Buying Mortgages, Info you will be given

Continuing further from our previous article Getting Help/Advice with Mortgage Loans, lets today discuss what all info you can expect when you are about to buy mortgage plan.

Whether you take advice or not, you should get two ‘keyfacts’ documents from your mortgage lending firm or their advisers. This information is important because it explains the service you will receive and helps you to compare different mortgage products or different loan products

The KEY FACTS document about the mortgage service:
This is an important document and it will explain you the service being offered and:
· Whether you’ll have to pay for it – and if so how much;
· Whether the firm offers products from all the companies, products from a limited number of companies, or products from a single company. If you want information or advice based on the full range of product schemes; choose a firm that offers products from all companies; and
· Whether the firm offers advice. Not all firms are interested and have expertise in offering advices regarding the products that they offer. If you want advice make sure that the firm can provide this service before making an appointment with the firm.
Use this article to help you look around & choose the service you want and the firm you want to deal with.

The KEY FACTS document about this mortgage (KFI):
This is another important document and is also called Keyfacts illustration document or KFI document.

You will be given a KFI document if you ask for a written mortgage quotation, whether or not you opt to get advice. This is because it is the basic document that summarises the most important features and costs of the mortgage in a standard way so that it becomes easier for you to compare it with other similar mortgages plans or loan schemes.

To help you shop around, ask for a KFI only when you know clearly how much you might want to borrow and the type of mortgage you want to buy. By comparing KFIs for different mortgage plans, you can work out to know which one is the best for you.
Your lender or mortgage adviser from the mortgage firm must always give you a KFI before you apply for a mortgage, so you can make sure it’s right for you.