In recent times, Independent Financial Advisors (IFAs) have been used by lots of people instead of mortgage brokers. The primary reason for this is that there is a crossover between your services they offer.
IFAs and mortgage brokers usually receive their qualifications from exactly the same few training institutions. Whenever https://money.com receives their qualification in another of these fields they just need to complete a reduced amount of exams to receive the other qualification.
That is one indication that mortgage advisors and IFAs undertake similar activities.
Because mortgage payment costs account for the biggest expense in a normal household, getting the right product is seen as a necessary element to prudent financial planning.
It is for this reason, more than anything else, that people have already been turning to their financial advisor to source the proper mortgage deal because of their needs. Many IFAs will have completed the qualifications and training essential to become a mortgage broker and will be able to assist their clients in obtaining a home loan easily.
Mortgages are also interlinked with insurance. Interest only products will most likely require some type of insurance to cover the event of the mortgagor being unable to meet their obligations due to accident, sickness, or unemployment.
IFAs have an in-depth knowledge of the insurance market and may therefore offer advice in such matters when 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 someone who they regularly put their clients' business through.
However they frequently do offer both services if you already have an IFA and are searching for mortgage advice, it could not be essential to seek out the services of a separate mortgage broker.