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Mortgage Guide
Finding your Mortgage
Getting a mortgage through an IFA
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.
The good thing about buying a mortgage through an IFA is that they seem to be more strongly regulated, than "mortgage advisers" and will have had to obtain qualifications (See IFA Qualifications)
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 - from £30 to £100 (Avg £75) plus VAT - 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.
The standard charge at the time of writing is £75 an hour (usually after a free initial meeting). 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 Planning Certificate (FPC) is the bench mark qualification and comes in three parts. Any salesperson (eg a tied agent) needs part one to sell mortgages BY LAW.
A beginner IFA can give advice under strict supervision ie by their firm if they've only got part one. However to be a fully-fledged IFA they must have parts 2 & 3 as well.
The IFA will usually place their relevant qualification after their name. Many don't bother putting "FPC" but may put one of the following abbreviations:AFPC
Advanced Financial Planning Certificate
ALIA (Dip) Associate of
the Life Insurance Association
MLIA Member of the Life Insurance
Association
FLIA Fellow of the Life Insurance Association
AIFP Associate of the Institute of Financial Planning
FIFP
Fellow of the Institute of Financial Planning
AIFA Associate
of the Institute or Faculty of Actuaries
FIFA Fellow of the Institute
or Faculty of Actuaries
CFP Certificate of Financial Planning
Also there's the:
Securities
Institute Diploma
BA or MA in Financial Services
(Note. These are not all the qualifications available and they're not listed in order of prestige).
While further qualifications to the FPC aren't everything and aren't necessarily a guarantee of good service, at least they indicate that the IFA is serious about their career and taking a long-term view.
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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
Back
to IFA contents
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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
Read On / Mortgage Guide
How
to Get a Mortgage in the UK
Types of Mortgages
Remortgages
How to Find A Mortgage
Read On
Guide to Buying Home in the UK
Guide to UK Home and Mortgage Insurance
Read more about Finding Your Mortgage
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Mortgage
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