Financial Advisor or Mortgage Broker

Bonzer_2

My wife and I are about to buy the second half of a shared ownership property we've lived in for six years. We are obviously going to need a new mortgage deal to purchase the other half . I've downloaded the Remortgaging Guide from MoneySavingExpert.com, and am currently attempting to get clued up on the ins and outs of this important undertaking.

Our financial situation has vastly improved since our first mortgage was acquired. So, therefore our needs and means have changed. Unfortunately, a lot of the extra "hard sell" stuff was unloaded on us originally. I'm obviously not savvy enough to handle this on my own. I don't want to get screwed in the process of restructuring our mortgage situation.

My question is, can anyone tell me whether I should seek help from a financial advisor or from a mortgage broker? In you all's experiences, which of them would have my best interests in mind (that is, if there's any difference at all). I just need to know where to start.

Thanks folks.

payless

Mortgage advisers, Financial , advisers and IFAs all need to be FSA authorised

Basically there are 3 main areas

1. Mortgages
2. Insurance ( general such as car/ home and non investment protection such as life)
3. Investment ( which I believe can also include protection policies)

Advisers apply for authorisation in 1, 2 or all 3 of these areas

ie some IFAs dont do mortgages
some mortgage specialists don't do investments

piazope

Mortgage Broker - London & Country Bath are excellent (this site also referrs to them) I was a Mortgage Assoiciate with them over a year ago, am no-longer in the industry.

When calling them ensure u have all your financial details (no porkies - one is wasting ones time) and tell what u doing and want to achieve.. allow about 30 minutes for the call.

IMHO

Bonzer_2

Thanks folks. I appreciate the advice.

Joe_Bloggs

Shared ownership is set to be a growing thing. I assume the other part was owned by a local council or a housing association. How much do they want for their part now given the massive house price inflation over the previous years, but not so much this year ?

You may have had a limited choice of lenders the last time you remortgaged because of the shared ownership status. This could change if you buy the whole property.

You have to research the issues yourself otherwise you won't ask the right questions of your financial advisor.
J_B.
If everyone just says 'contact a financial advisor' then readers and questioning posters will learn nothing. Is it allowed to pose rhetorical questions that other readers can consider ?

samnmalc

piazope wrote:

Mortgage Broker - London & Country Bath are excellent (this site also referrs to them) I was a Mortgage Assoiciate with them over a year ago, am no-longer in the industry.

When calling them ensure u have all your financial details (no porkies - one is wasting ones time) and tell what u doing and want to achieve.. allow about 30 minutes for the call.

IMHO

Yes , definately give them a call. We have recently used their service and it is excellent !! Saved us an awful lot of legwork and all completely free too !
What more could you ask for??