In recent years, Independent Financial Advisors (IFAs) have already been used by lots of people instead of mortgage brokers. The main reason because of this is that there is a crossover between your services they offer.
IFAs and home loans usually receive their qualifications from the same few training institutions. Whenever 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.
Check out this site is one indication that mortgage advisors and IFAs undertake similar activities.
Because mortgage payment costs account for the biggest expense in a normal household, having the right product is seen as a required element to prudent financial planning.
It is because of this, more than anything else, that people have already been turning to their financial advisor to source the right mortgage deal for his or her needs. Many IFAs could 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 form 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 knowledge of the insurance market and will therefore offer advice in such matters whenever a client applies for a home loan with them. Many mortgage brokers also offer insurance products with their clients being an additional service.
Even though your IFA will not offer a mortgage broking service, chances are that they will have the ability to refer you to somebody 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 could not be essential to look for the services of a separate mortgage broker.