Mortgages

[EvilPie]

Whole thread just a precursor for a massive brag.

[pokerfan]

With so much free info on the web do we really need ifas these days ?

they get paid on commision so why not?

A fee would be better surely ?

Would think they just stick you on the best commission payer for them.

When I got mine the ifa guy couldn't beat the deal I found myself.

[ScottMGee]

Yeah obviously if you were a mortgage advisor its not going to be complicated for you. But for alot of people mortgages can be daunting.

If you have a loan to value of 30% earn £50k and have no credit problems then you will have the pick of the market. But not everyone is in this situation.

"Do IFAs have access to the whole market?"
Yes. IFAs if they are "WHOLE OF MARKET" have access to all lenders and schemes

"Do they have access to every deal?"
Yes every deal.

"Do IFAs get paid different commission depending on the provider?"
Yes. Normally range from 0.3% of loan amount to 0.35% usually for prime products. Back in the day when adverse credit lending was available then brokers could get paid anything up to 2%. Not anymore tho.

"Do they have a preference due to a good sales rep that takes them out to dinner now and again?"
I WISH! HAHA

+1

[sovietsong]

IFAs can't sell HSBC products, they don't have access to the WHOLE MARKET as some providers won't use them or pay them commission.

[ScottMGee]

IFAs can't sell HSBC products, they don't have access to the WHOLE MARKET as some providers won't use them or pay them commission

The mortgage sourcing software systems IFAs use have access to something like 3,500 mortgage deals including direct only deals such as HSBC and First Direct.

The direct only deals do not pay IFAs commission, however IFAs do them recommended them to clients all the time for the following reasons: -

a) they are at times the best deal for the client
b) looking after the client for the long term is more important than the commission on a one off mortgage
c) the client might be paying a fee anyway
d) even if the IFA doesn't earn on the mortgage they may earn from selling life assurance, etc
e) Good IFAs advise NOT sell products

[sovietsong]

IFAs can't sell HSBC products, they don't have access to the WHOLE MARKET as some providers won't use them or pay them commission

The mortgage sourcing software systems IFAs use have access to something like 3,500 mortgage deals including direct only deals such as HSBC and First Direct.

The direct only deals do not pay IFAs commission, however IFAs do them recommended them to clients all the time for the following reasons: -

a) they are at times the best deal for the client
b) looking after the client for the long term is more important than the commission on a one off mortgage
c) the client might be paying a fee anyway
d) even if the IFA doesn't earn on the mortgage they may earn from selling life assurance, etc
e) Good IFAs advise NOT sell products

sounds incred. 

[vegaslover]

Whole thread just a precursor for a massive brag.

What says ^^^^^ IMO

IFA's are a waste of money for anybody with a basic intellect imo, sooooo easy to find the best deals for yourself nowadays.
When I got my first mortgage years ago I saw an IFA then went to the same company direct and got a much better deal..lols

[sovietsong]

Whole thread just a precursor for a massive brag.

What says ^^^^^ IMO

IFA's are a waste of money for anybody with a basic intellect imo, sooooo easy to find the best deals for yourself nowadays.
When I got my first mortgage years ago I saw an IFA then went to the same company direct and got a much better deal..lols

nope your wrong, the IFAs practically work for free, give amazing advice and they have access to the WHOLE MARKET.

[ScottMGee]

http://www.thisismoney.co.uk/money/cardsloans/article-1605870/Is-it-worth-consulting-an-IFA.html

[sovietsong]

http://www.lovemoney.com/news/savings-investments-pensions/investments/14172/the-ifas-that-rip-you-off

[Woodsey]

I do love it when people start googling, you can find pretty much anything you want these days to support whatever side of the argument your on, even if its nonsense 

[vegaslover]

Whole thread just a precursor for a massive brag.

What says ^^^^^ IMO

IFA's are a waste of money for anybody with a basic intellect imo, sooooo easy to find the best deals for yourself nowadays.
When I got my first mortgage years ago I saw an IFA then went to the same company direct and got a much better deal..lols

nope your wrong, the IFAs practically work for free, give amazing advice and they have access to the WHOLE MARKET.

lol fkn joke of an answer. If u are completely fkn stupid they may well offer some advice, most of peddle crap to make themselves money imo.
I have always found a far better deal sorting it out myself

[sovietsong]

I do love it when people start googling, you can find pretty much anything you want these days to support whatever side of the argument your on, even if its nonsense 

what are you trying to say?

i googled ifa's rip off and copy & pasted first link.  is the article good?

fully expecting to see godwins law show up soon...

[sovietsong]

Whole thread just a precursor for a massive brag.

What says ^^^^^ IMO

IFA's are a waste of money for anybody with a basic intellect imo, sooooo easy to find the best deals for yourself nowadays.
When I got my first mortgage years ago I saw an IFA then went to the same company direct and got a much better deal..lols

nope your wrong, the IFAs practically work for free, give amazing advice and they have access to the WHOLE MARKET.

lol fkn joke of an answer. If u are completely fkn stupid they may well offer some advice, most of peddle crap to make themselves money imo.
I have always found a far better deal sorting it out myself

I was being sarcastic, sorry.  Should have put a smiley on so you knew

[Woodsey]

I do love it when people start googling, you can find pretty much anything you want these days to support whatever side of the argument your on, even if its nonsense  

what are you trying to say?

i googled ifa's rip off and copy & pasted first link.  is the article good?

fully expecting to see godwins law show up soon...

Didn't read either mate tbh and I don't care either way, just making the general point about people being able to google whatever angle they want to find.