Mortgage Quiz

What is a mortgage?

• A type of savings account

• A type of loan

• A type of insurance

• A type of investment

Who can apply for a mortgage?

• Only people with a high income

• Only people with a perfect credit score

• Anyone who meets the lender's criteria

• Only first-time homebuyers

What is a mortgage used for?

• Buying a car

• Paying off credit card debt

• Purchasing property

• Starting a business

Where can you get a mortgage from?

• Supermarkets

• Banks and Building Societies

• Online retailers

• Travel agencies

What is a fixed-rate mortgage?

• A mortgage with an interest rate that changes monthly

• A mortgage with a fixed interest rate for a set period

• A mortgage with no interest rate

• A mortgage with an interest rate that changes daily

A mortgage with a fixed interest rate for a set period is known as:

• A mortgage with an interest rate that changes monthly

• A mortgage with a fixed interest rate for a set period

• A mortgage with no interest rate

• A mortgage with an interest rate that changes daily

What happens if you don't keep up with mortgage repayments?

• Nothing happens

• You get a reward

• You could lose the house

• Your interest rate decreases

What is the average price of a house on Teesside as of November 2024?

• £100,000

• £165,938

• £200,000

• £250,000

Which of the following is NOT a factor that can increase house prices?

• Economic growth

• Low interest rates

• High unemployment

• High demand and low supply

What is required to prove your identity when applying for a mortgage?

• A utility bill

• A passport or driving licence

• A credit card

• A birth certificate