When a lender or mortgage broker recommends a mortgage for you, they must provide you with a key facts illustration (KFI).
This is basically a mortgage quotation.
A Key Facts Illustration (KFI), or ESIS, is a document that is provided to borrowers by mortgage lenders in the United Kingdom. It is designed to provide a summary of the key features and terms of a mortgage product, including the interest rate, mortgage fees, and repayment terms.
The KFI is intended to help borrowers compare different mortgage products and make an informed decision about which mortgage is right for them. It includes information about the total cost of the mortgage over the life of the loan, as well as the monthly repayments and any additional fees or charges that may apply. A mortgage quote will also state the amount of commission your broker will be paid for arranging the mortgage.
The KFI is an important consideration for borrowers, as it provides a clear and concise overview of the terms and conditions of the mortgage. It is also an important consideration for mortgage lenders, as it helps to ensure that borrowers are fully informed about the terms of the mortgage and are able to make an informed decision about whether to proceed with the loan.
If there is anything you’re not certain about you should speak to your broker.
