Where can i go to get truly independent financial/mortgage advice?

[doricpatter]

I saw an IFA when we bought this house and to be honest I don't feel he was that independent - he sort of rushed us into buying a house when we had no deposit so I started my homeowning life with a 98.5% mortgage. Good financial advice would have been to get some savings together ... oh the benefit of hindsight ... he obviously pocketed the arrangement commission and managed to sort out income protection and life insurance too so he did OK out of me. But his advice wasn't really objective IYSWIM.

Currently we're managing to keep up with the mortgage on an IO basis but due to having kids etc our circumstances have changed and we really are having to think about selling up and trying to get a shared equity house nearer to DP's work. This will mean going through the rigmarole of mortgages etc all over again. I don't really want to be bamboozled by someone who's just out to sell me something this time.

Is there any sort of service where you can get truly objective advice, even if it's just to tell you what you would be best to go for in terms of mortgage features so you're prepared when you approach a broker?

Bump :)

Evidently there's no such thing as truly independent financial advice!

You need a "Whole of market" broker. This explains it in further detail for you:

www.moneysavingexpert.com/mortgages/best-mortgages-cashback

There are a couple of further things I will say.

1. I would personally look at having Income Protection because I have children and need income should anything happen to me

1. I would definately have Life Insurance to cover the mortgage (and more) should anything happen to me as the children will still need to be taken care of.

Shared Ownership usually involves a fee for purchasing this way (with the association you go into shared ownership with) and also you will have to pay rent on the part that you do not own. You have to be prepared for this financial commitment - sometimes it is more worthwhile taking a larger mortgage.

I would personally sit down and sort out a budget. Go and see an independent advisor and explain what you would like to do. They will be able to give you an idea of how much you can borrow and go from there.

Sorry to hijack Gonzo, I see from another money related thread that like me you are currently overseas - would you have any idea about where to get advice on buy-to-let remortgaging? It's very tricky doing this sort of thing with no face to face possibilities and none fo the standard mortgage comparison sites seem to cover buy to let (not that I bought in order to let, I just found myself letting).

I will message you

Thanks :)

Op we saw two mortgage advisers, one 'independent' (turned out that wasn't entirely true) and the other attached to our estate agent. He was very helpful,although the mortgage we went for in the end (Nationwide) was the cheapest on the research I'd done with various comparison sites.

My father (an accountant) told us he thought life insurance was a waste of money, but then I've always had basic coverage through work.

Thanks both. :)

Gonzo, I don't dispute that the policies were necessary at all. I just mean that he made his money from us. My gripe with him is that it's rarely good to advise someone to take out a mortgage at 98.5%, and I would have been much better off with a decent savings plan. However, he wouldn't have earned as much that way so ... . I am older and wiser now!

Whereabouts are you? I can give you the s details of a truly independent financial adviser, who we have been using for over 10 year since we bought our first house, in Yorkshire.

I think it depends on your circumstances. In an ideal world I would always advise someone to have a deposit of at least 15%, however I know people that cannot save because they are having to pay out an awful lot in rent, yet a 100% mortgage on the house that they need is cheaper. What would you advise then? Paying less monthly and owning the item you are paying for at the end of 25 years makes more sense to me.

I do not know the circumstances that you went to the advisor with. If you could have saved at the time then maybe you would have been better off at the time by doing just that. If you were in a situation where you needed an extra bedroom due to a pregnancy or other reasons then maybe you felt it prudent to take the other option presented to you.

Sometimes consumers also need to think about what they really need and not just what they want (not saying that it was a want for you as opposed to a need).

We were foolish to buy this house Gonzo, I don't dispute that. I just wish the IFA had pointed it out instead of rubbing his hands and arranging our mortgage!

I'm in Scotland, BRS, but thanks :)

I've read/heard good things about Charcol Mortgage Advisors.

I think you might have to pay a fee to a truly independent IFA for advice, but not sure.

Charcol are good AP. I used to use them to choose my mortgage previously.

IP Financial Advisors make their income from the commissions gained from placing you with a particular product and as with everything else there are good and bad ones - some will place you where they see the best commission even if it is not the right deal for you.
Most attached to banks and building societies
sell only their own in house products - but are mainly on a salary - but often with bonus attached.
i think you need to scout around a lot yourself first and see both types of mortgage provider before you make a decision

the only financial advisor who is truly independent is one who you pay for advice rather than them earn commission.