In recent years, Independent Financial Advisors (IFAs) have been used by many people instead of mortgage brokers. The main reason because of this is that you will find a crossover between the services they offer.
IFAs and mortgage brokers usually receive their qualifications from the same few training institutions. Whenever a person receives their qualification in one of these fields they only need to complete a reduced number of exams to receive another qualification.
That is one indication that mortgage advisors and IFAs undertake similar activities.
Because mortgage payment costs account for the biggest expense in a standard household, having the right product sometimes appears as a necessary element to prudent financial planning.
It is for this reason, above all else, that people have been embracing their financial advisor to source the right mortgage deal for his or her needs. Many IFAs could have completed the qualifications and training essential to become a large financial company and will be in a position to assist their clients in obtaining a home loan easily.
Mortgages may also be interlinked with insurance. Interest only products will usually require some type of insurance to cover the event of the mortgagor being unable to meet their obligations because of accident, sickness, or unemployment.
https://redfynn.com/ have an in-depth knowledge of the insurance market and may therefore offer advice in such matters when a client applies for a home loan with them. Many home loans also offer insurance products with their clients being an additional service.
Even though your IFA will not offer a mortgage broking service, it is likely that they will be able to refer you to somebody who they regularly put their clients' business through.
However they quite often do offer both services if you already have an IFA and so are searching for mortgage advice, it may not be necessary to look for the services of a separate mortgage broker.