Answer Key

Credits and mortgages – Practice 2

Fill in the gaps with the appropriate word or phrase in the correct form.
  1. The main cost of purchasing a property is not the legal fees but all the d  [isbursements]associated with the purchase, such as searches, land registration fee and stamp duty land tax.
  2. Although last year we inherited a large amount of money, we still decided not to pay back the whole mortgage before 2010 to avoid the early  [payment] penalty.
  3. The previous owners of the house had fallen behind in their mortgage payments and the bank  [foreclosed] on it and is now looking for a new buyer.
  4. Getting paid is very important and we have an employee whose job is to chase our [debtors] i.e. people who owe us money.
  5. We offered the business  [angel] a 10% share in the profits and a seat on the board of directors.
  6. He was offered a  [floating] rate of 7.5 percent that soon became eight percent in one year.
  7. The major advantage of  [fixed-rate] mortgages is that they present predictable housing costs for the life of the loan.
  8. The Sotheby's loan was  [secured] on Van Gogh's „Irises“. When Bond's financial empire collapsed, Sotheby's was forced to sell the painting at a loss.
  9. I'll probably never see the money I lent to my brother, so I guess I'll write it.  [off] .
  10. A loan  [shark] who preyed on the sick and poor, charging interest rates of up to 8,000 per cent, has been jailed in the first case of its kind.