In recent times, Independent Financial Advisors (IFAs) have been used by lots of people as an alternative to mortgage brokers. The primary reason for this is that there is a crossover between your services they offer.
IFAs and home loans usually receive their qualifications from exactly the same few training institutions. Whenever Veronikawoell receives their qualification in another of these fields they just need to complete a reduced amount of exams to receive another qualification.
This is one indication that mortgage advisors and IFAs undertake similar activities.
Because mortgage repayment costs account for the largest expense in a standard household, getting the right product sometimes appears as a required element to prudent financial planning.
It is for this reason, more than anything else, that people have been embracing their financial advisor to source the right mortgage deal because of their needs. Many IFAs will have completed the qualifications and training necessary to become a mortgage broker and will be able to assist their clients in finding a home loan easily.
Mortgages may also be interlinked with insurance. Interest only products will usually require some sort 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 understanding of the insurance market and may therefore offer advice such matters when a client applies for a mortgage with them. Many mortgage brokers also offer insurance products with their clients as an additional service.
Even though your IFA does not provide a mortgage broking service, it is likely that they will have the ability to refer you to a person who they regularly put their clients' business through.
However they quite often 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 a separate mortgage broker.