A mortgage illustration is a document that you will receive during the mortgage process. You will be given one once your mortgage advisor in Manchester has found you a suitable mortgage product for your circumstances.
A mortgage illustration outlines every detail of a mortgage deal. Your mortgage advisor in Manchester will provide the illustration alongside the recommended mortgage product.
If you’re satisfied with the product and have read over the illustration to make sure that you know all about the mortgage deal, the mortgage application process can start.
At Manchestermoneyman, you will get a mortgage illustration following your free mortgage appointment. You can simply book a free appointment online and speak with a mortgage advisor in Manchester; we are available 7 days a week, so pick a date and time that best suits you.
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The mortgage illustration you receive will cover the main product details, costs of taking out the product, monthly repayments, legal fees and sometimes valuation fees.
“Main details” include information such as the length of your fixed contract, who you are taking out the product with and the interest rate.
Most, if not all mortgage products come with arrangement fees. The cost of the arrangement fee (if applicable) will be stated in your mortgage illustration.
Your monthly mortgage payments are determined by your total mortgage amount, interest rate, and fixed term length. The amount that you will be paying per month will be shown in your mortgage illustration.
Legal fees include the services of a solicitor. As a mortgage broker in Manchester, we will talk you through these costs before passing you over to them.
In most cases, a property survey must be carried out on the property before obtaining a mortgage. If you need a property survey, the costs should be specified in your mortgage illustration. These costs can vary depending on the property value, property type and type of survey.
The product that is presented to you is only a recommendation, therefore you are under no obligation to take it out. However, you must know that your mortgage advisor in Manchester will have carefully selected this product for you and would have tried to find a deal specifically for your personal and financial situation.
Unfortunately, if you choose not to continue with us, you will lose out on the deal.
We cannot guarantee any applicant a mortgage, unfortunately. A mortgage illustration is provided after your free mortgage appointment, therefore, you have not yet submitted any documentation verifying your income, deposit source, and affordability.
An agreement in principle (AIP) is not the same as a mortgage illustration. While a mortgage illustration outlines the details of the recommended mortgage prior to application, an AIP confirms that the lender is willing to offer to you in principle that you can provide evidential documents to support your affordability.
An AIP can be used to demonstrate your readiness and commitment to purchase a property from the seller.
We have mortgage advisors in Manchester readily available to discuss your mortgage options. Whether you are a first time buyer in Manchester, moving home in Manchester or a landlord looking for a buy to let property, we will be more than happy to help you start your mortgage journey.
Date Last Edited: December 11, 2023