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One of the first items you will receive during the mortgage process is a mortgage illustration. You may be wondering about a mortgage illustration though. It sounds complicated but it actually is not!
To put it simply, a mortgage illustration is a document that brings up every detail of your mortgage deal. Therefore, when your mortgage advisor in Hull recommends a product, they will also show you a mortgage illustration showing everything there is to know about that product.
Being a trusted mortgage broker in Hull, our process to get your mortgage illustration goes like this:
When you contact our team, the process will be mentioned by your mortgage advisor in Hull. We have a team of mortgage advisors who has extensive experience helping first time buyers in Hull and they will be able to break it down as much as possible.
If you’re looking for a brief explanation of what a mortgage illustration is, watch the MoneymanTV video below. Our channel offers additional mortgage tips and explanations as well, so be sure to check it out and subscribe for more information.
Your mortgage illustration will detail the main product details, costs of taking out the product, monthly repayments, legal fees and sometimes valuation fees.
The key details that will be entailed in your mortgage illustration are the duration of your fixed contract, who you are taking out the product with and the interest rate.
The majority of mortgages include a cost for taking it out. Sometimes people are charged for the mortgage you’re looking to take out, and if you do, this cost will be outlined in your mortgage illustration.
Your monthly mortgage payments refer to the amount you are required to pay on a monthly basis. These costs will be calculated by your total mortgage amount, interest rate and fixed term length.
Services of a solicitor do fall into legal fees. As a mortgage broker in Hull, our team can talk you through these before passing you over to them.
If you have found your dream property, you will be required to have a property survey carried out prior to taking a mortgage out on them. If you are in need of a property survey, these valuations could be included in your mortgage illustration. This can differ from property to property.
No, you are not required to take out your recommended product. This is why it’s called a recommendation. Your dedicated mortgage advisor in Hull will have carefully selected this product for you and would have tried to find a deal for your personal and financial circumstances.
If you do not want to continue with this deal, however, you will have to lose this deal.
As much as we would love for this to be the case, unfortunately, we can never guarantee any applicant a mortgage. Remember, that a mortgage illustration follows your free mortgage appointment meaning that you have not provided any documents to back up income, source of deposit and affordability as of yet.
Prior to receiving your mortgage illustration, you will get an agreement in principle (AIP). This highlights that a lender is willing to let you borrow from them in the principle of you being able to evidence your income, source of deposit, and affordability. etc. This is not the same as a mortgage illustration.
You have to keep in mind that a mortgage illustration is an outline of the mortgage product and not a document from the lender saying that you can borrow from them. As well as this, you need to note that this does not mean you are guaranteed a mortgage either.
Our team have helped many first time buyers in Hull and home movers and would love to help you! Here at Hullmoneyman, we utilise our experience and knowledge over the years to help you find the most appropriate deal.
When your dedicated mortgage advisor in Hull has found you the best deal, you will receive a free mortgage illustration. With our book online system, you can book yourself in for a free mortgage appointment by selecting a time and date that is appropriate for you.
Date Last Edited: 09/27/2023
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Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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