Your Mortgage Illustration, officially known as the European Standard Information Sheet (ESIS), details the mortgage and terms your lender is offering you.
It’s a strictly regulated document. Every lender’s Mortgage Illustration must contain the same information, presented in pretty much the same way.
This is to make it easier for you to compare mortgage products.
What’s in a Mortgage Illustration?
Quite a bit actually.
After discussing your needs and circumstances, your advisor will recommend the most suitable mortgage.
This Mortgage Illustration gives the loan’s total cost and gives important information about the recommended product.
You should read this document carefully before applying. And if you have any questions, speak with your mortgage advisor.
The Mortgage Illustration includes an Annual Percentage Rate of Charge (APRC).
The APRC takes account of fees and charges to reflect the total cost of your mortgage.
Your Mortgage Illustration will detail the fees included in this calculation.
An APRC is calculated using a standard method so that you can compare mortgages from different lenders.