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Quiz on Hodge Quiz, created by peter.huckerby on 10/06/2013.

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Hodge Quiz

Question 1 of 15

1

What is the minimum drawdown amount available?

Select one of the following:

  • £1,000

  • £2,000

  • £5,000

Explanation

Question 2 of 15

1

What is the minimum initial sum for the Lump Sum LTM?

Select one of the following:

  • £10,000

  • £15,000

  • £20,000

Explanation

Question 3 of 15

1

What is the format of Hodge's reserve amounts?

Select one of the following:

  • Initial plus remaining available sum.

  • Initial plus £5,000 minimum.

  • Initial plus 2 x initial.

Explanation

Question 4 of 15

1

How much does Hodge charge to access their drawdown facility?

Select one of the following:

  • £49

  • £99

  • £0

Explanation

Question 5 of 15

1

How does Hodge charge their arrangement fee?

Select one of the following:

  • They can add it or deduct it or the client can pay it.

  • They add it.

  • They deduct it.

Explanation

Question 6 of 15

1

How long is the continuous period of time you are allowed to leave the property unoccupied before Hodge's conditions are breached?

Select one of the following:

  • 3 months.

  • 6 months.

  • 12 months.

Explanation

Question 7 of 15

1

How long do the beneficiaries have to repay the plan after the client(s) have left the property permanently?

Select one of the following:

  • 6 months.

  • 12 months.

  • 12 months or the beneficiaries can take over the plan if they are of qualifying age.

Explanation

Question 8 of 15

1

What is the minimum qualifying age for Hodge plans?

Select one of the following:

  • 55

  • 60

  • 65

Explanation

Question 9 of 15

1

What type of ex-local authority property does Hodge generally accept?

Select one of the following:

  • Generally only houses

  • Generally houses and flats

  • They do not generally accept either.

Explanation

Question 10 of 15

1

What could invalidate the no negative equity guarantee?

Select one of the following:

  • if your home has not been kept in a good state of repair or if it was not sold at its fair market price.

  • if your home has not been kept in a good state of repair or If you have left your home unoccupied for more than the allowed time period.

  • if your home has not been kept in a good state of repair or if you become bankrupt.

Explanation

Question 11 of 15

1

How does the Hodge interest servicing option work?

Select one of the following:

  • Minimum of £500 and a maximum of twice per year up to a maximum of 10% per year. The first payment must be made after the first year. A standing order is mandatory.

  • Minimum of £500 and a maximum of twice per year up to a maximum of 10% per year. The first payment can be made during the first year. A standing order is optional.

  • Minimum of £500 and a maximum of twice per year up to a maximum of 10% per year. The first payment can be made after the first year. A standing order is optional.

Explanation

Question 12 of 15

1

What is the maximum early repayment charge percentage with Hodge?

Select one of the following:

  • 15%

  • 20%

  • 25%

Explanation

Question 13 of 15

1

What happens if you repay a Hodge plan and the Gilt Yield is the same as at completion?

Select one of the following:

  • You incur a charge.

  • You only incur the Early Release Fee (Maximum 5%).

  • Hodge only use Swap Rates.

Explanation

Question 14 of 15

1

When is the early release fee applicable?

Select one of the following:

  • Only when moving house.

  • Only when staying in your home and repaying the loan.

  • Only If repaid within the first 5 years

Explanation

Question 15 of 15

1

What is the minimum initial sum allowed for the Hodge Drawdown LTM?

Select one of the following:

  • £15,000 initial plus £5,000 reserve.

  • £20,000 initial plus balance of available monies

  • £10,000 plus £5,000 reserve.

Explanation