Advice on how to find a good IFA please???

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dolphy
dolphy Posts: 35 Forumite
in Mortgages & endowments
Have received endowment redress from Std Life and they also offer to pay fees up to £350 for an IFA to sort out conversion to a repayment mortgage.

Any advice please on how I go about finding a good local IFA?

Many thanks

Dolphy

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
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    Do you want an IFA or whole of market mortgage adviser?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dolphy
    dolphy Posts: 35 Forumite
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    Thanks Herbiesjp but you've lost me :embarasse - what does a whole of market mortgage adviser mean?

    Dolphy
  • dunstonh
    dunstonh Posts: 116,507 Forumite
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    IFAs are investment class business authorised but not necessarily mortgage class authorised. For example, I am an IFA but I do not transact mortgages and do not carry FSA authorisation to do so. herbiesjp is a mortgage advisor but isnt authorised for investment class business. You can hold both licences but there is many do not. So when you ask for an IFA, are you really after an IFA or an independent mortgage advisor?

    To help you with your answer, Standard Life will only pay an investment authorised advisor which means you need an IFA. If its just a case of switching your mortage from endowment to repayment, then an IFA is fine. However, if you wish to change your mortgage provider, you will need to see an IFA with mortgage authorisation or a mortgage advisor who is attached to an IFA firm.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Ian_W
    Ian_W Posts: 3,778 Forumite
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    dunstunh wrote: IFAs are investment class business authorised but not necessarily mortgage class authorised. For example, I am an IFA but I do not transact mortgages and do not carry FSA authorisation to do so. herbiesjp is a mortgage advisor but isnt authorised for investment class business. You can hold both licences but there is many do not. So when you ask for an IFA, are you really after an IFA or an independent mortgage advisor?

    To help you with your answer, Standard Life will only pay an investment authorised advisor which means you need an IFA. If its just a case of switching your mortage from endowment to repayment, then an IFA is fine. However, if you wish to change your mortgage provider, you will need to see an IFA with mortgage authorisation or a mortgage advisor who is attached to an IFA firm.
    But, of course, before the FSA and all this regulation it certainly wasn't anything like as straightforward, transparent or well safeguarded for us consumers .... :rotfl:
  • Ian_W
    Ian_W Posts: 3,778 Forumite
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    dolphy,
    If SL will only pay for an IFA, you can find one local to you with your postcode at https://www.unbiased.co.uk and you can search for one that can/will/is authorised to conduct mortgage business by ticking that option.
    Doesn't guarantee how good they'll be, for that the best is recommendation from a trusted friend or family member.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
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    If your endowment is a With profits one, don't surrender it until after you receive your windfall shares in July.
    Trying to keep it simple...;)
  • dolphy
    dolphy Posts: 35 Forumite
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    Thanks guys for your replies. I've just read the whole thread started by Martin about brokers _pale_

    It seems you're right Dunstonh, I hadn't realised the implication of SL's offer: 'payment will only be paid to advisers who are authorised by the FSA to provide financial advice on mortgages and life assurance protection products'. I hadn't realised they were split, I expected there to be just mortgage advisors who worked solely for BS's etc but didn't realise the restrictions in place on other IFA's.

    I was thinking of just finding a 'more financial savvy person' than myself' (ie IFA), without the worry of fees. I would probably stumble through it all myself normally but thought if SL were willing to pay, why not? I was also hoping to sort through a few other issues at the same time though, eg pensions and policies - talk about trying to get my money's worth out of SL. ;)

    Thanks IanW - I'll check out the site you mention, although ideally, I would like to find someone who is licensed for mortgages and pensions etc so I can deal with it all in one go. Even though I am just converting from endowment to repayment, I would like all lenders checked to ensure the best deal available.

    Finally, thanks Edinvestor for the sound advice, I'll be holding onto the endowment for the foreseeable future as a savings plan :eek: and will definitely be stretching out my hand for the windfall. Compo and windfall will be used to make a dent into the mortgage along with any other money I can scramble along the way ;)

    Dolphy
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