mortgages Flashcards
1
Q
Annuity mortgage
A
Paying off interest and the amount that you borrowed
2
Q
what policy?
A
You must take out a mortgage protection policy
3
Q
interest rates
A
Interest rates may be variable or fixed
4
Q
what happens to the amount owed.
A
The amount owed declines over the years.
5
Q
conditions for qualifying for a mortgage
A
- proof of annual income [p60]
- 10% deposit of your gross income
- good credit history ex. paying back loans on time.
- get mortgage insurance policy
6
Q
national housing policy
A
- tries to alleviate homelessness
- provides social housing and affordable housing
- provides grants for things such as solar panels to make houses more energy efficient
- provisional rent allowance
7
Q
availability of housing
A
more demand and more expensive housing in urban areas as opposed to rural areas.
not enough houses to rent
houses are too expensive to buy.
