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financial advisors
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I am totally thick when it comes to financial matters. And need help with regards to changing my mortgage from interest to repayment. I can go to my building society for advice, but dont want to be sold things I dont need. How do I go about finding a financial advisor, and how much do they charge. All help appreciated
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Find the phone line for mortgages for your lender and call them and tell them that you want to switch from Interest only to repayment. These are usually processing lines dedicated to mortgages only so there is nothing left for them to sell you (you already have a mortgage with them) also ask them to confirm the change in writing.
Job done.
Job done.
I'm an independant mortgage advisor (we're often known as financial advisors but they deal more with investments whereas we deal purely with mortgages and insurance) and I'd certainly not recommend just asking your current lender as most banks don't offer advice as such they just act on your instructions
Have a look in your local Yellow Pages for a mortgage advisor close to you who will probably come to your house and explain all the different options (and lenders). You might be lucky and find a company who will offer the service fee free but most now charge a fee (between �250 and �4,000 DON'T pay more than �995 at most)as recent regulation changes mean more work for us so the commission paid to your advisor probably won't cover their costs unless you have a huge mortgage.
When you have your first meeting with the advisor it HAS to be free so you won't ever be forced into paying something before you know and trust your chosen company. Have a look at the Financial Services Authority (fsa) website for more info if you like, there's a lot of user friendly info there provided by the FSA who regulate the mortgage industry.
The following is a good hint of a good advisor:
1/ When you start the meeting they should give you a copy of their Initial Disclosure Document (IDD). This is a posh phrase for a terms of business. They should explain this to you when presented along with details of what they will charge you and when, if anything.
2/ Ensure they offer "whole of market" service which means they can give independant advice and explain everything to you until you understand it all whether this takes minutes or 2 hours
3/ You DO NOT have to buy anything other than a mortgage so DO NOT be forced into any insurances, but they will offer advice on the subject which you should take on board as some insurances can be well worthwhile
I hope this helps. I'll subscribe to
Have a look in your local Yellow Pages for a mortgage advisor close to you who will probably come to your house and explain all the different options (and lenders). You might be lucky and find a company who will offer the service fee free but most now charge a fee (between �250 and �4,000 DON'T pay more than �995 at most)as recent regulation changes mean more work for us so the commission paid to your advisor probably won't cover their costs unless you have a huge mortgage.
When you have your first meeting with the advisor it HAS to be free so you won't ever be forced into paying something before you know and trust your chosen company. Have a look at the Financial Services Authority (fsa) website for more info if you like, there's a lot of user friendly info there provided by the FSA who regulate the mortgage industry.
The following is a good hint of a good advisor:
1/ When you start the meeting they should give you a copy of their Initial Disclosure Document (IDD). This is a posh phrase for a terms of business. They should explain this to you when presented along with details of what they will charge you and when, if anything.
2/ Ensure they offer "whole of market" service which means they can give independant advice and explain everything to you until you understand it all whether this takes minutes or 2 hours
3/ You DO NOT have to buy anything other than a mortgage so DO NOT be forced into any insurances, but they will offer advice on the subject which you should take on board as some insurances can be well worthwhile
I hope this helps. I'll subscribe to
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