A key features illustration, commonly referred to as a kfi is one of the documents which the Financial Services Authority (FSA) who basically control all mortgage lending, require all involved in mortgage lending to issue to those enquiring about mortgages. 

Whether your enquiry is to a major High Street Building Society or Bank or to a small ‘one man band' mortgage broker operating from his own home makes no difference.  All kfi's by whoever issued, must be in basically the same format, and carry the same information about the specific product being promoted. 

The object is straightforward.  Having kfi's in this identical format enables a comparison of various products to be made on a like for like basis.  Section 6 for example on any kfi will set out the monthly repayments required, section 3 will show the amount borrowed and identifies any arrangement fees which the lender charges, whilst section 8 will list any fees that have to be paid and so on. 

You can thus systematically compare in detail a product available from - say - The Cheltenham and Gloucester Building Society with one available from the National Westminster Bank, clause by clause.

The advantage of a mortgage advisor becomes obvious.  Whilst the above mentioned lenders (and all others) can only produce kfi's relating to their own products, a mortgage advisor can not only produce these also, but in addition kfi's from all other mortgage lenders....