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by: Mortgage Solutions
  • 14/12/2009
  • 0
Mortgage Solutions’ regular training page produced in association with the Chartered Insurance Institute

1 Approximately what proportion of
homes in England are currently
publicly rented?
a) 35%
b) 28%
c) 20%
d) 9%

2 How much are local authority
searches likely to cost on a property
a) Around £100
b) 1% of the property value
c) Around £1000
d) Nil. They are provided free.

3 What is another name for a
reservation fee on a fixed rate
a) Arrangement fee.
b) Booking fee.
c) Valuation fee.
d) Procuration fee.

4 What is a MIP?
a) Monthly Investment Plan
b) Maximum Investment Plan
c) Mortgage Investment Plan
d) Matured Investment Plan

5 Neeraj has group life cover from his company. It has a ‘continuation
option’. What does that mean?

a) He can continue the cover if his firm stops paying the premiums.
b) He can continue cover after leaving the firm.
c) Cover continues for the whole of his life.
d) He can continue to be covered, even if he becomes ill in future.

6 What charges can a lender make if a borrower is in arrears?
a) Fees and interest.
b) Fees only.
c) Interest only.
d) Charges must be fair under FSA

7 Which of the following is an example of a face-to-face sale?
a) Answering questions on a lender’s website.
b) Making an internet application.
c) Meeting in person at a mortgage
intermediary’s offices.
d) Telephone conversation.

8. How and why personal data is processed is decided by:
a) The Information Commissioner.
b) The firm’s data controller.
c) The firm’s finance director.

d) The FSA


1. d) The public rented sector is around 9% of the total residential property market in England and has been declining.

2. a) Searches typically cost around £100 and are not based on the property’s value.

3. b) A booking fee ‘books’ the mortgage from a limited tranche of money.

4. b) MIPs are designed to offer maximum investment performance from an endowment policy, but often have very low sums assured, so are not generally used for mortgage purposes.

5. b) Continuation cover is a valuable benefit for any
employee who may change jobs in the future.

6. a) The lender may charge fees and interest (at its normal
or a higher rate). Details will be set out in the mortgage

7. c) A face-to-face meeting is exactly that.

8. b) Firms should appoint a data protection compliance
officer to ensure compliance with the Data Protection Act.



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