Independant Financial Advisor Mortgage

We are looking to get a mortgage but are struggling in the current climate as I have 2 defaults, we need to speak to someone independant but not sure if we should speak to a Financial advisor or a Mortgage advisor ???

Any help would be appreciated
we have a £60k deposit but is not as straight forward as would seem, the House we are looking at purchasing is from my parents and they are giving me my share on the house as a deposit ( hope this make sense ? )

Hi,

I'm a Mortgage Consultant. Your defaults may, or may not be a problem. It pretty much depends on how long ago they happened, how large they are, and whether or not you have cleared them. The fact your parents are gifting the deposit may make things even more tricky, as not all lenders are happy taking a gift as deposit.

I honestly can't tell you what the best course of action is until I know more about your circumstances, so please send me an email on Yahoo! if you want to talk it over in more detail.

2009-02-08 03:12:43 by DIANE C

www.mortgageadvisorharrow.co.u k 0208 7237517 www.yelp.co.uk bit.ly Lemon Tree Financial provide a professional Mortgage and Financial Planning ...

My family use an IFA. I have used him from time to time.
He was round their houses last week telling them he was awash with work with customers looking for better mortgage deals than they have already.

The sceptic in me thinks he's telling porkies, and trying to connive the in-laws that they too should be changing their existing mortgage deals.

What do you think?

lol...... he does seem to be exaggerating a little.

I work for an IFA and we're very quiet due to high rates and high fees.

People coming to the end of their fixed rates will be remortgaging but the rates are rubbish at the moment.

Customers who go direct to the lender are getting better rates at the moment rather than going through a broker. So you should advise them to look themselves so they get a better rate and they won't be charged a broker fee.

2008-06-12 03:33:34 by Pedro123

When I bought my first house about 5 years ago, in the estate agent there was an 'independant financial adviser, who was really helpful, also I remember they worked on commission and there was no fee as such. I'm wondering if there are still places that work this way?? Even if not to get a mortgage the amount of time they spent going through different scenarios etc was outstanding.
I've tried googling ifa's in my area but dont seem to get the same kinds of places. I thought of returning to the same place but as i moved its miles away!! :-(
The IFA is for mortgage advice, we are coming off fixed rate in 5 months and maybe looking to move, we have a flat. do we stay put, rent out, remortgage at fixed rate for the current good rates.
Obviously I dont expect answers here for ALL these questions.

As an ex-financial adviser, both tied and independent, I would suggest you approach more than one, asking the questions, "where do you get your income from?" and "will I incur a fee even if we do not do business together?" and "are you tied to any particular financial institution, or do you have the whole market available to you?"

Most advisers draw their income from commission, but some charge fees for their service. Ask these questions before discussing your requirements with them - this is important. All advisers have to give you up front answers to these questions.

You do not say what you need the adviser for. This would help me answer in more detail.

2009-01-12 11:15:33 by reggie s

About 12 months ago I took out a bank loan loan with Aliance & Leicester. I had read up on loan terms prior to applying and had read not to be pushed into taking out the banks own 'payment protection', however when refusing to take out this insurance the advisor informed me that the loan could not be issued without it. I had thought nothing of it and just paid it. However, I had a meeting with an Independant Financial Advisor yesterday on a completely different subject and the loan did arise in conversation. She said it was nonsense that I HAD to take out this cover with them, and said I could cover both my mortgage and loan for roughly 20% of what I pay for the loan on its own if I use an Independant Insurance company.

Can anybody shed some light on this matter, because I have been given two contrasting pieces of information from two 'reliable' sources and don't really know where i stand.....

Many thanks in advance

Your IFA is correct. Conditional selling is no longer allowed by the FSA/OFT. This means that lenders (loans and mortgages) cannot insist that you take out an insurance contract or they can't/won't lend you the money (the only exception is buildings insurance which is a legal requirement).

There is no legal requirement to have any form of personal insurance with a loan (or mortgage). PPI sold by lenders is a very expensive form of insurance, for, usually, only 12 month's worth of benefit. It usually pays your loan repayments for 12 month's if you are unable to work due to accident, illness or unemployment - no good if you are self-employed, incidentally. Redundancy protection is about all it's good for, but you can get cheaper ASU (Accident, Sickness & Unemployment) policies elsewhere on a standalone basis.

Personally, if you're looking at protecting income, I think that Income Protection (sometimes called PHI) is a far, far better product. It insures your salary/income whether you are employed or self-employed, and even an amount if you are housewife/husband, if you can no longer work due to an accident, illness or incapacity. You can also get a standalone redundancy protection policy. These are much more cost-effective products.

Alliance & Leicester have been fined by the FSA in the past for misselling PPI.

In the first instance, write to; Let’s Work it Out, Alliance & Leicester plc, Carlton Park, Narborough, Leicestershire, LE19 0AL.

Tell them that you believe that you were missold the PPI because you were told that you had to take it as a condition of the loan. Expect them to try and fob you off. If they do, write back and tell them that you want them to look at your complaint further. If they don't refund your PPI premiums and interest charged on the PPI, then pursue with the Financial Ombudsman Service. I've attached the links below.

It seriously peeves me that high street lenders have the arrogance to think that they can still get away with these practices, and it gives the rest of the financial services industry a bad name.

Good luck. Post back if you need any further help with your complaint!

2009-02-17 08:02:48 by Samwel

My wife and I got married way too soon. We got married after knowing eachother for 5 months, and had a baby right away. We didn't move in with one another until after the wedding. The relationship went downhill from the wedding ceremony. We separated 7 months into the marriage and filed for divorce a few months later.

During the time we lived together it was horrible. I moved into her house, since it was bigger and I took a job closer to her home with the plan that the potential increase in income would allow her to be a stay at home mom. I promised that she could stay home in 3 years maximum and I would handle the finances, because she is horrible with money and she worries about money a lot. She's a teacher and gets paid once a month, and I'm a financial advisor...so budgeting, saving, and money management are my strong suits.

Fast forward to today...we are approaching or 3 year anniversary...the divorce has been put on hold and we have been working on the relationship for about 10 months now. I found that she intentionally delayed and stalled the divorce because she had second thoughts from the day she filed.

To make a long story short I have learned that this woman that I thought I married who comes off as a strong and independant single mother is a sensitive and scared woman who is afraid of being alone & realizes that her indepedance for so long causes her to push people away even when she isn't trying, because she comes across as selfish...mainly because she's so use to taking care of herself and her child (now children) by herself with the assistance of her parents at times.

Having taken the time to know this woman under the surface I realize that she NEEDS me to be strong and even domineering. I'm more of the let's make decisions together kind of man, but I am learning that she prefers to be directed and told...even though she comes across as if she's doing things her way. This includes everything from initiating sex to deciding what to eat for dinner. She expects me to take charge and/or make decisions.
OKAY...NOW THAT YOU HAVE THE BACKGROUND HERE IS THE ISSUE.

I am back living in my home which is 85 miles away from my new job. I can make a significant income at my new job, but it may take a year or two to get to the 6 figure mark. For now I have a base salary which is half her income.

Now we are at the stage of our reconciliation where we're talking in a round about way about how much we hate being apart at night, however she won't come right out and ask me to move back in and I don't think that I should ask her if I can move back in.

I'm struggling financially and I have my own mortgage and bills to pay, but at the same time this 85 mile commute is killing me...not to mention 2 nights a week I have graduate school until 10pm and I have to wake up at 4:30AM to beat traffic.

I'm going to eventually have to get a place closer to my job. If I rent out my house rents in the area are less than half my mortgage so I'll only be able to afford a dump in LA...and I have 50% custody of our child and also two older children that I spend a lot of time with.

Moving back in with my wife will help our relationship develop faster, because right now we visit for a few hours or overnight and I go back home. If I moved in I wouldn't be able to significantly help with any expenses until I start making commissions on my job and get back on my feet financially.

However, there is this 800 pound gorilla in the corner whenever I come over because I am leaving in the morning...or that night. When I come over and spend a day or evening she is so relieved because I watch the kids while she does the things she needs to do...or WANTS to do such as rest or hobbies. The kids are calmer and better behaved when I'm there. I believe in strict bedtimes, so she gets a lot of time to herself when I'm over.

We've talked about the "details" of our marriage which will have to be worked out in order for this to last...and the only real detail is living together. She has expressed wanting to figure out the "details", but has not come out and said she wants me to move back in.

Another issue is when I did live with her she made my life a living hell. So much so that I vowed to never live in another woman's house. Even before we split up I knew that in order for me to feel comfortable in our marriage we would have to have our own house together. However right now with the real estate market in Southern California us buying a house together is not in the question. An apartment in LA would cost more than either of our mortgages.

I feel that if I take the lead and say I want to move in that she would go along, but I don't feel it is my place to ask. I was the one that left initially; however she admits to created a situation to make me want to leave.

This is so complicated, can you please offer some advice. By the way...while going to counseling is probably a good ans
While going to counseling may be a good answer it is not an option right now for various reasons.

too complicated for me. my initial reaction would be for you to ask/beg to move back in. long distance relationships do not work

2009-05-31 09:24:02 by Notyme4BS