Switching IFA (shared ownership)

dax42

Hi all,

I have been offered a new-build flat through a shared ownership scheme. :j
The housing association required me to contact a particular independent financial advisor (IFA) to assess the share of the flat that I can afford. In the process, the IFA got all my details and documents and suggested a mortgage with Santander. They say that upon offer of the mortgage, I have to pay them a fee (£445). Now my question is, can I go to a different IFA that charges less? Can I get different quotes from different IFAs (independent of their charges)? Sounds like they only charge if I then take out a mortgage using them… Could I also go direct to Santander?

Thanks for your help!

amnblog

So you've had the advice and now you want to bounce the provider of that advice?

Have you signed an agreement for their fees? If so it will not be that easy to walk away. If not - more fool them.

dax42

Hi amnblog,

Thanks for your reply. I haven't signed anything yet, everything so far has been over the phone (and email for documents).

I had no choice but to 'get advice' from that particular IFA, since the housing association required me to contact them for an affordability check. They then suggested a mortgage as well, which seems to be part of the process, I didn't specifically ask for it. Surely they are also being paid by the housing association?

I have no qualms going directly to Santander to be honest, since I didn't have a choice of IFA and their service has been okay but not that great.

However I was wondering whether I should try a different IFA as well, whether people shop around for different IFAs? After all a mortgage is a pretty big decision… Or is it frowned upon to 'bounce the provider of the advice', as amnblog put it?