Independent Financial Advisor Mortgages

I went to 3 banks for mortgage quotes, halifax, hsbc and alliance & leicester. Halifax could borrow me the most money, then hsbc, and then alliance & leicester.
I then looked around for some houses and the estate agent that i booked some viewings with had an independent financial advisor (IFA) working there.
He told me he could get me a better mortgage by carrying out a gifted deposit where no money would change hands, it is just a transfer of money and then i would avoid paying a higher lending charge and the monthly payments would be lower. He said he wouldnt charge me as a first time buyer, he just gets paid a fee by the bank (eg halifax).
Ive also seen a house i love, it is on the market for £110,000 but the couple are desperate to move out by september and received an offer for £95,000 a few months ago, considered it but declined.
So what i want to know is what would be a good offer, is an IFA better than a bank to arrange a mortgage and how does the gifted deposit work?
i got my offer accepted for 101grand, there was another offer at 100 but they accepted mine!
will see IFA sat morning and will not get information but not make a decision til im certain.
A few people i know recommend an IFA.

It is a common practice an you should go with the lower interest and the less money down...kr

Good Luck!

2007-06-16 13:43:38 by MysticMaiden2000

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

It is commonly held that IFAs can search the entire marketplace for the best products. However Royal Bank of Scotland private banking tell me their products (publicly advertised on their site) are not available to IFAs. Do IFAs know about these (potentially better products) or not? If a better product is available in the market but not to the IFA is it not a conflict of interest for the IFA to sell the customer an inferior product knowing there is a more suitable product they don't earn any commission on?

So RBS is trying to tell you that IFA's don't have Internet access or are too dumb to type YOUR details into RBS web site ?

What a load of b*llsh*t ... RBS is just trying to avoid you getting a better deal elsewhere i.e. con you into signing up with their 'secret' (only published to the whole world) 'better' (if only compared to other RBS) product ...

If you are with RBS Private banking you must be very rich (only the very rich and very poor** pay someone else to manage their finances) so I suggest you ask your Accountant

**'normal' people who refuse to learn how to manage their own finances soon end up in the 'very poor' category with an IVA ...

2007-09-10 15:28:31 by siliconglen

I've recently got my CeMAP 1,2 and 3 and am just about to join a training course with New Leaf (to become an appointed representative) to do
my CeFAs and eventually Dip FA. They will also train and authorise me to give mortgage and insurance advice as an ifs on a commission basis.
Someone recommended getting a position with a large bank or investment company for a few years first because I don't have any experience.
Would they take on a person with no experience?
If not, do you think it would be worth getting trained up and working with New Leaf for a few years before applying for someone like this?

Stick with them for the time being. IFA firms like people with experience and a track record in sales.

2009-10-08 11:24:00 by Levster

an adviser has missold me an endownment mortgage but is claiming that he didn't...it's a question of his word against mine..

yes, you can find this info at sec.gov

2008-01-10 05:22:58 by worry not

I'm looking for a mortgage

IFA's are paid commission on the products they sell.

It is very possible that they will recommend a product to you that pays them the best commission and is not always the best product for you.

Advisers at Bank/Building Societies tend to be paid a monthly Salary and they are awarded bonuses for hitting sales targets so they will get paid regardless. Unfortunately most salaried advisers can only discuss products offered by the company that employs them. They may not have the product on offer that is best for you.

As another YA member has already said if you want truly independent advise you need an Adviser that is being paid solely by you.

There is a lot of information about product6s and interest rates available on the Internet so it may be worth you doing a bit of research yourself before you commit yourself in any way.

Good Luck.

2007-08-06 13:44:04 by ArtyFarty