In recent times, Independent Financial Advisors (IFAs) have already been used by many people instead of mortgage brokers. The main reason because of this is that there exists a crossover between the services they offer.
IFAs and home loans usually receive their qualifications from exactly the same few training institutions. Whenever a person receives their qualification in another of these fields they just need to complete a reduced amount of exams to receive the other qualification.
Informative post is one indication that mortgage advisors and IFAs undertake similar activities.
Because mortgage repayment costs account for the biggest expense in a standard household, getting the right product is seen as a required element to prudent financial planning.
It is because of this, above all else, that people have been turning to their financial advisor to source the proper mortgage deal for their needs. Many IFAs will have completed the qualifications and training necessary to become a large financial company and will be in a position to assist their clients in finding a home loan with ease.
Mortgages are also interlinked with insurance. Interest only products will most likely require some kind of insurance to cover the function of the mortgagor being struggling to meet their obligations because of accident, sickness, or unemployment.
IFAs have an in-depth understanding of the insurance market and will therefore offer advice in such matters whenever a client applies for a home loan with them. Many home loans also offer insurance products with their clients being an additional service.
Even though your IFA will not offer a mortgage broking service, it is likely that they will be able to refer you to a person who they regularly put their clients' business through.
However they frequently do offer both services if you curently have an IFA and are looking for mortgage advice, it may not be essential to seek out the services of another mortgage broker.