Set 1 Flashcards
Details of any linked or tied product involved in mortgage must be included in the
European Standardised Information Sheet
If a customer falls into arrears, the FCA factsheet on arrears must be sent within
15 working days
PI Cover is not required if guarantee is given by authorised person with net worth of more than
10 million
Most common method of house sale in England
Private Treaty
Investigation of Title for Registered Land conducted by (Eng + Scot)
Land Registry (Eng)
Land Register of Scotland
Investigation of Title for Unregistered Land conducted by (Eng + Scot)
Land Charges Registry (ENG)
General Register of the Sasines (SCOT)
Retention of funds
Mortgage wont fully be released until repairs have completed
Hierarchy of Surverys
Basic Valuation Report RICS Condition Report 200
RICS Homebuyer Report 350
RICS Building Survey 800
Positive Covenant vs Restrictive
Positive Covenant is attached to title and is a requirement of owner. Restrictive is something owner cannot do.
3 Attributes of Security
Simplicity of Title
Stability of Value
Realisability
Non Status Borrowers
Higher risk to lenders e.g. self-employed less than 3 years, footballer at start of career, actor
Those who cannot borrow
Undischarged Bankrupts
Underage or mentally unable
SDLT / LBTT / LTT
look at book
If you sell part of mortgaged land, what do you request from lender?
Release of part security
What is name given where mortgage lender releases borrower from obligations
Discharging the mortgage
Which law in England & Wales relates to the legal remedies a lender may take to recover a debt
Law of Property Act 1925
Name given to possession of property where borrower chooses to hand over keys volunarily
Peaceable Possession
What state benefit qualifies you for Universal Credit
Income related ESA
Support for Mortgage Interest is payable after a waiting period of how long?
39 weeks
For under 60s, you are ineligible for SMI if you have savings in excess of?
£16,000
Which act governs the regulation of the financial services industry?
Financial Services Act 2012
What is a Murabaha mortgage
Where a bank buys a property for a customer and then sells it to them for a higher price, which is repaid over a term. House is registered to the buyer at outset.
Annual Percentage Rate of Change is calculated by who’s formula?
Mortgage Credit Directive
What type of policy can be traded on the 2nd hand market if its under-performing
A with profit life assurance policy
