Where to start?!?!?

D4WNO

I've been reading up lots on mortgages lately but I'm totally baffled and overhwhelmed by some of the info out there.

A lot of sites seem to contradict each other so I think I'm more confused now than when I started.

Does anyone know of any good websites that have FACTS and are not constantly trying to point out and advertise their own mortgages etc (ie very biased)

I'm a first time buyer and so very confused, help!!

herbiesjp

Have you read Martin's article on this site?

D4WNO

I hadn't but I have now, it was very useful

I think I'm going to arrange to speak to an IFA

MortgageMamma

http://www.moneymadeclear.fsa.gov.uk/

This is designed to cut the jargon and sales spin for consumers

dunstonh

You need a mortgage adviser. Not an IFA. IFA classification only covers investment business. An IFA can also hold mortgage advice authorisation if they wish but a significant (and increasing) number do not.

So, make sure the person you see is a mortgage adviser. I would be more inclined to say that you should see someone that is only a mortgage adviser as you get a specialist then and not a jack of all trades who does a bit of everything.

D4WNO

Fabulous, thanks for that advice. IFA just popped into my mind when I thought about working out how much I can afford etc but what you've said makes total sense, I will make sure I do that.

MortgageMamma, thank you for the website, looks like exactly what I need

JoeK_3

dunstonh wrote: »

You need a mortgage adviser. Not an IFA. IFA classification only covers investment business. An IFA can also hold mortgage advice authorisation if they wish but a significant (and increasing) number do not.

So, make sure the person you see is a mortgage adviser. I would be more inclined to say that you should see someone that is only a mortgage adviser as you get a specialist then and not a jack of all trades who does a bit of everything.

That's a rather large brush that you are tarring us with dunstonh.

I am a practicing IFA and offer whole of mortgage advice. As it happens, I am bigger in mortgages than other areas of my IFA business.

JoeK

dunstonh

Fair comment. I could have worded it to say that make sure you spend time seeing an adviser that spends most or all of their time doing mortgages.

I do firmly believe that nowadays an IFA cannot do all the roles without sacrificing some knowledge in the various areas. It was one of the main reasons I don't transact mortgages (along with some other areas).

There was some research published last year that did say that nearly 2/3rd of IFAs would be financially better off ditching IFA status and becoming mortgage advisers due to lower regulatory requirements and lower costs because they spend most of their time on mortgages.

I

JoeK_3

dunstonh wrote: »

Fair comment. I could have worded it to say that make sure you spend time seeing an adviser that spends most or all of their time doing mortgages.

I do firmly believe that nowadays an IFA cannot do all the roles without sacrificing some knowledge in the various areas. It was one of the main reasons I don't transact mortgages (along with some other areas).

dunstonh wrote: »

There was some research published last year that did say that nearly 2/3rd of IFAs would be financially better off ditching IFA status and becoming mortgage advisers due to lower regulatory requirements and lower costs because they spend most of their time on mortgages.

I

I must have read that article.

JoeK

JoeK_3

D4WNO wrote: »

I'm a first time buyer and so very confused, help!!

That is exactly why you need to get impartial independent whole of market mortgage advice.

Collecting information is one thing, getting good mortgage advice is another.

JoeK