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CeMAP-3 exam Format | CeMAP-3 Course Contents | CeMAP-3 Course Outline | CeMAP-3 exam Syllabus | CeMAP-3 exam Objectives

Exam Code: CeMAP Module 3

Exam Name: Assessment of Mortgage Advice Knowledge (ASSM)

6 case studies, each followed by 10 linked multiple‐choice questions → total 60 MCQs.

Duration: 2 hours.

Pass mark: 70% (i.e. 42 out of 60 correct)



1. Regulatory and Ethical Framework in Mortgage Advice

- FCA (Financial Conduct Authority): The UK regulator overseeing mortgage advice; enforces principles like Principle 6 (treating customers fairly).

- MCOB (Mortgage Conduct of Business rules): FCA handbook rules governing mortgage sales, including MCOB 4 (suitability) and MCOB 11 (arrears handling).

- Treating Customers Fairly (TCF): FCA outcome-based principle ensuring fair treatment throughout the customer lifecycle.

- KYC (Know Your Customer): Initial fact-finding to understand client needs, objectives, and risk profile.

- Vulnerable Customer: Clients with limited capacity (e.g., due to mental health or age), requiring enhanced protections under FG21/1 guidance.

- Money Laundering Regulations (MLR): Requirements under POCA (Proceeds of Crime Act) for customer due diligence (CDD) and reporting suspicious activities (SARs).



2. Mortgage Products and Features

- Repayment Mortgage: Loan repaid via monthly capital and interest payments over the term.

- Interest-Only Mortgage: Monthly payments cover interest only; capital repaid at end (e.g., via endowment or ISA).

- LTV (Loan-to-Value): Ratio of loan amount to property value (e.g., 90% LTV means 10% deposit required).

- Buy-to-Let (BTL): Mortgage for investment properties; higher rates and stress-tested affordability.

- Equity Release: Products like Lifetime Mortgages (interest rolls up) or Home Reversion Plans for older borrowers.

- Portable Mortgage: Product that can transfer to a new property without full reapplication.

- Offset Mortgage: Linked savings account reduces interest calculation on the mortgage balance.



3. Affordability and Lending Criteria Assessment

- Affordability Assessment: Lender evaluation of borrower's ability to repay, per MCOB 11.6, including income multiples (e.g., 4.5x joint income).

- Stress Testing: Simulating higher interest rates (e.g., +3% buffer) to ensure sustainability.

- Income Multiples: Maximum loan as a multiple of income (e.g., 5x for high earners under manual underwriting).

- Adverse Credit: Negative marks on credit file (e.g., CCJs - County Court Judgments); impacts lending via specialist lenders.

- DTI (Debt-to-Income): Ratio of total debt payments to gross income; used in affordability calculations.

- Manual Underwriting: Lender discretion for complex cases (e.g., non-standard income), vs. automated systems.



4. The Mortgage Application Process and Legal Aspects

- AIP (Agreement in Principle): Non-binding pre-approval indicating borrowing potential.

- DIP (Decision in Principle): More detailed lender exam post-fact-find.

- Conveyancing: Legal transfer of property ownership; involves searches (e.g., local authority, environmental).

- Title Deeds: Legal documents proving property ownership; registered with HM Land Registry.

- Leasehold vs. Freehold: Leasehold (time-limited ownership) vs. Freehold (full ownership); impacts resale and service charges.

- Stamp Duty Land Tax (SDLT): Tax on property purchases over thresholds (e.g., £250,000 for first-time buyers).

- RICS Valuation: Royal Institution of Chartered Surveyors home report assessing property worth and condition.



5. Specialist Mortgage Advice and Client Types

- Right to Buy (RTB): Scheme allowing council tenants to buy at discount; mortgages capped at 90% LTV.

- Shared Ownership: Buying a share (e.g., 25-75%) of a property; staircasing allows increasing ownership.

- Expat Mortgage: For non-UK residents; often requires overseas income verification and higher LTV restrictions.

- Help to Buy ISA: Government scheme offering 25% bonus on savings up to £12,000 for first-time buyers.

- Non-Conforming Borrower: Clients outside standard criteria (e.g., self-employed with irregular income).

- Guarantor Mortgage: Third-party (e.g., parent) guarantees payments for younger buyers.



6. Arrears, Post-Completion, and Remediation Strategies

- Arrears Management: Process per MCOB 13; includes payment holidays or term extensions.

- Forbearance: Temporary lender concessions (e.g., interest-only switch) to avoid default.

- IVAs (Individual Voluntary Arrangements): Debt solution binding creditors to a repayment plan.

- Repossession: Lender action as last resort; voluntary (peaceful re-entry) vs. court-ordered.

- Payment Plan: Customized schedule to clear arrears over time, based on disposable income.

- Pre-Action Protocol: Steps before court proceedings, requiring lender-client negotiation.



7. Economic and Market Influences on Advice

- Base Rate: Bank of England rate influencing SVR (Standard Variable Rate) mortgages.

- SVR (Standard Variable Rate): Lender's default rate, often higher than fixed deals.

- Economic Cycle: Phases (e.g., boom, recession) impacting house prices and lending criteria.

- FPC (Financial Policy Committee): Bank of England body setting macro-prudential tools like LTV caps.

- Stress Rate: Hypothetical rate (e.g., 7%) used in affordability checks.

- Buyer's Market vs. Seller's Market: Low supply/high demand driving up prices and competition.

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