Exam Tips Flashcards
What is on the property register?
Details about the land&property itself
What is on the charges register?
Details of the mortgages + anything that affects the lender
What is on the proprietorship?
Who owns the property
What is on the land charges register?
Register for unregistered land
When you do an affordability question what should you think?
Go wide - include everything - if it’s in the case then it comes off
What do you think when you do stress test question?
3 4 5
Add 3% for 5 years
Add it to the SVR
What is the order of the sum for an affordability test?
X
/
What does + - X / represent?
+ all the incomes
- all outgoings
X what percentage will the lender allow
/ divide by the rate per thousand
When you see the word Basic what do you think?
B for bills
When you see the word Committed what do you think?
C for credit
What client gets what the client….
Wants and nothing else!!!!!!
If you haven’t got the product the client wants what do you do?
Say goodbye
When you see the word decorating what word should you look for in the answers?
UNDERTAKING
When you see the lenders affordability criteria what should you think?
Mortgage trapped
Who should you ALWAYS think like?
The lender
What should a condition report not have on?
Figures
If it’s a government scheme how much are you putting in?
5%
When you get a question on searches, where are they done?
On paper
According to the exam if you wanna move a kitchen what do you need?
Planning permission
A MIG/HLC will be required on LTV what?
75% or over unless told
Where are surveys done?
At the property I
When a joint mortgage what should you do when working out the stamp duty payments?
Always do 50% of the mortgage and then open the tap
What is the golden rule for arrears?
Can you pay arrears over an agreed period???
YOU GOT YOURSELF IN YOU GET YOURSELF OUT
But to let case what’s the main two numbers you need to +?
145%
2% PRA
For a bridging loan if you sell the house within 3 years what can you get back?
The +3% surcharge Stamp duty
Are bridging loans regulated?
No unless over 12 months
Golden Rule: When the client wants certainty/No risk….it’s ALWAYS?
Repayment mortgage
DTA/MPA/MPP
Golden Rule: When a client wants potential surplus/early repayment…it’s ALWAYS?
Unit linked
Golden Rule: The client has a repayment mortgage…so they will ALWAYS want?
DTA/MPA/MPP
Golden Rule: A client has an interest only mortgage…they will ALWAYS want?
Except….
LTA
Except endowments they have life assurance built in
Golden Rule: A client wants protection short term…it’s ALWAYS?
MPPI/ASU
Golden Rule: A client wants protection long term…it’s ALWAYS?
When does this last up too?
Permanent health insurance/Income protection
Retirement
What’s a basic survey?
Borrow pays
Lender owns
No protection unless you’re a first tome buyer
Who do homebuyer and building surveys belong too?
The buyer
What is the only survey costed by size?
Building
Home income plan - mortgage - who pays interest?
YOU
Is there interest on a lifetime mortgage?
No interest
If the endowment has the words with profits what does this mean?
Some guarantee but inflexible
If the endowment has the word unit - what should you think?
No guarantee
Can you take money out of a state pension?
NO
What do you need a suitability report for? (4 things)
Protection policy
Pension
Endowment
ISA
What is the one thing you should always recommend?? (Assurance)
DTA
