Mortgage Broker

cupc4kes

I live in the West Midlands and our 5 yr fixed rate is due to end in Oct.Im trying to find a mortage broker ASAP to see if we can get changed to something before that time.Are there any websites who can recommend a broker or if someone on here could recommend that would be brilliant.Also I dont want to sound thick but an Independant Financial Advisor and a Mortgage Broker are they the same or different??? Thanks for any help in advance x

dunstonh

I dont want to sound thick but an Independant Financial Advisor and a Mortgage Broker are they the same or different???

IFAs are investment advisers. Some may also do mortgage business but increasingly that is not the case. Many employ dedicated mortgage advisers.

cupc4kes

So really then as its just concerning a mortgage its best just to go with a mortgage broker.Would a mortgage advisor just go through the mortgage process or would he/she go through other things like the mortgage insurance etc

payless

The way I generally explain it;

There are 3 general types of business

Investment
Mortgage
Insurance ( life- but also includes general stuff like household)

Advisers can apply for authorisation of 1, 2 or all 3 elements

To be called an IFA ( as well as meeting other criteria) you have to do investment.

Most IFAs will also do insurance , and some also mortgages

Most mortgage advisers will also do insurance

( there's a bit more to it than that- but its a good start).

As Dunstonhs says it may be that an IFA will have association with an mortgage adviser, its hard to be master of all !

payless

http://findapro.co.uk/ lists some advisers-

cupc4kes

So what your saying is until I go to see someone then I really not gonna know what they can do for me???
Sorry if I sound thick but at the min Ive got baby brain not long had a little girl.lol

bankersmug

I used the mortgage broker at Dixons estate agents in Kings Heath and they were excellent in terms of deals and service.

cooper2110

payless wrote: »

As Dunstonhs says it may be that an IFA will have association with an mortgage adviser, its hard to be master of all !

I beg to differ

cupc4kes

im very confused now.i always thought it would be better to get advice from an independant advisor as they had a range of products to choose from.where as someone from dixons would only advise you about products which they would benefit from.so is better to just go somewhere like that or search an advisor out?

cooper2110

I think it was more luck than anything else that the chap above had a good experience of someone in an Estate Agent. "Most" are tied to a panel of lenders and from what I can gather charge broker fees as well. I'd source one outside of that area, but you're the boss!

payless

bankersmug wrote: »

I used the mortgage broker at Dixons estate agents in Kings Heath and they were excellent in terms of deals and service.

Service is obviously down to personal experience,,, but using an agent tied ( via the countrywide group) would likely lead to restriction on both mortgage and insurance / life products ( panels)