FAQ - What are "Key Facts" and are they Useful?

Short Answer: A document outling what you will recieve from the advisor and mortgage company.

Longer Answer: You'll get a keyfacts document when an advisor gives you information about a mortgage and that information is tailored to you (for example, based on the amount you want to borrow and over what period)

What is the keyfacts document?
Advisors must give you a "keyfacts" document as it is important. You can recognise it by this logo:  about this mortgage.

It summarises the important features of the mortgage and must be clear, fair and not misleading , so you can easily check the cost and terms of the mortgage and compare it with other similar mortgages. Often you will recieve more than one Keyfacts document and as they will be laid out in the same fromat it is easy to compare one product against another.

Next steps
The lender will assess your application by checking that you are who you say you are, that you can afford the mortgage and value the property.Once this has been done, you may get a mortgage offer document which will include an updated version of the keyfacts illustration.

Use this to compare with the original Keyfacts documant. This is your final chance to check you are happy with all the terms and conditions of the mortgage.

  More infomation on Keyfacts