Suitability Report

antsmusic1

OK so this may be a really basic silly question, but I have searched high and low on MSE as well as the wider internet and can't seem to find anything explaining what suitability report actually is...! Searches are just digging bits of text out of unrelated articles....
We had a DIP for £100,000 which was then revised on application to £55,000 which we have accepted (bad credit score and fortunately some investment funds).
The mortgage broker is sending us a 'suitability report' in the morning, I don't really know what it is, and what I can expect from it...?
Do I need to have all kinds of figures to input ... I genuinely have no idea what it is lol.
Thanks in advance for your help... :-)

dunstonh

can't seem to find anything explaining what suitability report actually is

it is a report issued on investment class business detailing the recommendation of the product.

The mortgage broker is sending us a 'suitability report' in the morning, I don't really know what it is, and what I can expect from it...?

It probably means mortgage closure letter. However, IFAs and investment class advisers that also do mortgages will often refer to all their reports as suitability reports. Some older ones will sometimes refer to them as reason why letters still.

antsmusic1

Thank you! I still don't completely follow.... :-\
I'm not great with jargon, so is it just a report on the mortgage I will be taking out? Or is it a questionnaire kind of something that I'm supposed to fill in and send back to the broker?
Meh, I guess I'll find out tomorrow.

kingstreet

It's a letter which sets out what you told the broker you wanted to do and what you wanted from a mortgage.

It then explains the features of the recommended product and how it meets your needs and why it was recommended in comparison with other similar products.