In The Card Association merchant services scam , Independent Financial Advisors (IFAs) have already been used by many people as an alternative to mortgage brokers. The primary reason because of this is that there exists a crossover between the services they offer.
IFAs and home loans usually receive their qualifications from the same few training institutions. When a person receives their qualification in one of these fields they just need to complete a reduced number of exams to receive the other qualification.
This is one indication that mortgage advisors and IFAs undertake similar activities.
Because mortgage repayment costs account for the largest expense in a normal household, getting the right product sometimes appears as a required element to prudent financial planning.
It is that is why, more than anything else, that people have already been embracing their financial advisor to source the proper mortgage deal for his or her needs. Many IFAs could have completed the qualifications and training essential 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 usually 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 knowledge of the insurance market and may therefore offer advice 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 provide a mortgage broking service, chances are that they will be able to refer you to somebody who they regularly put their clients' business through.
However they frequently do offer both services if you curently have an IFA and are searching for mortgage advice, it may not be necessary to look for the services of another mortgage broker.