Question
For a contract worker, what is the minimum term required some lenders at the end of a contract when an applicant is applying for a mortgage?
- 6 months
- 12 months
- 3 months
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Question 11 of 11

11. Question
What key question do you need to ask a client who is a contractor?
- Has your contract been renewed?
- What is your line of work?
- Have you ever been employed?
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