One of the initial documents you’ll receive during the mortgage process is a mortgage illustration. Despite sounding complex, it’s quite straightforward.

A mortgage illustration provides a detailed overview of your mortgage deal, covering all essential aspects.

When your mortgage advisor in Beverley recommends a product, they will also provide you with a mortgage illustration.

This document outlines everything you need to know about the recommended product.

How does the process work?

As a reliable mortgage broker in Beverley, here’s how we handle your mortgage illustration.

After you book your free mortgage appointment online, you will be assigned a knowledgeable mortgage advisor in Beverley.

Our team will search through thousands of mortgage products to find the one that suits your needs.

Once we find a suitable product, your advisor will recommend it to you and provide a mortgage illustration detailing the deal.

If you are satisfied with the recommendation, we will proceed with your mortgage application. Our team of experienced mortgage advisors is adept at helping first-time buyers in Beverley.

They will clearly explain the process to ensure you understand every step.

For a brief explanation of mortgage illustrations, watch the MoneymanTV video below. Our channel offers more mortgage tips and explanations, so be sure to subscribe for further information.

What is included in a mortgage illustration?

A mortgage illustration will provide details on the main features of the product, the costs of taking out the mortgage, monthly repayments, legal fees, and sometimes valuation fees.

Main details

Key details in your mortgage illustration include the fixed contract duration, the lender, and the interest rate.

Costs of taking out a product

Most mortgages entail some costs. Any charges associated with your chosen mortgage will be outlined in your mortgage illustration.

Monthly repayments

Your monthly mortgage repayments are based on the total mortgage amount, interest rate, and the length of the fixed term. These costs will be detailed in your mortgage illustration.

Legal fees cover solicitor services. As a mortgage broker in Beverley, our team can help you understand these fees and refer you to a solicitor if needed.

Valuation fees

If you’ve found your ideal home, you will need a property survey before finalising your mortgage. The costs for these valuations might be included in your mortgage illustration, depending on the property.

Do I have to agree to your mortgage recommendation?

You are not required to accept the recommended product.

Your dedicated mortgage advisor in Beverley will choose a product that matches your personal and financial circumstances. If you prefer, you can select a different option.

Does a mortgage illustration guarantee me a mortgage?

You are not obliged to take the recommended product. Your dedicated mortgage advisor in Beverley selects a deal tailored to your circumstances.

If you decide against it, you’ll need to explore other options. While we strive to find the best deals, we cannot guarantee mortgage approval.

The mortgage illustration follows your free mortgage appointment, during which you haven’t yet submitted documents to verify your income, deposit source, and affordability.

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

Before receiving your mortgage illustration, you’ll obtain an Agreement in Principle (AIP).

This indicates a lender’s willingness to lend, provided you can verify your financial details.

An AIP is not the same as a mortgage illustration and does not guarantee a mortgage.

Speak to a Mortgage Broker in Beverley

Our team has extensive experience helping first-time buyers in Beverley and home movers in Beverley.

At Beverleymoneyman, we leverage our expertise to find the most suitable deals for you. Once your advisor identifies the best deal, you’ll receive a free mortgage illustration.

With our online booking system, you can schedule your free mortgage appointment at a time that suits you.

Date Last Edited: August 5, 2024