In recent times, Independent Financial Advisors (IFAs) have been used by many people instead of mortgage brokers. The primary reason for this is that there exists a crossover between the services they offer.
http://veronikawoell.com and home loans usually receive their qualifications from exactly the same few training institutions. Whenever a person receives their qualification in one of these fields they just need to complete a reduced amount of exams to receive the other qualification.
This is one indication that mortgage advisors and IFAs undertake similar activities.
Because mortgage payment costs account for the largest expense in a standard household, having the right product sometimes appears as a required element to prudent financial planning.
It is because of this, above all else, that people have been embracing their financial advisor to source the proper 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 obtaining a home loan easily.
Mortgages are also interlinked with insurance. Interest only products will usually require some kind of insurance to cover the function of the mortgagor being unable to meet their obligations because of accident, sickness, or unemployment.
IFAs have an in-depth knowledge of the insurance market and can therefore offer advice such matters when a client applies for a mortgage with them. Many home loans 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 be able to refer you to somebody who they regularly put their clients' business through.
However they frequently do offer both services if you curently have an IFA and are searching for mortgage advice, it may not be essential to look for the services of a separate mortgage broker.