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WorksheetsResidential Policy Quiz
Total questions: 20
Worksheet time: 11mins
What is the maximum LTV for a loan of £800k?
75%
95%
85%
100%
On capital and interest, with a loan of £160k. How much would the customer have left to pay after the mortgage ends?
£50k
£165k
£0
£80k
What is the maximum term available on a capital and interest (repayment) basis?
40 years
25 years
35 years
45 years
Which of these do we not need to take into account for affordability?
Tuition Fees
Phone bill
Ground rent
Railcard
On interest only, with a loan of £100k. How much would the customer have left to pay at the end of the mortgage term?
£0
£50k
£100k
£25k
What is the minimum income for interest only/part and part?
£40k sole or £60k joint
£60k
£35k sole or £55k joint
£40k
If a customer wants to use the mortgaged property as a repayment vehicle, what is the minimum equity they need to have in the property?
£200k
£300k
£150k
£100k
For all capital raising apart from home improvements & HTB, what is the maximum LTV we can consider?
80%
75%
90%
50%
Which of these do we not allow customers to capital raise for?
Debt Consolidation
Business Purposes
Purchase of time Shares
Payment Tax Bills
Non standard flats must have a minimum value of...
£100k
£200k
£100k/300k (in London)
£100k/£200k (In London)
How many months are new build offers valid for?
6 and can extend for 6
9 and can extend for 6
9 and can extend for 3
6 and can extend for 3
On a new build house, what is the maximum LTV we can accept when the customer is receiving 5% financial incentives?
90%
85%
95%
80%
Will we accept properties that are on a split title at the time of application?
Yes
No
What is the minimum unexpired term we can accept on leasehold properties? Can this be extended as part of the application?
85 and no
85 and yes
125 and yes
125 and no
How do we treat BTL's in the background on a residential application?
Must be self financing
We run a calculation on them
The rent cant be more than the residential mortgage payment
Background BTl's have to be on a repayment basis
Who will we not accept a gifted deposit from?
Mother in law
Mum
Your boss
First cousin
Which 3 points does a customer on a Visa need to meet?
Minimum 1 year residency in the UK
Can only have a 2 year fixed rate product
Maximum of 90% LTV
Must be named on the application with someone else
Minimum 2 years left on the Visa
What does NBO stand for?
Non borrowing Occupancy
Non borrowing occupier
Non borrowing outstanding
Non Borrower online
On a JBSP application, are all applicants named on the title deeds?
Yes
No
Which 3 of the below would we not accept for lending?
Grade 1/Grade 2* listed buildings
Commonhold properties
Buy to Lets
Part exchange
Home Improvements
