Commercial First has launched an illustration facility that provides brokers and their customers with a one page concise summary of costs and charges for the commercial mortgage contract being offered.
The Commercial First Illustration is the first customer illustration to be offered in the commercial mortgage sector and has been designed to give commercial mortgage clients fully transparent disclosure about the mortgage terms being offered.
The CFI is delivered to the intermediary within two hours of an application in principle being submitted either online or by fax.
It contains full details of the terms of the mortgage contract including mortgage payments during and after fixed rate or interest only period expiry, together with all associated fees and early repayment charges payable.
Stephen Johnson, sales and marketing director at Commercial First, says: This latest innovation from Commercial First reinforces our commitment to simple, transparent commercial mortgage lending.
It is important for brokers and borrowers to understand fully the terms and conditions of the mortgage contract, so that the borrowers can have complete peace of mind and certainty about their future.
We believe it is important that nothing is hidden and that brokers can recommend, and customers contract, with absolute confidence.
Customers will be looking to the intermediary for recourse if unanticipated payment variations or hidden charges subsequently come to light.
Much has been made about the attraction of unregulated markets post M Day; this voluntary initiative illustrates how serious we are about shaping the future of the commercial mortgage market, and hope it sets a benchmark others will need to follow.