Whether you’re a First Time Buyer in Sheffield, a Home Mover or a Landlord looking to invest in a Buy to Let in Sheffield, there will be a point in the mortgage process where you will come across a mortgage illustration. Your dedicated Mortgage Advisor in Sheffield will bring this up once they have presented you with a suitable product.
A mortgage illustration is exactly what it sounds like. It outlines your mortgage product and goes into detail so that you are aware of all of the costs involved, your term length and how much you will be paying each month.
You will be presented with a mortgage illustration before you submit your application to your mortgage lender. This part of the process cannot be skipped.
During a run-through of your mortgage illustration, you will look at the costs of taking out the mortgage product. These costs include mortgage repayments, your lender, broker and sometimes valuation fees.
However, these do not cover solicitor fees and insurances, they are separate. It will only cover the mortgage and what’s included.
There will also be details of your chosen lender and Mortgage Broker in Sheffield. This includes legalities and general information too.
You are under no obligation to take out your mortgage recommendation. Your Mortgage Advisor in Sheffield will be open and honest with you and make you are of this. In the rare occurrence that you are unhappy with your product recommendation, your advisor can try and find you another deal.
You also have the right to walk away if you want to. You will avoid paying broker fees, as we only charge on results, however, you will not be able to continue with the deal that we found you.
You are never guaranteed a mortgage. A mortgage illustration is simply an outline of your mortgage deal and the costs and details that come with it. Your Mortgage Advisor in Sheffield can present you with a mortgage illustration before submitting your application with you.
After outlining the mortgage product, if you are happy with the deal, you will then be able to start preparing your mortgage application.
Your advisor will have previously measured your eligibility and affordability before your free mortgage appointment, therefore, you will just need to provide evidential documents to support your income.
A mortgage illustration and a mortgage agreement in principle are not the same. A mortgage agreement is issued after your appointment and confirms whether your lender is willing to lend to you. These come in handy before making an offer on a property.
For further Mortgage Advice in Sheffield, make sure to book your free mortgage appointment online. We have slots available 7 days a week, mornings and evenings.