Lifetime Mortgage Test

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1 Lifetime Mortgage Test This test paper consists of 25 multiple choice questions and as a guide the time allowed is 40 minutes. Each question has only ONE correct answer. Please write all answers on the separate Answer Sheet. Your test is open book therefore you may use relevant research materials to research your answers. a b c d 6 You should complete the answer paper by placing a tick in the box corresponding to the correct answer. If you make a mistake, cross through the first tick and then tick the correct answer. If you do not know the answer to a question, do not spend too long thinking about it, but instead come back to it later. You may not have time for other easier questions on the paper if you delay too long. Also, please take care to read the questions carefully. Otherwise you may lose marks which you should have scored. If you are unclear on any part of these instructions, please ask your Supervisor

2 1. Which of these home reversion plans WOULD be regulated under the FCA? a. A plan with an occupancy term of 10 years from the date of the arrangement b. A plan where the occupier is entitled to 25% occupancy c. A plan where the property is in Spain d. A plan where the occupier of the property is the sister of the client 2. Betty aged 65 wants to start an equity release arrangement to fund a loft conversion. She says she wants to retain complete ownership of her property. Which type of arrangement would be UNSUITABLE? a. A lifetime mortgage with the interest rolled up b. A home reversion plan c. An interest-only drawdown d. A home income plan 3. Harry likes the idea of a mortgage scheme, but wants to be charged as little interest as possible. Which equity release arrangement would be MOST suitable? a. A home reversion plan b. A home income plan c. A drawdown mortgage d. A shared appreciation mortgage 4. A second charge is usually a. New borrowing, on the same property, with a different lender b. Additional borrowing, on a different property, with the same lender c. Additional borrowing, on the same property, with the same lender d. Additional borrowing, on the same property, with a different lender 5. Which of the following is INCORRECT about home reversion plans? a. All or part of the property could be sold to the reversion company b. A client s inheritance tax burden can be lowered c. A client could opt for a higher rent in favour of a larger capital sum d. The funds must be used to create an income for the client

3 6. MCOB defines regulated mortgage contracts as those mortgages granted by first legal charge on land of which at least a. 30% is used for residential purposes b. 40% is used for residential purposes c. 50% is used for residential purposes d. 50% is used for residential purposes 7. A shared appreciation mortgage illustration must include cash examples demonstrating: a. 1%, 5% & 10% increases in the value of the property b. 1%, 3% & 8% increases in the value of the property c. 3%, 5% & 10% increases in the value of the property d. 3%, 5% & 8% increases in the value of the property 8. What does the Equity Release Council state in their Code of Conduct for members about negative equity? a. There is a guarantee that the Estate will not be liable b. It can only arise on deferred interest plans c. It can only arise on stepped rate plans d. All plans must carry a negative equity guarantee 9. In respect of lifetime mortgage illustrations, a permitted tolerance is that the Annual Percentage Rate (APR) be: a. Not more than 1% understated and rounded to one decimal place b. Not more than 1% overstated and rounded to one decimal place c. Not more than 0.1% overstated and rounded to one decimal place d. Not more than 0.1% understated and rounded to one decimal place 10. Which of the following is NOT regarded as a variation of the contract under the MCOB rules a. The addition of a name b. The death of a joint borrower c. A transfer subject to mortgage d. A transfer of equity 11. If a customer takes more money from their lifetime mortgage, the illustration must describe the amount as: a. A further advance b. Further borrowing c. Additional borrowing d. A further loan

4 12. Most equity release customers will be concerned about set up costs. Which of the following costs would only apply to a home reversion arrangement? a. Legal costs b. Valuation fee c. Lease costs d. Arrangement fee 13. Which of the following plans would never attract a higher lending charge? a. A home reversion plan b. A capital and interest mortgage c. An interest only mortgage d. A lifetime mortgage with the interest rolled up 14. When considering the suitability of a leasehold property as security for a lifetime mortgage, at the estimated end date of the mortgage, the lender would normally require an unexpired term of the lease of at least: a years b years c years d years 15. Jack & Sheila want to start an equity release arrangement in order to raise the money to visit their daughter and grandchildren in New Zealand. Which of the following arrangements is probably the LEAST suitable? a. A lifetime mortgage with the interest rolled up b. An interest only drawdown c. A home income plan d. An interest only cash lump sum 16. Paul is a basic rate tax payer who has just taken out a purchased life annuity with some of the cash released from his property. What rate of income tax is deducted, at source, from the income element of his annuity? a. 0% b. 10% c. 18% d. 20% 17. With a shared appreciation mortgage: a. The interest charged is payable monthly b. The interest charged is rolled up c. As the property appreciates in value, the interest reduces d. No interest is charged

5 18. Some home reversion plan providers have added a minimum inheritance guarantee feature to their plans. This ensures that some capital is returned to their Estate if: a. A qualifying termination event occurs b. A condition subsequent occurs at any time c. The occupier dies within a specified period of the agreement being made d. The occupier dies at any time during the agreement 19. A home reversion plan always includes an express condition to the effect that sub-leases are not permitted. This is because the express or implied consent of the reversion provider to a sub-lease could result in the creation of: a. An interest is possession b. A tenancy agreement c. A reservation of benefit d. An overriding interest 20. The Financial Services Compensation Scheme provides protection for mortgage business conducted from 31 October The cover provided is: a. 100% of the first 30,000 and 90% of the next 20,000 b. 100% protection with no upper limit c. 90% protection with no upper limit d. 100% of the first 50, Lorna has just taken out a home reversion plan. Which of the following statements is correct? a. The provider is the related person b. Lorna is the lessee c. The provider is the lessee d. Lorna is the lessor

6 22. Which of the following is NOT a benefit of a lifetime mortgage? a. Ownership of the property is relinquished on death, so it does not form part of the Estate for inheritance tax purposes b. The customer can choose a capital sum or income c. The arrangement can be set up with or without repayments d. The customer can choose what to do with the money 23. Robin, aged 67, lives alone in a property worth 400,000 and has very little income. He would like to raise 40,000 to change his car and enjoy some exotic holidays. Which of the following options should he be advised to consider first? a. Trade down to a smaller property b. A home income plan c. A home reversion plan d. A lifetime mortgage plan 24. The application process involves gathering details of the property. If the property is unregistered, a search of the Land Charges Register is carried out and the solicitor looks for any matters affecting the property in the last: a. 25 years b. 20 years c. 15 years d. 10 years 25. In which of the following circumstances might stamp duty land tax (SDLT) be payable? a. Michael on arranging his home income plan b. Beryl on arranging her lifetime mortgage c. Douglas on buying out his wife s interest in their property prior to their divorce d. Charles on buying out his brother Frank s interest in their property prior to Frank emigrating

7 Answer Paper Lifetime Mortgage Test Name Firm Ref: Date For each question, put a tick in the box which corresponds to the correct Answer. When you have finished, check that you have filled in your name and the Date. Return the Answer Paper to your Supervisor a b c d Marks P/F Supervisor Signature Date

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