Finding an IFA

wendydarling

Hello,

I am looking to use an IFA to help find my next mortgage deal but I have no one to give me a recommendation - I would be looikng for them to be working on a commission basis.
Is there a national company I could use or some other way of checking if they are good?
I have used a mortgage advisor before but from reading this site it appears that they don't have access to the whole market - is this right or have I misunderstood?
I am in Scotland if that makes a difference.


Thank you

Dave_Ham

Hi - before you start looking, you need to properly understand the process.

You will easily get a "fee free" national mortgage broker, but they will not be independent. They will search the best deals available and subject to you proceeding, they will be paid commission from the lender.

If you want an independent financial advisor, you will be highly likely to pay a fee for this service. If the best advice is a commission paying lender then they are likely to rebate this commission to you.

Hope this helps,,,,,, good luck

wendydarling

Thank you for the reply. Ok so to query further, if I want someone that will have access to the whole market and not just a panel do I need to pay a fee? Sorry if I am asking silly questions!
Do most people use a mortgage broker and is it generally accepted as the best way of proceeding?

Dave_Ham

Its likely you will yes, although it really depends upon your experience and your circumstances with regards to the mortgage.

If you have a 40% deposit and a clean credit history, then HSBC/First Direct directly are likely to be table topping rates...

If you have adverse credit history or a difficult income source, a broker would be a must..

Hope this is clear or do ask away....

ACG

IFA - Usually pay a fee for the advice, but may get some of it refunded depending on the provider. Access to every deal/provider.

Whole of Market advisor - May pay a fee for advice (may not) and access to the whole of the market.

Tied/Multi tied - probably not what your after?

wendydarling

I am looking at a 30% deposit, clean credit history. Would I be best to look myself then? What about comparison sites although I know they won't have every provider on there?
Thank you both for the information, I am finidng the whole thing a bit confusing and want to make sure I am not missing a trick!

ACG

Why not speak to an advisor? They will do it all for you and find the best way of doing it.

wendydarling

Ok so how do I find a reputable one and do I just ask if they are panelled (as I do not want them to be!)?

ACG

Unbiased.co.uk
freeindex.co.uk
google.co.uk

All of those can help you.

Ask if they are whole of market if thats what you want and whether or not they charge a fee. They will give you a document on your first meeting with them - this will explain what they can offer, their fees, etc which they will/should run through with you...on there it will say whether they are whole of market or tied/multi tied.

dont be afraid to ask the questions. The last thing they want to do is make an appoitment with you if they dont meet your criteria as its a waste of their time.

wendydarling

Thank you very much for the advice I will have a look on those sites.

chug_2

Hi

I agree with what Dave Ham said. If you have a good history you can do it yourself but if not then get an adviser. I have to admit though when I was a first time buyer I went to a FIA only because it was my first time and I didnt know what to do. Im now in the middle of remortgaging and I have done the research myself and have found the best deal and the cheapest around for me. I basically wrote a list of all the banks and building society's I could think of and looked at all there sites and compared them.

I hope my advice helps good luck.