Which of these borrower profiles will you encounter on your CeMAP exam? This guide lists all the key borrower types and mortgage types you need to know. You’ll gain a brief overview of each profile, helping you focus your revision. By the end, you’ll have a clear mental checklist of borrower types CeMAP learners must master.
First-Time Buyer
A first-time buyer is someone taking out a mortgage without any previous ownership. They often need a deposit of at least 5 %–10 % of the property’s value.
- Key exam point: Lenders assess affordability based on income multiples.
- Tutor Tip: Check documentation for proof of deposit and ID.
Home Mover
A home mover already owns a property and wants to buy another. They may port their existing mortgage deal to a new home.
- Key exam point: Understand portability and early repayment charges.
- Tutor Tip: Compare the existing mortgage’s terms with current market rates.
Remortgage Borrower
A remortgage borrower switches their mortgage to a new lender or product. Reasons include better rates or raising equity.
- Key exam point: Calculate redemption figures and early repayment penalties.
- Tutor Tip: Ensure clients understand how redeeming affects interest and fees.
Buy-to-Let Investor
A buy-to-let investor borrows to purchase a property for rental income. Lenders treat these differently from owner-occupier mortgages.
- Key exam point: Income multiples often use rental projections, not personal income.
- Tutor Tip: Check tax implications and allowable expenses.
Self-Build Borrower
A self-build borrower funds the construction of a home in stages. Lenders release funds in drawdowns as progress is verified.
- Key exam point: Understand stage payments and how valuations change.
- Tutor Tip: Confirm each work stage with an independent surveyor.
Right-to-Buy Borrower
A right-to-buy (RTB) borrower is a council or housing association tenant buying their home at a discount.
- Key exam point: Calculate the RTB discount and final purchase price.
- Tutor Tip: Remember the time limits for exercising the right to buy.
Additional Profiles
- Shared-Ownership Borrower: Part-own, part-rent schemes with leasehold agreements.
- Guarantor Borrower: A third party agrees to cover payments if the main borrower defaults.
- Adverse-Credit Borrower: Clients with previous missed payments or defaults may need specialist lenders.
❓ Frequently Asked Questions
What is a self-build borrower?
A client funding property construction with staged drawdowns.
How does affordability differ for buy-to-let?
Lenders use projected rental income, not personal salary, to calculate loan multiples.
Can a first-time buyer remortgage?
No. First-time buyers have no existing mortgage to switch.
Conclusion & Next Steps
You now have a clear list of all CeMAP borrower types and mortgage types. Use this as a quick revision tool before your exam. For a full breakdown of each profile, consider our Home Study training package. It offers detailed modules, model answers and practice scenarios.
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