Why is understanding your credit score important for aspiring homeowners in the UK?

Understanding Credit Scores and Mortgages in the UK

Interactive Video
•
Business, Life Skills
•
9th - 12th Grade
•
Hard

Emma Peterson
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It determines the interest rate on your mortgage.
It is required for property insurance.
It affects your chances of getting a mortgage.
It helps you choose the right property.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a credit score represent?
Your annual income.
Your ability to manage financial commitments.
The number of credit cards you own.
Your total savings.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which agency considers a score between 721 and 880 as average?
Clear Score
Transunion
Experian
Equifax
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the minimum credit score considered good by Equifax for mortgage approval?
670
750
721
880
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do if your credit score is below average?
Consult a mortgage broker specializing in poor credit.
Wait until your score improves automatically.
Give up on getting a mortgage.
Apply for a personal loan instead.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are 'bad credit mortgages'?
Mortgages for individuals with poor credit scores.
Mortgages only available to first-time buyers.
Mortgages with high interest rates.
Mortgages that require no down payment.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one benefit of consulting a mortgage broker for those with poor credit?
They can guarantee mortgage approval.
They can offer lower interest rates.
They can help navigate the application process.
They can eliminate all debts.
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