In mortgage regulation, what does KFI stand for?

• A. Key Facts Information
• B. Key Facts Illustration
• C. Known Financial Information
• D. Key Finance Illustration

Answer: (B)

Key Facts Illustration is a standardised summary of the main cost and feature details of a mortgage, used to help consumers compare deals. It lays out the key numbers lenders must disclose, such as the annual percentage rate of charge (APRC), the proposed payment amount and schedule, the total amount payable over the term, and any fees or charges (including early repayment charges). The idea is to show how the repayments might look over time under a given rate so you can compare affordability and total cost across products. It’s a disclosure used at the point of sale and during the offer process, not a contract, but it helps you understand and compare what you’re being offered. The other options aren’t the terminology regulators use for this document.