Nationwide said the documents are similar to the official FSA Key Facts Illustrations required to be produced by all lenders under the new regulations.
Nationwide executive director Stuart Bernau commented: "At Nationwide we like to keep things simple and transparent for our members. The new mortgage illustrations present potentially complicated financial information in a very straightforward way. The illustrations are very similar to the new KFIs which all lenders will be using from 31 October. So far, our members have been very positive about the new illustrations."
The Nationwide mortgage illustration, as with the new KFI, contains the following information:
Description and overall cost of the mortgage
Details of monthly payments
Warning of the risk of rising interest rates or falling income
Fees and early repayment charges
Details of insurance options and costs
Explanation of flexible features such as overpayments and payment holidays
