QFA Loans – Questions With A+ Solutions
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Terms in this set (79)
Under the Consumer Credit Act, 1995, a lender offering a loan to a borrower, on condition
linking services is prohibited. The term that the borrower uses some other financial service of
linking services refers to: the lender.
Title documents refer to: the documents used to record the transfer of a
property from one person to another.
The Irish Credit Bureau typically holds 24 months.
a borrower's payment history and
profile going back over WHAT
repayment period?
,Frank arranges a remortgage with (i) and (ii) only.
Nore Bank. This means that the
purpose of his
loan is MOST likely:
(i) to consolidate existing debt.
(ii) to release equity for non-debt
related purposes.
(iii) to sell a portion of his interest in his
property in return
A remortgage would NOT normally be selling an interest in the property.
used for the purpose of:
Which of the following statements It is the total projected loan repayments over the term
MOST accurately describes the term of the mortgage less the capital borrowed.
'cost of credit' in relation to a loan?
Some years ago, Alice bought her €50,000
apartment for €275,000, and
borrowed
€250,000. The mortgage outstanding
on
her apartment today is €225,000. The
apartment now has a market value of
€175,000. Calculate Alice's negative
equity.
, Rebecca takes out a lifetime mortgage 13 years.
of
€100,000 at an interest rate of 5.5%.
She
pays no interest or capital repayments
on
this loan. How many years would it
take for
the loan outstanding to double?
Arthur and Mary find themselves in a are in danger of going into financial difficulties and
prearrears may not be able to make their mortgage repayments.
situation on their housing loan. This
means they:
The Code of Conduct on Mortgage (i) (iii) only
Arrears offers protection to:
(i) owner occupiers who are in arrears.
(ii) property owners of any residential
property.
(iii) owner occupiers, whilst not yet
experiencing financial difficulty, are in
danger of going into arrears.
Mortgage arrears arise: as soon as an individual fails to make a full mortgage
repayment as outlined in their contract.
What document would a lender use to A standard financial statement
assess a borrower's financial situation
when reviewing alternative repayments
arrangements?
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (79)
Under the Consumer Credit Act, 1995, a lender offering a loan to a borrower, on condition
linking services is prohibited. The term that the borrower uses some other financial service of
linking services refers to: the lender.
Title documents refer to: the documents used to record the transfer of a
property from one person to another.
The Irish Credit Bureau typically holds 24 months.
a borrower's payment history and
profile going back over WHAT
repayment period?
,Frank arranges a remortgage with (i) and (ii) only.
Nore Bank. This means that the
purpose of his
loan is MOST likely:
(i) to consolidate existing debt.
(ii) to release equity for non-debt
related purposes.
(iii) to sell a portion of his interest in his
property in return
A remortgage would NOT normally be selling an interest in the property.
used for the purpose of:
Which of the following statements It is the total projected loan repayments over the term
MOST accurately describes the term of the mortgage less the capital borrowed.
'cost of credit' in relation to a loan?
Some years ago, Alice bought her €50,000
apartment for €275,000, and
borrowed
€250,000. The mortgage outstanding
on
her apartment today is €225,000. The
apartment now has a market value of
€175,000. Calculate Alice's negative
equity.
, Rebecca takes out a lifetime mortgage 13 years.
of
€100,000 at an interest rate of 5.5%.
She
pays no interest or capital repayments
on
this loan. How many years would it
take for
the loan outstanding to double?
Arthur and Mary find themselves in a are in danger of going into financial difficulties and
prearrears may not be able to make their mortgage repayments.
situation on their housing loan. This
means they:
The Code of Conduct on Mortgage (i) (iii) only
Arrears offers protection to:
(i) owner occupiers who are in arrears.
(ii) property owners of any residential
property.
(iii) owner occupiers, whilst not yet
experiencing financial difficulty, are in
danger of going into arrears.
Mortgage arrears arise: as soon as an individual fails to make a full mortgage
repayment as outlined in their contract.
What document would a lender use to A standard financial statement
assess a borrower's financial situation
when reviewing alternative repayments
arrangements?
