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IFA through estate agent?

Discussion in 'Personal' started by Crowbob, Apr 19, 2012.

  1. Crowbob

    Crowbob Senior commenter

    I have been offered a free IFA through an estate agent (when making an initial enquiry on a property). Does anybody have experience of this re:mortgages? Is it a good thing or a bad thing? Is it better to look yourself?
    I know someone in TES land will be able to help as I have no clue...
     
  2. Crowbob

    Crowbob Senior commenter

    I have been offered a free IFA through an estate agent (when making an initial enquiry on a property). Does anybody have experience of this re:mortgages? Is it a good thing or a bad thing? Is it better to look yourself?
    I know someone in TES land will be able to help as I have no clue...
     
  3. lindenlea

    lindenlea Star commenter

    The IFA may be useful. If you haven't got time to do lots of research yourself, it may be a good idea. Generally I don't like them but for a mortgage it might be worth getting the inside track. Just check how he gets his income though - if you don't pay him does he get a commission from the recommended mortgage provider. Just be sure of how it works. We took advice on our last mortgage and the IFA had access to a huge amount of info online that we didn't have.
     
  4. Are you sure he is independent? Ones in estate agencies usually aren't.
     
  5. karentee

    karentee New commenter

    I got my first mortgage through an advisor at the estate agents, mainly because I had no idea how to go about it myself (!) and it was much easier. As far as I remember they are not totally independent but have access to a number of mortgage lenders. I don't remember how he got his fee for it, I was on a fixed rate for 2 years and as soon as that was up I found a true independent advisor and got an amazing deal (although I have a feeling that was due to luck more than judgement as the interest rates dropped almost as soon as I signed on the line) My advice would be to shop around if you can, but i don't think you'd be getting ripped off in any way by going through the estate agent, they are all regulated anyway
     
  6. marymoocow

    marymoocow Star commenter

    We used one for our first house and mortgage and then just refixed with the mortgage provider who at the time offered the best rates. With our current house and needing a bigger mortgage we went with the estate agent again. However I also bought a What mortgage magazine and rang around those that had the best rate. The advisor came up with one of the 2 best rates but not the other, however he arranged the mortgage through the one we found as he said the mortage company was the better one to deal with. The reasons we got him to organise it was because he dealt with all the paper work and with me literally about to drop a baby, I couldn't deal with the stress. The other reason was because we got a £200 discount off estate agent fees if we used him. he was independent and got his commission from the mortgage providers. It might be worth asking if there is any incentive to use their broker, especially if you are buying or selling through them. We have remortgaged ourselves many times now very easily often over the internet, so it is only worth it to save time or get a discount.
     
  7. lurk_much

    lurk_much Occasional commenter

    We were ripped off, mis-sold, lied to about the commission, we paid 7k over ten years of boom and got 4.6k back. I avoid anything to do with financial services now, probably all thieves, chancers and spivs.
    Most of them anyway, my sample of one was 100% rotten.
     
  8. phlogiston

    phlogiston Star commenter

    No harm in talking to them - do check how independent they are. If it is convenient, it may be worth talking to bank / building society and seeing what they come up with. The Yorkshire Building Society proved to be a good deal for us a while back.
    You will almost certainly get a deal of some kind for an initial period, look at what happens when the deal ends. You also need to check out redemption fees, as sometimes you have to pay a hefty whack to remortgage with someone else.
    Best wishes,
    P
     
  9. Crowbob

    Crowbob Senior commenter

    Many thanks (even the depressing words of Lurk) for the extra info! A lot to mull over.
     

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