In recent years, Independent Financial Advisors (IFAs) have been used by many people as an alternative to mortgage brokers. The primary reason for this is that there is a crossover between your services they offer.
IFAs and home loans usually receive their qualifications from the same few training institutions. When a person receives their qualification in another of these fields they only need to complete a reduced number of exams to receive the other qualification.
That is one indication that mortgage advisors and IFAs undertake similar activities.
Because mortgage payment costs account for the biggest expense in a normal household, having the right product sometimes appears as a necessary element to prudent financial planning.
It is that is why, more than anything else, that people have already been embracing their financial advisor to source the right mortgage deal because of their needs. Many IFAs will have completed the qualifications and training necessary to become a large financial company and will be in a position to assist their clients in obtaining a home loan with ease.
Mortgages may also be interlinked with insurance. Interest only products will usually require some form of insurance to cover the function of the mortgagor being struggling to meet their obligations because of accident, sickness, or unemployment.
IFAs have an in-depth understanding of the insurance market and may therefore offer advice in such matters when a client applies for a mortgage with them. Independent Financial Advisers Headington offer insurance products to their clients being an additional service.
Even if your IFA does not offer a mortgage broking service, it is likely that they will be able to refer you to someone who they regularly put their clients' business through.
However they quite often do offer both services so if you curently have an IFA and so are searching for mortgage advice, it may not be necessary to seek out the services of a separate mortgage broker.