Key Facts Illustration (KFI)

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Key Facts Illustration (KFI)

A Key Facts Illustration (KFI) is a document that provides you with lots of key mortgage information, it may also be referred to as a European Standardised Information Sheet (ESIS). The document format was developed to help you compare the costs and features of several mortgages provided by one or more lenders. With the report in hand, you’ll be able to compare different home loans much more easily.

When you are looking for a suitable mortgage, it is advisable to source quotations from several places. Each bank or building society you approach is required to provide you with a KFI document for each mortgage product you want to know more about.

Some people use the services of a financial adviser who can search larger portions of the market on their behalf. In this case, the financial adviser must provide you with a document for each product. Typical items featured in the KFI should include any charges applicable for arranging that mortgage or service. It should also include information on whose products are included and whether they come from the entire mortgage market or only from one provider. Some advisers can only recommend from a limited portion of the market, for instance, and this will be highlighted on the report. The information is also written in an easy to understand format, rather than using complex phrasing.

The idea is that by receiving one or more KFI documents on a range of mortgages, you can more easily compare one with another. It is easy to become confused by differing interest rates, charges, and other features of a home loan. The KFI aims to dispel any confusion and to make it easier for you to find the best option that fits your circumstances.

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