What is a Key Facts Illustration?
When you’re working out which mortgage to go for, a key facts illustration is provided by a firm to demonstrate what their services will involve. Let’s see what else this’ll include!
Trying to decipher what the details of a mortgage isn’t always easy. But while you might feel like you have the world against you, key facts illustrations (KFIs) can go a long way in making understanding the basic details of your new mortgage much easier. Basically, when a lender or financial adviser recommends a mortgage to you, they must provide a key facts illustration document.
This summerises your mortgage details and all of the key factors within your mortgage application. This can include a number of things. For example, it includes information on your monthly mortgage repayments, your mortgage term, how long your mortgage "deal" runs for & any fees / penalty charges that apply.
How will it help me?
A key facts illustration does exactly what it says on the tin, it gives you the key facts on your chosen mortgage deal. Knowing exactly what costs & penalties are involved can make it easier for you to compare the costs against other mortgages on the market.
This can also go a long way in making sure that you aren’t made to pay for any charges or fees that you were previously unaware of. This is important so that you understand what you are buying into and if you don’t then it means you can ask the KFI provider any questions you might have.
If you feel you’re still unsure over your current mortgage deal then this is where we come in. At Mortgages Online we compare loads of different mortgage options from a variety of lenders. So, if you have any questions on any deals that you’re being offered or don’t feel like your key facts illustrations clarify everything in the way you hoped it would, then use MO for your mortgage search.
We’ve got loads of resources to help you better understand the mortgage process, including information on mortgage payments, types of mortgages, guides on the homebuying process, what stamp duty is and so much more. All of these Articles are free for you to read, so no need to get your credit card out! The only place to get your mortgage advice and find the best deal for you is Mortgages Online.