Housing Finance (Leaving Cert Home Economics): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
What is an interest rate in relation to a mortgage?
What is an interest rate in relation to a mortgage?
The cost of borrowing money as a %
On a £200,000 mortgage over 25 years, how much more is paid at 4% vs 3% interest?
On a £200,000 mortgage over 25 years, how much more is paid at 4% vs 3% interest?
£31,813
What percentage cashback might lenders offer as an incentive?
What percentage cashback might lenders offer as an incentive?
1-3%
What is the typical range for early repayment charges?
What is the typical range for early repayment charges?
1-5% of outstanding balance
How long does a fixed rate mortgage usually keep the same interest rate?
How long does a fixed rate mortgage usually keep the same interest rate?
2-5 years
What is a key benefit of a fixed rate mortgage?
What is a key benefit of a fixed rate mortgage?
Predictable monthly payments
What is a main drawback of variable rate mortgages?
What is a main drawback of variable rate mortgages?
Unpredictable monthly payments
If ECB rate is 2% and you have ECB + 2% tracker, what is your mortgage rate?
If ECB rate is 2% and you have ECB + 2% tracker, what is your mortgage rate?
4%
How many times your annual salary will most lenders typically offer?
How many times your annual salary will most lenders typically offer?
3-4.5 times
What is the typical deposit range as a percentage of the property's value?
What is the typical deposit range as a percentage of the property's value?
5-20%
What is the typical length range for a mortgage term?
What is the typical length range for a mortgage term?
15-35 years
What type of mortgage is most common and includes both capital and interest payments?
What type of mortgage is most common and includes both capital and interest payments?
Annuity/repayment mortgage
What does a mortgage protection policy pay off if the policyholder dies?
What does a mortgage protection policy pay off if the policyholder dies?
The remaining mortgage balance