During the process of obtaining a mortgage, you will come to a point where our mortgage advisors will provide you with a “mortgage illustration”. This document outlines all the important details of your mortgage.
Your mortgage advisor will review this with you after making their recommendation, but before submitting the application to the lender.
The mortgage illustration you receive will show you all the costs associated with your mortgage, including your monthly payments. It will also inform you of any fees you will need to pay, such as lender fees, broker fees, and occasionally valuation fees.
However, it does not cover solicitors’ fees or insurance, as these are separate costs. The mortgage illustration document only covers what is included in the mortgage itself.
Additionally, it provides information about both your lender and mortgage broker, as well as legal details that your mortgage advisor will go over with you in more depth.
The answer is no. You have complete control over whether or not you choose to accept our recommendation. If you’d like us to search for other options, we’re happy to do so.
If you decide to walk away, you won’t be charged any mortgage broker fees because we only receive payment for successful results (excluding lender fees).
We understand that many people want a mortgage, but unfortunately, we cannot guarantee that everyone who applies will be approved.
When we provide a mortgage illustration, it means that we have found a deal that you are eligible for. However, we still need to submit your application to the lender and wait for their formal offer.
Even if you are eligible and have a prior agreement in principle, there is still a possibility that you may be rejected due to reasons such as a poor credit score, insufficient income evidence, or problems with the property.