WorksheetsPorting Policy Quiz
Total questions: 10
Worksheet time: 5mins
Not all of our mortgage products are portable
True
False
What does ERC stand for?
Early repayment charge
Early redemption charge
Early repayment change
Early repayment cancellation
If a customer is looking to port and keep their balance the same, what will happen with the ERC's?
will be waived or refunded
will get waived
will get refunded
they have to pay them
If a customer is looking to port and reduce their mortgage balance, what will happen with the ERC;'s?
only applicable amount will be waived or refunded
they have to pay them all
will be waived or refunded
will pay an increased ERC amount due to decreasing balance
How long do customers have to port to have the ERC's refunded?
3 months
6 months
12 months
No limit
What do we call it when a customer is wanting to add or remove someone from the mortgage?
TSM
TPO
TDM
TPM
We will allow customers to 'split the port' and both take the original balance to their new mortgage (current mortgage £100k, both customers take £100k)
True
False
How long does it take for us to respond to an ERC waiver request from solicitors?
2 days
5 days
10 days
1 day
Do we allow brokers to submit as porting application for customers?
Yes
No
How would we refund any ERC's to the customer
it gets taken off their mortgage balance
Via direct debit
Via cheque
they have to go to branch to collect it
