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I've not really had a great deal of luck with IFA's in the past, but they do take some of the leg work out of things.
We need to re-mortgage and I've been looking at options. I'm happy to research offers myself but the fees based IFA's claim that they can access better deals. Also, we may benefit from some of the fancier mortgages like offset and sometimes these can be best compared by an expert.
My question is this. Is there any reason why we couldn't engage a Fee based IFA as well as a Commission based one and just send the business to whoever comes up with the best deal? I assume fee based is only payable on completion of business.
Not sure if there are any issues with more than one IFA talking to the same mortgage company about the same clients?
Ta
bump for the evening experts
I've got a mate who does it and he's great....I can send you his details if you want?
tbh my experience of IFAs is pretty negative. When I boght my first property in 97 the two that I spoke to were more concerned with pushing endowment mortgages which got them big commissions rather than what was the best fit for me.
I would be pretty amazed if they can save you any serious cash on a mortgage once their fees are factored in.
If you have any surplus cash then my advice would be to go for a First Direct offset mortgage linked to current and savings accounts. I changed to this two years ago and it has been fantastic - I do have approx 12k savings though which work well as an offset 😀
It is a base rate tracker so no need to change every two years (and pay the ludicrous "arrangement" fees demanded by some lenders.
My IFA really did help when it came to sourcing the mortgage.
TBH, could I have got a better deal on my own? I have no idea. What we did get was better than anything I could find myself, and the stress of searching it out was removed from me.
I don't think I could have tolerated another of those phone calls to the mortgage companies, my right ear has not been the same since!