Financial planner or bank advisers?

Hayley90

So me and my boyfriend are hoping to apply for a mortgage within the next year. We have been hoping to get some advice on general finance, such as, how much of a deposit would be recommended etc.

We had an appointment booked to see someone at Halifax, just to get some general information on mortgages (free of charge). However, my uncle then said I was wasting my time and would sort us out free of charge to see his friend who is a financial planner. He has now come back saying we would have to pay to receive advice from him.

We are just wondering whether people think it would be worth seeing the financial adviser who may have a less biased view on his information.

Hope that makes sense!

Thank you

ACG

A financial advisors main business is probably Pensions/Investments/Protection.

You really could do with seeing a mortgage advisor, they do mortgages day in day out. Most will not charge until you make an application or on completion - ie there would usually be no charge for an initial chat.

If you go and see the man at Halifax, they are going to advise you on halifax products, if you go and see a mortgage advisor they can be more generic until the time comes to make an application.

tigsly

We went direct to the bank - but had done our 'homework' via online calculators - we looked at our LTV - and the different rates..

we had a straight forward case - we were both employed, had no debts - no credit issues - no ccj etc.. we live within our means ...

If you have a less rosy picture an advisor might be needed - but if you are stratight forward- I think you can get most info from teh net.

ACG

tigsly wrote: »

We went direct to the bank - but had done our 'homework' via online calculators - we looked at our LTV - and the different rates..

we had a straight forward case - we were both employed, had no debts - no credit issues - no ccj etc.. we live within our means ...

If you have a less rosy picture an advisor might be needed - but if you are stratight forward- I think you can get most info from teh net.

I dont see my job as just doing the research and submitting an application. Thats a pretty small part of it.

I chase up the lender to ensure everything is going through as quickly as possible. I rectify any problems as and when they arise.

I speak to the estate agents and keep them off your back.

I speak to the solicitors and help them with my contacts at the lender if/when problems crop up.

Im a point of contact for everyone in process and im not just available 9-5 mon-fri.

Im sure i do other things but its 10.30 at night and im shattered so i will leave it at that.

If whoever is applying is happy/comfortable doing all of that and the case is straight forward enough then yes you can do it all yourself but to make it seem like its just the research we do is not correct.

tigsly

sorry,

I didn't realise you did all those things, I guess I'm slightly tarnished by my only experience of an 'estate agent mortgage advisor' .. who pushed a product which was not actually the best for us.. (we didn't take it - we had done our own research)...


As for 'the chasing'.. it does indeed need to be done - and is a hassle, but I'm a bit of a control freak - and would prbaobly want to chase anyway!

GMS

My clients don't see the tearing out what hair I have left when a lender comes back with nonsense questions, when an Estate Agent gets on the phone ranting etc.

Why should they see it? That's why they employ us brokers.

We do plenty behind the scenes. The reason we ask for so much up front documentation is to minimise client involvement.

Not just a case of sourcing a mortgage and pressing a few buttons.

dunstonh

I guess I'm slightly tarnished by my only experience of an 'estate agent mortgage adviso

Estate agent advisers should be avoided. Such a poor reputation.

ACG

Im not saying you are wrong for doing it yourself - completely the opposite.

Estate Agent brokers appear to be useless in the main going off all of the comments on here.

amnblog

ACG wrote: »

I dont see my job as just doing the research and submitting an application. Thats a pretty small part of it.

I chase up the lender to ensure everything is going through as quickly as possible. I rectify any problems as and when they arise.

I speak to the estate agents and keep them off your back.

I speak to the solicitors and help them with my contacts at the lender if/when problems crop up.

Im a point of contact for everyone in process and im not just available 9-5 mon-fri.

Im sure i do other things but its 10.30 at night and im shattered so i will leave it at that.

If whoever is applying is happy/comfortable doing all of that and the case is straight forward enough then yes you can do it all yourself but to make it seem like its just the research we do is not correct.

You also PROVIDE ADVICE on which the borrower has some come back - unlike the bank.

amnblog

ACG wrote: »

Im not saying you are wrong for doing it yourself - completely the opposite.

Estate Agent brokers appear to be useless in the main going off all of the comments on here.

Doing it yourself and being lucky enough not to come a cropper is not the same as being advised by a Professional.