CeMAP MRT2 Further Advances, Remortgages, Second Charge & Bridging question: left after the bridge

CeMAP MRT2Further Advances, Remortgages, Second Charge & Bridging

Stella takes a £280,000 bridging loan to buy her next home before selling her mortgage-free current home. Interest is 0.75% a month (simple) on the £280,000 advance, rolled up for 6 months, and a 2% arrangement fee is added to the amount owed. Her current home then sells for £310,000 after costs. How much is left after the bridge is repaid?

A £11,800
B £17,400
C £24,400
D £30,000

Show the answer and explanation

Answer: A. £11,800

Interest = £280,000 × 0.75% × 6 = £12,600. Fee = 2% × £280,000 = £5,600. Amount to repay = £280,000 + £12,600 + £5,600 = £298,200. £310,000 − £298,200 = £11,800. £17,400 ignores the fee, £24,400 ignores the interest, and £30,000 ignores both. A sale exit should be checked against an independent valuation (MCOB 11.6.54G).

Common mistake

Leaving out the rolled-up interest or the added fee when checking the exit.

Practise more MRT2 Further Advances, Remortgages, Second Charge & Bridging questions

Exam-style questions with worked answers, then full timed mocks. Free to start.

Start practising →

Study note: Further Advances, Remortgages, Second Charge & Bridging CeMAP MRT2practice questions & mock exams

Related CeMAP MRT2 questions

Ruby, 68, needs £60,000 over the next 10 years. Plan 1: take £60,000 now as a lump sum. Plan 2: a drawdown lifetime mortgage taking £30,000 now and £30,000 in 5 years. Both roll up at 6% a year, compounded annually, with no payments. Roughly how much lower is the debt after 10 years under Plan 2?Jade owns a house in England worth £300,000 with a £230,000 mortgage. She adds her partner Sam (they are not married) to the title as an equal owner, and he becomes jointly liable for the mortgage. Sam pays no cash and owns no other property. Using SDLT residential rates from 1 April 2025, what is Sam's SDLT position?Raj is downsizing. He owes £220,000 on a fixed rate with a 3% ERC and a 10% a year ERC-free overpayment allowance, none of it used this year. He ports but needs only £160,000 on the new home, so repays £60,000. What ERC applies?

Build a daily practice habit — a few exam-style questions a day, with worked answers. Free to start.

Start practising →

Original practice material mapped to the published CeMAP MRT2 learning outcomes. Independent, not endorsed by Walbrook (formerly LIBF). Verify figures and rules against current guidance before relying on them.