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What is a Mortgage Illustration?

Mortgage Illustration London

During the first few stages of the mortgage process, following your free mortgage appointment, your mortgage advisor in London will give you a mortgage illustration. When you receive a mortgage illustration document, this means that your advisor has found a product that they think is perfect for your personal and financial situation.

So, what is a mortgage illustration? In simple terms, a mortgage illustration is a document that outlines every detail of a mortgage product. When you receive a recommendation from your mortgage advisor in London, this document will include everything you need to know about this product.

As a mortgage broker in London, it is our job to help you find the perfect mortgage product. To find that product and present you with a mortgage illustration, you have to follow these steps first.

1. Book your free mortgage appointment online and provide your mortgage advisor in London with some of your details so that they can find the best deal for you.

2. Following your appointment, your advisor will begin searching 1000s of mortgage products in order to find one that matches your personal and financial situation.

3. Once they find a product for you, they will present their recommendation with a mortgage illustration outlining the deal.

4. If you are happy with the product and want to continue with us, we can begin preparing your mortgage application.

We aim to make this process as simple and as straightforward as possible. Especially if you are a first time buyer in London, you want the process to be stress-free and easy-going, just like us! That is what we are here to help with.

For a quick explanation of “what is a mortgage illustration”, watch Malcolm from MoneymanTV give his answer below. For videos just like this, check out our channel and subscribe for more videos!

What is included in a mortgage illustration?

Once you have received your mortgage recommendation, you will want to know all about the product and what it has to offer. Take a look at your corresponding mortgage illustration and you find the majority of these:

Main details

Your mortgage illustration will hold information on your fixed contract length, which lender you would be taking out the product with and sometimes your valuation fees.

Costs of taking out a product

In most cases, you will be charged a product fee – a fee for taking out a mortgage product. If you do not have to pay a product fee, this will be outlined in your mortgage illustration.

Monthly repayments & interest rates

Your monthly mortgage repayments along with the total mortgage amount will be included in your mortgage illustration. Your interest rate will also be included along with the fixed term length.

Legal fees

Solicitor and legal fees are also included. As a mortgage broker in London, we will talk you through these when going through your mortgage illustration with you.

Valuation fees

Most properties, especially older ones, will need a property survey before you can purchase them. Valuations are a way for the lender to determine whether the property is worth what you’re paying for it or now. Some surveys/valuations can be more expensive than others.

Do I have to agree to a mortgage recommendation?

No, you do not have to continue with us and take your recommendation. However, it is recommended for a reason as your mortgage advisor in London has found one that perfectly matches your personal and financial situation.

If you choose to go elsewhere and find your own deal, unfortunately, you will not be able to take the deal with you.

Does a mortgage illustration guarantee me a mortgage?

Though we would love to say yes that it can, however it can’t. We can never guarantee any applicant a mortgage.

A mortgage illustration comes after your free mortgage appointment, therefore, you have not provided any documents to support income, source of deposit and affordability yet. You will need to show that you can afford to take out this product before continuing.

Is a mortgage illustration the same as an agreement in principle?

An agreement in principle (also known as an AIP) shows that a lender will let you borrow for them, given that you can back up your income, affordability etc. You will receive one of these following your free mortgage appointment to back up any offers you want to make on a property.

An AIP is not the same as a mortgage illustration. Remember that a mortgage illustration is a document outlining a mortgage product and an agreement in principle is a document saying whether or not a lender pre-approves your application.

Speaking to a mortgage broker in London

As a mortgage broker in London, it is our job to help you find the most appropriate mortgage product based on your personal and financial situation. Whether you are a first time buyer in London or moving home in London, we are sure that you will find our service more than beneficial.

Remember that you will receive a mortgage illustration upon completion of a free mortgage appointment in London. This is simple and easy to book online. Answer a few questions so we can get to know you, then choose your preferred date and time and that’s it!

Date Last Edited: January 20, 2023

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