128478
Description
Quiz by peter.huckerby, updated more than 1 year ago
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Created by peter.huckerby
over 11 years ago
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Question 1
Question
What is the minimum drawdown amount available?
Answer
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£1,000
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£2,000
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£5,000
Question 2
Question
What is the minimum initial sum for the Lump Sum LTM?
Answer
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£10,000
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£15,000
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£20,000
Question 3
Question
What is the format of Hodge's reserve amounts?
Answer
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Initial plus remaining available sum.
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Initial plus £5,000 minimum.
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Initial plus 2 x initial.
Question 4
Question
How much does Hodge charge to access their drawdown facility?
Answer
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£49
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£99
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£0
Question 5
Question
How does Hodge charge their arrangement fee?
Answer
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They can add it or deduct it or the client can pay it.
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They add it.
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They deduct it.
Question 6
Question
How long is the continuous period of time you are allowed to leave the property unoccupied before Hodge's conditions are breached?
Answer
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3 months.
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6 months.
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12 months.
Question 7
Question
How long do the beneficiaries have to repay the plan after the client(s) have left the property permanently?
Answer
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6 months.
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12 months.
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12 months or the beneficiaries can take over the plan if they are of qualifying age.
Question 8
Question
What is the minimum qualifying age for Hodge plans?
Answer
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55
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60
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65
Question 9
Question
What type of ex-local authority property does Hodge generally accept?
Answer
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Generally only houses
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Generally houses and flats
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They do not generally accept either.
Question 10
Question
What could invalidate the no negative equity guarantee?
Answer
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if your home has not been kept in a good state of repair or if it was not sold at its fair market price.
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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.
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if your home has not been kept in a good state of repair or if you become bankrupt.
Question 11
Question
How does the Hodge interest servicing option work?
Answer
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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.
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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.
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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.
Question 12
Question
What is the maximum early repayment charge percentage with Hodge?
Answer
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15%
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20%
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25%
Question 13
Question
What happens if you repay a Hodge plan and the Gilt Yield is the same as at completion?
Answer
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You incur a charge.
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You only incur the Early Release Fee (Maximum 5%).
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Hodge only use Swap Rates.
Question 14
Question
When is the early release fee applicable?
Answer
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Only when moving house.
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Only when staying in your home and repaying the loan.
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Only If repaid within the first 5 years
Question 15
Question
What is the minimum initial sum allowed for the Hodge Drawdown LTM?
Answer
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£15,000 initial plus £5,000 reserve.
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£20,000 initial plus balance of available monies
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£10,000 plus £5,000 reserve.
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