Mortgage advisor, financial advisor, or both?

Brodel

My partner and I are looking into the options for buying a property. Neither of us are first time buyers as I inherited a portion of my grandparents home which has now been sold and my partner owns a home with her ex that is currently on the market.

My partner is very set on buying somewhere asap as she associates it with security, whether it makes financial sense or not. I am a lot more frugal with money and would rather make the best financial decision.

The three options as we see it are:

1. Buy together now and rent out the property whilst we stay in our rented property until the end of 2021.
2. Buy together at a later date (1-2 years) with the intention of living in the property right away.
3. For my girlfriend to buy a property on her own to rent out now.

We aren't sure if we should see a mortgage advisor or a financial advisor to clarify our options and the different implications, or maybe both.

We'd really appreciate some suggestions on how best to get some clarity on our options and the financial implications.

Thanks.

K_S

@brodel If you settle upon a semi-firm plan that involves potentially getting a mortgage (either residential or buy to let), a mortgage advisor may be able to add value by giving a general idea of your options and cost.

But it doesn't look like you're at that stage yet.

[Deleted User]

Most of the decisions you seem to be wanting to make are personal ones to you and your partner rather than ones requiring financial or mortgage advice.    Mortgage advisors can advise you on the best mortgage to get to meet your requirements but they cant tell you what your requirements actually are in the first place

Financial Advisor would be more for investment/pension advice.

Not sure either would be relevant to your current situation

csgohan4

I hope your partner and yourself are aware of the pitfalls of renting, the legal and tax implications and significant overhead costs of non paying tenants. It is no longer the gravy train it once was.  In fact it is a loss maker for a lot of LL. There is a current consultation of getting rid of Section 21 as well, that will be a final nail in the coffin for BTL.

Also getting a BTL mortgage, there is a high threshold and you will need a sizeable deposit 

Brodel

Thanks for the replies.

My partner is currently renting her house out so is aware of the costs and stress. Personally, looking from the outside, it's a major reason as to why I'm not keen on BTL.

At the moment we're both clueless as to the mortgages available for each situation so maybe that'd be the best starting point.

dunstonh

We aren't sure if we should see a mortgage advisor or a financial advisor to clarify our options and the different implications, or maybe both.

FAs should be avoided.   IFAs should be the type of adviser to use for investment class and financial planning.  However, most IFAs do not give mortgage advice but employ dedicated mortgage advisers to do that.    To try and do mortgages, insurance, pensions and investments would mean you are a jack of all trades, master of none.   Plus, being an IFA is more expensive as a business than being a mortgage and insurance adviser.   So, no point holding onto IFA permissions if you only do mortgages.

So, in your case, a mortgage adviser is what you are looking at.