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Mortgage Guide

Finding your Mortgage

Getting a mortgage through an IFA

What is an IFA

How to find an IFA

What do they charge?

Fees versus commission

Questions to ask your IFA

IFA Qualifications

Who regulates IFAs

How to check up on an IFA

Complaining about IFA's

What is an IFA

These are personal finance specialists who will deal with anything from pensions to investments to mortgages. Many will specialise in one particular area.

Traditionally IFAs were been more strongly regulated, than "mortgage advisers".

There may be thousands of mortgages to choose from but an IFA has access to computer programmes, which easily scan the whole market for your specific needs.

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How to find an IFA

The best way is via word of mouth. But make sure that you are being recommended someone who helped your friend with a mortgage and not an IFA who's an expert in an unrelated area.

Also think twice about using relatives, friends of friends etc. on the principle that business and pleasure are best not mixed.

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What do they charge?

An IFA will usually see you free initially and then charge either an hourly fee - or you can agree on them taking a commission, which is more common.

If so this normally comes from the company whose products they have recommended.

If you pay commission the IFA has to reveal what it is.

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Fees versus commission

The number of fee based IFA's has grown rapidly in recent years. The idea with fees is that you pay these charges up front so that there's no suggestion that the IFA is reliant on any commission from the mortgage plan they recommend.

In other words the advice is genuinely independent.

But when you've added all the letters and follow up you may find that paying commission would have been cheaper. However you will be sure that what was recommended really was in your best interests.

The IFA should be able to give you a quote. Many will give you a guaranteed fee ceiling.

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Questions to ask your IFA

• How long have you been in business for?
  
  
• What qualifications do you have? (See IFA Qualifications)
  
  
• Are you truly independent?
  
  
• Do you specialise in mortgages?
  
  
• Do you have a few references I can call? ie former happy clients.
  
  
• Are you insured against giving bad advice?
  
  
• How will you get paid? Fees or commission?

It may be best to judge your IFA on how they deal with your questions. Directly? Or do you have difficulty in getting a straight answer.

Any good IFA should come over as straightforward and honest. If they don't specialize in mortgages they should be mature enough to know that recommending a more suitable IFA to you is good business all round.

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IFA Qualifications

Anyone claiming to be an IFA has to be qualified. Ask your IFA exactly what their qualification is and don't feel at all shy about checking up on them see How to check up on an IFA

The Financial Services Authority, requires an IFA to have at least passed the Certificate in Financial Planning (Cert FP) . Any IFA should have this listed after their name.

A good IFA will also have an Advanced Financial Planning Certificate (In this case they have "AFPC" listed after their name).

However this can be confusing as there are different specialties within the general AFPC. For example the IFA might have specialised in Investments rather than Pensions. Whatever area you are asking an IFA to advise you on, make sure they took that addtional special certificate for it. (Each specialty has an additional certificate - eg the G60 Certificate covers pensions).

For more information on IFA Qualifications check the website of the Financial Services Authority

 

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Who regulates IFAs

The UK's Financial Services Authority (FSA) vet IFA's who must demonstrate professional competence by passing exams and agree to follow strict rules.

If an IFA breaks the rules she / he faces tough action and risks being debarred from business altogether.

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How to check up on an IFA

The FSA have a register of IFA's.

Call their Consumer Helpline on 0845 606 1234 and they will quickly tell you what qualifications your IFA has and what type of advice she / he's allowed to give you.

Their "Industry Helpline" could help you check up on a firm of IFAs. Tel 0897 334455

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Complaining about IFA's

If you have a complaint about an IFA contact the FSA, which publishes a guide on how to complain. Tel 0845 606 1234

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To read more on this subject please see the list below or your mortgage guide or your home buying guide

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Read On about How to Find your Mortgage

Going direct

Going through a Mortgage Broker

Going through an IFA

Going through an Estate Agent

Going through other websites

The Mortgage Code

Read On / Mortgage Guide

How to Get a Mortgage in the UK

Types of Mortgages

Remortgages

How to Find A Mortgage

About Mortgages in Principle

Costings of a UK Mortgage

Mortgages TIPS

Calculators for UK Mortgages

A - Z all UK Mortgage Types

Read On

Guide to Buying Home in the UK

Guide to UK Home and Mortgage Insurance

Life Insurance Guide

Glossary of UK Mortgage Terms

Mortgage News

Finding your Mortgage

Going direct

Going through a Mortgage Broker

Going through an IFA

Going through an Estate Agent

Going through other websites

The Mortgage Code

Cost of a UK Mortgage

Your Mortgage TOP TIPS

 

How to get a Mortgage

The step by step guide on how to get a mortgage with special tips

I'm employed - shortcut

I'm self-employed - shortcut

I'm buying my first mortgage - shortcut

I've got a bad credit history - shortcut

Mortgage Basics

How to Choose your Mortgage

Types of Mortgage

Where to Find Your Mortgage

Getting a Mortgage in Principle

Cost of a UK Mortgage

Your Mortgage TOP TIPS