Exam Tips

Question 1

What is on the property register?

Answer 1

Details about the land&property itself

Question 2

What is on the charges register?

Answer 2

Details of the mortgages + anything that affects the lender

Question 3

What is on the proprietorship?

Answer 3

Who owns the property

Question 4

What is on the land charges register?

Answer 4

Register for unregistered land

Question 5

When you do an affordability question what should you think?

Answer 5

Go wide - include everything - if it’s in the case then it comes off

Question 6

What do you think when you do stress test question?

Answer 6

3 4 5

Add 3% for 5 years

Add it to the SVR

Question 7

What is the order of the sum for an affordability test?

Answer 7

X
/

Question 8

What does + - X / represent?

Answer 8

+ all the incomes
- all outgoings
X what percentage will the lender allow
/ divide by the rate per thousand

Question 9

When you see the word Basic what do you think?

Answer 9

B for bills

Question 10

When you see the word Committed what do you think?

Answer 10

C for credit

Question 11

What client gets what the client….

Answer 11

Wants and nothing else!!!!!!

Question 12

If you haven’t got the product the client wants what do you do?

Answer 12

Say goodbye

Question 13

When you see the word decorating what word should you look for in the answers?

Answer 13

UNDERTAKING

Question 14

When you see the lenders affordability criteria what should you think?

Answer 14

Mortgage trapped

Question 15

Who should you ALWAYS think like?

Answer 15

The lender

Question 16

What should a condition report not have on?

Answer 16

Figures

Question 17

If it’s a government scheme how much are you putting in?

Answer 17

5%

Question 18

When you get a question on searches, where are they done?

Answer 18

On paper

Question 19

According to the exam if you wanna move a kitchen what do you need?

Answer 19

Planning permission

Question 20

A MIG/HLC will be required on LTV what?

Answer 20

75% or over unless told

Question 21

Where are surveys done?

Answer 21

At the property I

Question 22

When a joint mortgage what should you do when working out the stamp duty payments?

Answer 22

Always do 50% of the mortgage and then open the tap

Question 23

What is the golden rule for arrears?

Answer 23

Can you pay arrears over an agreed period???

YOU GOT YOURSELF IN YOU GET YOURSELF OUT

Question 24

But to let case what’s the main two numbers you need to +?

Answer 24

145%

2% PRA

Question 25

For a bridging loan if you sell the house within 3 years what can you get back?

Answer 25

The +3% surcharge Stamp duty

Question 26

Are bridging loans regulated?

Answer 26

No unless over 12 months

Question 27

Golden Rule: When the client wants certainty/No risk....it’s ALWAYS?

Answer 27

Repayment mortgage | DTA/MPA/MPP

Question 28

Golden Rule: When a client wants potential surplus/early repayment...it’s ALWAYS?

Answer 28

Unit linked

Question 29

Golden Rule: The client has a repayment mortgage...so they will ALWAYS want?

Answer 29

DTA/MPA/MPP

Question 30

Golden Rule: A client has an interest only mortgage...they will ALWAYS want? Except....

Answer 30

LTA Except endowments they have life assurance built in

Question 31

Golden Rule: A client wants protection short term...it’s ALWAYS?

Answer 31

MPPI/ASU

Question 32

Golden Rule: A client wants protection long term...it’s ALWAYS? When does this last up too?

Answer 32

Permanent health insurance/Income protection Retirement

Question 33

What’s a basic survey?

Answer 33

Borrow pays Lender owns No protection unless you’re a first tome buyer

Question 34

Who do homebuyer and building surveys belong too?

Answer 34

The buyer

Question 35

What is the only survey costed by size?

Answer 35

Building

Question 36

Home income plan - mortgage - who pays interest?

Answer 36

YOU

Question 37

Is there interest on a lifetime mortgage?

Answer 37

No interest

Question 38

If the endowment has the words with profits what does this mean?

Answer 38

Some guarantee but inflexible

Question 39

If the endowment has the word unit - what should you think?

Answer 39

No guarantee

Question 40

Can you take money out of a state pension?

Answer 40

NO

Question 41

What do you need a suitability report for? (4 things)

Answer 41

Protection policy Pension Endowment ISA

Question 42

What is the one thing you should always recommend?? (Assurance)

Answer 42

DTA