What does DIP stand for?
Desirable Investment Property
Discounted Interest Payment
Decision In Principle
You are remortgaging and decide to switch from a 25-year to a 20-year term. What happens to your monthly mortgage payment?
Your payment goes down
Your payment stays the same
Your payment goes up
What does a conveyancer do?
Estimates the value of the property you're buying or selling
Decides whether or not you're approved on a mortgage
Serves notice on a repossession
Deals with the legal paperwork on a transaction
You apply for 2-year tracker mortgage with an initial rate of 1.19%. When might your mortgage payment amount change?
When the 2 years are up
When the lender changes their Standard Variable Rate
When the Bank of England changes its Base Rate
When the value of your property goes up or down
In this scenario: what happens in January 2018, if you do nothing?
You start paying a higher monthly payment based on an interest rate of 4.49%
You keep paying the same monthly payment, but more of it is made up of interest
You start paying a different monthly payment based on a rate the lender has decided between now and then
Your mortgage payments are suspended until you decide on a new mortgage deal
You apply for a mortgage with a booking fee of £150 and an application fee of £349. You pull out of the transaction before completing. What has it cost you?
What does LTV stand for?
Life Time Variable rate
Loan To Value
Lender Transfer Verification
If you are on a lender's Standard Variable Rate (SVR), when could your monthly payments change?
Not until the amount I owe changes
Not until the Bank of England Base Rate changes
Not until the Retail Price Index changes
Whenever the lender wants to change its rates
You want to fix your mortgage payments for the next 2 years. Which of these deals is your cheapest option?
1.99% interest and no lender fees – monthly payment £643
1.44% interest rate and £1499 lender fees – monthly payment £618
Neither – they are the same
What is the original, literal meaning of the word mortgage?