In recent years, Independent Financial Advisors (IFAs) have already been used by many people as an alternative to mortgage brokers. The primary reason because of this is that there is 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 just need to complete a reduced amount of exams to receive another qualification.
This 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 is seen as a required element to prudent financial planning.
It is because of this, more than anything else, that people have already been embracing their financial advisor to source the right mortgage deal for their needs. Many IFAs could have completed the qualifications and training essential to become a mortgage broker and will be able to assist their clients in obtaining a home loan easily.
Mortgages may also be interlinked with insurance. Interest only products will most likely require some sort of insurance to cover the function of the mortgagor being unable to meet their obligations due to accident, sickness, or unemployment.
IFAs have an in-depth knowledge of the insurance market and can 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 as an additional service.
Even if money does not provide a mortgage broking service, chances are that they will be able to refer you to a person 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 could not be essential to seek out the services of another mortgage broker.