If you’re applying for a mortgage in Manchester, one of the documents you’ll come across early on is a mortgage illustration. This is a personalised summary of a mortgage product that’s been recommended to you based on your situation.
You’ll typically receive your mortgage illustration after your free initial mortgage appointment. It outlines key details about the mortgage deal your mortgage advisor in Manchester has found for you, including interest rates, fees, and monthly repayments.
Reading through this document helps you understand exactly what’s being offered before you go ahead with your mortgage application.
Watch our video for a quick breakdown of how mortgage illustrations work.
What is included in a mortgage illustration?
Your mortgage illustration gives a clear breakdown of the mortgage product that’s been recommended to you. It’s designed to help you understand exactly how the deal works before you move forward with your application.
This document is normally shared after your mortgage appointment and will include key facts about the lender, product features, monthly costs, and any associated fees.
Product Overview & Key Terms
You’ll see details such as the lender’s name, the interest rate, how long the deal lasts (e.g. a 5-year fixed rate), and whether any early repayment charges apply. This helps you understand how the mortgage works and what to expect if your circumstances change.
Upfront Fees & Product Charges
Most mortgage deals come with fees. These could include an arrangement fee charged by the lender, a booking fee, or charges that apply if you want to make overpayments or repay the loan early. The illustration will set these out clearly so you know what’s involved.
Monthly Mortgage Payments
The illustration will show your estimated monthly repayment based on the loan amount, term, and interest rate. This helps you budget more accurately and compare the product against others.
Legal & Solicitor Fees
Legal work is part of every property purchase. While mortgage brokers in Manchester don’t usually provide legal services directly, we’ll explain what legal costs to expect and when they’re due.
These might include conveyancing fees or charges for handling your Stamp Duty.
Property Valuation Costs
In most cases, the lender will carry out a basic valuation of the property. If a more detailed report is needed, the costs may vary depending on the property type, location, and level of survey. Your mortgage illustration will show if any valuation fees apply.
Do I have you accept the recommended product?
There’s no obligation to go ahead with the product we recommend. The mortgage illustration is there to help you review the deal and make sure it suits you. Our advisors will always look for a product that fits your situation, but you’re free to walk away at any point before application.
Does a mortgage illustration guarantee a mortgage?
A mortgage illustration is not a confirmation of approval. It’s simply a summary of the deal being recommended to you. You’ll still need to submit documents such as payslips, bank statements and ID before the lender will make a final decision on your application.
How is a mortgage illustration different from an Agreement in Principle?
An agreement in principle (AIP) shows that a lender is likely to approve your mortgage, based on basic information about your income and credit history. A mortgage illustration is more detailed. It outlines the full product information and monthly payments you’d be taking on if you apply for that deal.
You’ll usually receive both during the early stages of your mortgage journey.
Date Last Edited: June 20, 2025
