Mortgage Guide
Financial Advice
Financial advice is typically broader advice than simply mortgage advice. A financial advisor is trained in many different types of investments beyond property and investments. They might be able to offer independent advice on pensions, investment funds, ISAs, various insurance policies. A first time buyer looking for first mortgage advice might contact an independent financial advisor or a mortgage broker.
Independent Financial Advisers (IFAs) are the only type of financial advisers who are able to select from all the products available in the marketplace - making sure you get the right product for your individual needs.
IFAs are bound to the Financial Services Authority rules, which obliges them to provide advice most suited to your personal requirements and your risk outlook. When financial products are recommended they must take into account the benefits provided, charges, flexibility, service and financial strength.
All IFAs must be authorised and regulated by the Financial Services Authority and are obliged to offer what is termed 'suitable advice'. This means that they have to gain a full understanding of your circumstances and requirements before helping to choose any financial products (they will record your information so you can double-check that they really have understood).
In addition, when recommending a product all financial advisers have to provide written reasons why they think that it is right for you - again to make sure that you are fully informed before committing yourself to anything.
ACTION: Request Financial Advice for First Time Buyers
Other mortgage guides:
Mortgage Comparison - First Time Buyer Mortgages - About First Time Buyer Mortgage Advice - First Time Buyer Mortgage Brokers - Buy to Let Mortgages for First Time Buyers - Remortgages for First Time Buyers - Shared Ownership Mortgages - Help with Mortgages for First Time Buyers - Mortgages for Parents of First Time Buyers - Shared Appreciation Mortgages - Shared Equity Mortgages -Joint Mortgages - - Overseas Mortgages for First Time Buyers - Request First Time Buyer Mortgage Advice - Find your First Property - New-Build Gifted Deposit Deals - Best First Mortgages Comparison Table
Features, advantages and disavantages of specific first time buyer mortgages:
100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages
Useful websites:
www.cml.org.uk – council of mortgage lenders.