In recent times, Independent Financial Advisors (IFAs) have been used by lots of people instead of mortgage brokers. The primary reason because of this is that there is a crossover between the services they offer.
IFAs and mortgage brokers usually receive their qualifications from 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 another qualification.
That 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 is seen as a required element to prudent financial planning.
It is that is why, more than anything else, that people have already been turning to their financial advisor to source the right mortgage deal for their needs. Many IFAs will have completed the qualifications and training necessary to become a large financial company and will be able to assist their clients in obtaining a home loan easily.
Mortgages may also be interlinked with insurance. Interest only products will most likely require some form of insurance to cover the event of the mortgagor being struggling to meet their obligations due to accident, sickness, or unemployment.
IFAs have an in-depth understanding of the insurance market and can t here fore offer advice such matters whenever a client applies for a mortgage with them. Many mortgage brokers also offer insurance products to their clients as an additional service.
Even though your IFA does not offer a mortgage broking service, chances are that they will have the ability to refer you to someone who they regularly put their clients' business through.
However they quite often do offer both services if you already have an IFA and are looking for mortgage advice, it may not be essential to seek out the services of another mortgage broker.