Mortgage Broker

dunstonh

cupc4kes wrote: »

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?

The FSA has three classifications for advice:
investment
mortgage
general insurance

The term IFA only covers investment business. It doesnt exist in mortgage or general insurance. An IFA may also choose to give advice in mortgages. They are doing it with their "mortgage adviser" hat on under mortgage advice rules and not IFA rules.

Theoretically, an IFA could be whole of market in investments but tied to a single lender or general insurance provider and still use the title IFA. Its highly unlikely with mortgages although it does happen with general insurance as its virtually impossible to be whole of market on general insurance.

A whole of market mortgage adviser cannot do investment business but will be able to give whole of market advice on mortgages. They will be just as good as an IFA and probably better because unlike the IFA, all they do is mortgage business. The IFA is primarily doing investments (and any IFA primarily doing mortgages is a fool). So, you can consider most IFAs "part time" mortgage advisers whereas a whole of market mortgage adviser does only that (general insurance is such a doddle that I am ignoring that).

Hence the Jack of All Trades, Master Of None comments higher up. With respect to Cooper, as a newer IFA, who is still building their client base up you would be expected to everything as you are still at the stage where you cannot specialise. As time goes on and if things go to plan (hopefully) then you will focus more time on your core business which should be investment linked business. If you find yourself focusing mostly on mortgages then you should drop the IFA tag and become a mortgage adviser. The higher regulatory costs and business running costs of an IFA are wasted if you are doing mortgages.

There are always generalisations in comments and exceptions to the rule. However, it is impossible to know everything so do you want to see an adviser that does the role part time or full time? I would personally use a dedicated mortgage adviser and not an IFA for mortgage advice. Equally I would use a specialist investment IFA for investments and not an IFA that does mostly mortgages.

cooper2110

Without going into too much detail about my own situation as this isn't what the thread is about, then I can see what Dunstonh is saying. I am primarily an IFA, however, being of say a younger generation than most IFA's (I believe the average age of an IFA is about 55-60, I've been a practising IFA for 5 years but am only 29), then I DO see lots of people at mortgage age. Therefore as it is required and part of the service I do not turn away mortgage business whereas other more established IFA's do.

As a result, I would consider myself as having an extra string to my bow that I have learnt through transacting this business, but whether it is a preference is a different story! As time goes on, I may well shift this business elsewhere by employing someone, but not just yet as I am happy to do it.

cupc4kes

I think Im going to go with a dedicated mortgage advisor as it is mainly the mortgage that I need to deal with at the moment.Now its just trying to find a good 1

bankersmug

payless wrote: »

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)

Countrywide are a whole of market mortgage broker as far as I am aware, although I am happy to be corrected on this.
They certainly spoilt me for choice. I would heartily recommend them.

(I don't work for them by the way in case anyone thinks I'm trying to give them a cheap plug!!)

payless

No they use a panel

http://www.mortgagescountrywide.co.uk/mortgages/panel.asp

Of course they aren't going to lose out if people think they are WoM.

Some consumers like to see all the choices, others prefer to an adviser to recommend the best deal after going thro' a needs analysis.

Funnily I have worked on Kings Heath High St myself ( 1991 and again in 1994 ) for 2 different agents.

In 1990 I went for a job with Dixons mortgage dept.( when I set out in broking) .. and did not get it ( strange interview... don't think I was "slick" enough ) then for many years later I was often approached by them!

cupc4kes

Funnily I have worked on Kings Heath High St myself ( 1991 and again in 1994 ) for 2 different agents.

In 1990 I went for a job with Dixons mortgage dept.( when I set out in broking) .. and did not get it ( strange interview... don't think I was "slick" enough ) then for many years later I was often approached by them![/quote]

If your in the Midlands Payless I dont suppose you could recommend anyone or even yourself!!

sarkin

cupc4kes wrote: »

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

Ok How to find a mortgage broker lesson 1

1) type mortgage broker into your search engine of choice, I prefer google
2) you will now see in front of you a list of mortgage broker websites
3) Select the website of your choice and phone them, they will give you quotes.
4) If you are not happy with the service, quotes or company go back to point 1
5) please remember not to click on the same website if going back to point 1

If you are looking for a mortgage broker near you, I find if you type the town that you live in you will find brokers on your door step.

i,e mortgage broker bournemouth, however as I see you live in the west midlands may I suggest you do not type Bournemouth, but your local town

I have heard that some peole use yellow pages to find brokers, but can not confirm at the momment.

The diffrence between and IFA and a mortgage broker is simple

If you have money and want to invest, speak to an IFA

If you have no money and want to buy a house, speak to a mortgage broker

If you are looking to purchase a BTL for investment purposes then speak to a mortgage broker (need to put a caveat here) If you are purchasing a property that makes no profit from the rental income and you are looking for a rise in property prices, this is called speculating and not investing.

hope this helps