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 exists a crossover between your services they offer.
IFAs and mortgage brokers usually receive their qualifications from the same few training institutions. Whenever a person receives their qualification in one of these fields they only need to complete a reduced number of exams to receive another qualification.
That is one indication that mortgage advisors and IFAs undertake similar activities.
Because mortgage payment costs account for the biggest expense in a standard household, having the right product sometimes appears as a required element to prudent financial planning.
It is that is why, above all else, that people have been turning to their financial advisor to source the proper mortgage deal because of their 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 obtaining a home loan easily.
Mortgages may also be interlinked with insurance. Interest only products will most likely require some kind of insurance to cover the event 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 can therefore offer advice in such matters whenever a client applies for a home loan with them. Many home loans also offer insurance products to their clients being an additional service.
Even though your IFA will not offer a mortgage broking service, it is likely that they will have the ability to refer you to someone who they regularly put their clients' business through.
However Pension planning Oxfordshire do offer both services so if you already have an IFA and so are searching for mortgage advice, it may not be necessary to seek out the services of a separate mortgage broker.