IFA Confused.com

SkintnScared

Hi

How do I go about choosing an independent financial advisor? The husband has one he's always used but I'd like to see another one too to check we're getting the best deal? How on earth do I choose? Google is confusing as obv they all say how wonderful they are!

Also what % of house sale is reasonable to pay for their services!

As always, many thanks

SNS

kingstreet

Do you want an independent financial advisor, or a mortgage broker who works from the whole of the broker product market?

Do you want to pay a large fee and be advised on direct to lender products, such as HSBC and Yorkshire BS, or on products the broker can advise on and arrange for you, being paid commission, possibly with a fee from you to top it up?

SkintnScared

I won't get mainstream so need someone who will look at our personal circumstances (as post yesterday) and get us the best deal?

Thanks

ethank

There are some very knowledgeable advisers on here!

Dave_Ham

See what you OH broker comes back with, someone on here will quickly determine if better could potentially be achieved.

I would firstly be asking the existing broker what level of adverse business he/she currently undertakes..

All the best

kingstreet

It's "whole market (for commission paying products) advice and arrangement" you want then.

Ask friends and relatives for a recommendation. Failing that, try https://www.unbiased.co.uk switching off the sponsored ads only" option, so you get a full list for your area.

Ring and chat to a few and get a feel for how they operate and how/what they charge.

You should be offered an Initial Disclosure Document setting out how they operate (whole market, limited panel etc)and how they are remunerated (fee, commission, combination) at the outset.

dunstonh

Most IFAs are not mortgage advisers. However, many mortgage advisers work for or with IFAs. When dealing with mortgages, a mortgage adviser is better as it is their primary role.

SkintnScared

Hey everyone
Thank you so much, my OH FA has basically said he wouldn't touch us with a barge pole as we will end up paying DOUBLE the normal person! Now I'm scared!
Surely this can't be the case? I've worked so hard to get my credit report all looking good and am gutted.

Based on the I info I gave is he being reasonable?
Thanks

kingstreet

I suggest you copy the information you are referring to and paste it in here.

TBH continuing your existing thread would have been a better idea, than starting this one, but we have to decide on one or the other from this point, otherwise it's going to get very confusing.

ACG

IFAs typically concentrate on pensions investments. Their knowledge of the mortgage market may not be upto scratch.

A lot will depend on your circumstances:
Income(s):
Purchase price:
Deposit:
What Adverse?:
- Missed/Late payments? How many and when
- CCJs/Defaults? How many, how much, when and are they satisfied
- DMP/IVA - Dated when, completed when?
- Bankruptcy - When discharged?

Some or all of those may not be relevant but you can at least see what we are looking for and we can then give you an idea fo whether it will be possible and rates/fees available... if any.

For a broker to say he wouldnt touch you with a barge pole because it would be double is pretty poor, its always better to come back with can be done rather than what cant be (sorry if that sounds reallly cheesy, i have just read it back).

Conrad

SkintnScared wrote: »

Hey everyone
Thank you so much, my OH FA has basically said he wouldn't touch us with a barge pole as we will end up paying DOUBLE the normal person! Now I'm scared!
Surely this can't be the case? I've worked so hard to get my credit report all looking good and am gutted.

Based on the I info I gave is he being reasonable?
Thanks

What points make your case more tricky?