From Clare Hyland
I have today received my August copy of Mortgage Strategy and as I have just taken my MAQ exam I always turn first to your Mortgage Master or Mortgage Moron questions, just to ensure that I do know what I am doing!
This issue's questions and answers do not appear to be correct, in particular question 2 and I should be interested to know which lender would pay a cashback of £33,000 on a loan of £60,000. A 5% cash back would amount to £3,000, but if you know of any lenders who would pay £33,000, please let me know as both my clients and myself would be very interested.
Castellan Asset Management
As both the above correspondents point out, an error appeared on last week's Mortgage Strategy training page (page 27). The answer to question two of our MAQ test questions: “Hugh and Liz have a 5% cashback on a £60,000 mortgage. How much cashback is that?” is £3,000, not £33,000 as stated in the magazine. This was due to a production error. Apologies for any confusion caused. Ed.