Plannning Personal Finance - Mortgage 1

What is a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt?

• credit card
• investment
• loan
• mortgage

Home rental is slightly more popular than home ownership in Switzerland

• partially true
• not enough information
• true
• false

Home rental is more popular than home ownership in US and UK

• false
• true
• partially true
• uncertain

Approximately, home ownership rate is at about 97% in Romania

• uncertain

• true
• false
• somewhat

_____is chargeable on land transactions, which are acquisitions of chargeable interests, ie legal or equitable interests in land located in England and Northern Ireland, for chargeable consideration.

The equivalence of Stamp duty land tax in Scotland is called____________

The equivalence of Stamp duty land tax in Wales is called____________

• Property Transfer Tax
• Land Transaction Tax
• Real Estate Tax
• Land Acquisition Tax

First-time home buyers pay no stamp duty land tax on first £300,000

• True

• False

With a capital repayment mortgage, the monthly repayments do not include an element which repays the borrowed capital, as well as a payment for the monthly interest of the loan.

• True
• Partially true
• Only for the first few years
• False

With an interest-only mortgage, your monthly payment only covers the interest charged on your loan for that month, so the amount you owe in capital doesn’t reduce over time.

• True

• False