MRT1 Mock Paper 2 — Mortgage Law, Practice & ApplicationStandard
Standard-tier MRT1 mock balancing applications and affordability with property law, conveyancing and lender products. 50 questions in 60 minutes, 35 to pass.
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Free preview: the first 5 of 50 questions, with a timer to match. Unlock the full paper
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About MRT1 Mock Paper 2
Paper 2 is where MRT1 stops being a recall paper. Applications and affordability is the single largest topic at 11 questions, five of which require you to calculate something under time pressure. It also carries the unit's broadest product coverage — nine questions on products and lenders — so it rewards candidates who can move between a lender's underwriting logic and the legal machinery around it. If Paper 1 tested whether you had read the material, Paper 2 tests whether you can apply it to a named borrower with real figures on the page.
It is paper 2 of 5 in the MRT1 ramp, the Mortgage Law, Practice & Application unit, sitting in the standard tier. Every question carries a written explanation.
Format, timing and pass mark
MRT1 Mock Paper 2 follows the live MRT1 format: 50 standalone questions, in 60 minutes — about 72 seconds a question. Pass mark 35/50 (70%), as in the real assessment. There is no negative marking, so answer everything.
What this paper tests
The 50 questions in MRT1 Mock Paper 2 break down across 7 topic areas:
- Applications & affordability11 questions
- House-buying practice10 questions
- Mortgage law10 questions
- Products & lenders9 questions
- Tax & schemes4 questions
- Regulation & MCOB3 questions
- Valuations & surveys3 questions
Where candidates lose marks on MRT1 Mock Paper 2
Three traps this paper sets deliberately. Each one is a question where the wrong answer is the one most candidates would give.
A local search covers the subject property only
The LLC1 and CON29 searches return road adoption, planning history and enforcement, tree preservation orders and similar — all for the property being bought. They do not reveal what the neighbour has applied to build. That needs a separate search, and assuming otherwise is one of the most reliably wrong answers in the conveyancing questions.
Sole traders are assessed on net profit, not turnover
For a self-employed sole trader, a mainstream lender takes net profit — turnover minus allowable expenses — usually averaged across two years and evidenced by SA302s with tax year overviews, or accounts from a qualified accountant. Turnover overstates what the borrower can actually service, which is precisely why it appears as a distractor.
Joint income multiples apply to combined income
On £38,000 and £26,000 with a 4.5× multiple, the answer is 4.5 × £64,000 = £288,000. The two wrong options are built from real historic practice: £171,000 is 4.5× the higher income alone, the old higher-income-only method, and £256,000 is 4× joint. Knowing why each distractor exists is faster than recalculating three times.
LTV divides the loan by the value, not the deposit by the price
A £252,000 mortgage on a £315,000 purchase is 80% LTV. Dividing the £63,000 deposit by the price gives 20% — the deposit percentage, which is the complement of the answer and sits in the options waiting for anyone working at speed. The two figures always sum to 100%, so a quick sanity check catches it.
The deposit a product needs is not the deposit paid at exchange
A 15% deposit on a £260,000 purchase is £39,000. The £26,000 option is 10% — the figure usually quoted for the contractual deposit at exchange — and it is in the list precisely because the two numbers get conflated. Read which deposit the question is asking about before you multiply.
A worked example from MRT1 Mock Paper 2
What is the monthly payment on a £180,000 interest-only mortgage at 5% a year?
- 1.Interest-only means no capital is repaid, so the payment is pure interest.
- 2.Annual interest = £180,000 × 5% = £9,000.
- 3.Convert to monthly: £9,000 ÷ 12.
Answer: £750 a month
The reliable slip is dividing the annual figure by 10 rather than 12, which gives £900. A capital repayment mortgage at the same rate would cost considerably more, because part of every payment reduces the debt — worth knowing, because the comparison is itself a favourite question.
Try two questions from MRT1 Mock Paper 2
These come from the free preview of this paper. Answer them, then reveal the explanation.
Applications & affordability
Aisha is buying a house for £315,000 with a mortgage of £252,000. What is the loan-to-value ratio?
- A80%
- B78%
- C75%
- D85%
Reveal the answer
A is correct. LTV = loan ÷ value × 100 = £252,000 ÷ £315,000 × 100 = 80%. A common error is to divide the deposit (£63,000) by the price, which gives the deposit percentage (20%), not the LTV.
Mortgage law
A right of way granted over one property for the benefit of a neighbouring property is an example of:
- AA restrictive covenant, which is enforceable only in equity and can never bind a later purchaser of the land
- BAn easement, benefiting the dominant tenement and burdening the servient tenement
- CA wayleave, which applies only to utility companies
- DA licence, which is personal and cannot bind successors
Reveal the answer
B is correct. An easement is a right enjoyed by one piece of land (the dominant tenement) over another (the servient tenement), such as a right of way or drainage. A covenant is a promise restricting use, a licence is merely personal permission, and a wayleave is a utility-specific arrangement.
Scored under 70%? Revise these next
A near miss is almost always a calculation you cannot do under time pressure, a definition you half-know, or a rule you have never read in the examiner's words. Start with the topic areas above where you dropped marks, then:
- →Drill the calculations on the CeMAP formula sheet — LTV, income multiples, SDLT, APRC, ERCs and rental cover, each worked through.
- →Nail the terminology in the CeMAP glossary — a surprising share of wrong answers are a term you nearly knew.
- →Re-read the syllabus coverage on the MRT1 exam guide, then sit the next paper in the ramp.
The other MRT1 mock papers
5 timed mocks for this unit, running easier → harder. Sitting the whole ramp is what moves a borderline score to a comfortable pass.