IDD Document

From 31st October 2004 (Mortgages) and (14th January 05 all lenders/providers and intermediaries will need to give you an IDD Document setting out the terms and conditions of the company you are dealing with. Please request your copy from us by emailing your request to npf.team@newprotectionfinder.co.uk or see below.

Key Facts Illustration

From 31st October 2004 (Mortgages) and (14th January 05 all lenders/providers and intermediaries will need to give you a personalised key facts illustration (KFI) setting out the costs and terms and conditions of a mortgage/Protection Insurance before you make an application.

 The KFI is aimed at helping you to decide which product to choose. Because it is a standard document it should make it easier to compare one scheme with another.

 The KFI will be several pages and will set out key information about a mortgage or Insurance:

• A KFI must be clear, fair and not misleading.

• It must describe the product and specify rates and periods.

• It must highlight areas of further information such as incentives, flexible features and options to switch to a selected product.

• It must show any restrictions such as lending areas or limitations on availability.

• It must clarify all fees payable and any early repayment charges.

• It must show the predicted cost of a 1% increase in interest rates (or the maximum additional cost where rates are capped and the minimum where rates are collared).

• It must show any commission paid to, or fees charged by, third parties.

• It must show how much will be paid back to the lender for every £1 borrowed.

See examples of forms:

	Mortgages
	Insurance