To IFA or not to IFA? :)

champers2008

My mortgage isn't due to be renewed until August next year, but last time I changed I used a financial adviser to recommend the 'best' mortgage for me (First Active: 5.85% fixed interest only for 2 years).

Is this the best route; I'm just conscious that last time his advice cost about £750 over the term and am not overly keen to pay again next year.

With my new found focus on saving money, is there a better way to sorting it myself? So far from the advice I've received it will be to put my money into an ISA first, but after that I'm not sure what type of mortgage I should be looking for if I want to re-pay it. (£135,500 over 24 years left!)

When you start looking at what you spend, it's scary how much you waste.

x

dunstonh

ISAs are a use it or lose it allowance. The long term benefit of an ISA can outweigh short term gains in other areas.

IFAs are financial planners and investment advisers. If its just the mortgage you are looking at then I would look at a mortgage adviser. Some IFAs do mortgages but increasingly IFAs are dropping mortgages to specialise in the key IFA areas (mainly as costs of being an IFA are wasted if you are doing mortgages). Most IFAs will employ or have access to a mortgage adviser though so you can still find them in most IFA offices.

lic

When I remortgage, I always use www.moneysupermarket.com I find the best mortgage I can, and then contact an IFA.
I tell him to source me the best mortgage he can. I then compare his result with my own research, and go for the one that suits me best.
In recent years the banks have put up thier arrangement fees, which are shocking.
The last deal I got was fees free through my IFA.
I do not pay him for his advice, as the mortgage company pay him a commission.