New Mortgage Guides

Other Mortgage Guides

Mortgage Types

Mortgage Tools

IFA Promotion: Potential mortgage holders shun advice
Tue, 25 Oct 2005
Even though mortgage borrowers seem to realise the importance of independent financial advice when they are looking to find a mortgage, the majority fail to search out such advice, research shows.

Seven in ten British adults who are not homeowners say it is important to get independent financial advice when they are trying to find a mortgage, a study by IFA Promotion found.

When arranging insurance protection or investment products alongside a mortgage, 64 per cent believe people should find independent financial advice.

However, of current mortgage holders who own homes, only 18 per cent consulted an independent financial adviser (IFA) before investing in the purchase of a home .

Only eight per cent of potential homeowners would go to an IFA as first option for mortgage information, it has been revealed.

Karen Barrett of IFA Promotion says that while people "instinctively know" they need independent financial advice when they are conducting mortgage transactions, this is not what happens in practice.

"Only a Mortgage IFA offers 'gold standard' independent advice across all related product areas," she points out.

Potential mortgage holders could be left out of pocket when consulting their bank or building society – something 41 per cent intend to do before they take out a mortgage .

Nearly a third of current mortgage holders have opted to ask the help of an IFA when they tried to find a remortgage , the IFA Promotion research shows.

Link to this page

Copy and Paste the following HTML into your page.

Mortgage lenders

Browse mortgage lender offersMortgage Rates by Lender

  • Browse current mortgage offers from over 90 lenders.
Browse

Worried about mortgage repayments?Worried about Mortgage Repayments?

  • Join our petition to Government to bail out burdened individuals, not just banks.
Sign the petition

Free mortgage quoteFree Mortgage Quote

Apply Here

Mortgages in Scotland Mortgages in Scotland

Read More

Equity releaseEquity Release

  • Unlock equity in your home.
Apply Here

Switching mortgagesSwitching Mortgages

Read More

Home reversion plansHome Reversion Plans

Apply Here

Commercial mortgages Commercial Mortgages

  • Commercial property loans
  • Starting a business?
Apply Here

Arrears & CCJs?

  • Remortgages
  • Sub prime mortgages
  • Arrears, CCJs
  • Self certification
  • Debt consolidation
Apply Now

Protect your mortgageProtect Your Mortgage

  • 3 months free mortgage protection cover
Apply Now

Mortgage Newsletter