Using a financial advisor to get a mortgage

There is little doubt that getting a mortgage these days has become increasingly difficult, and with this in mind many people may end up making the wrong choice when it comes to determining which is the right mortgage product for them. First time buyers in particular could experience difficulties when it comes to getting a mortgage, and in many cases could really do with some professional and independent assistance from an expert in the field.

Most estate agents will have someone at the branch that can offer assistance with getting a mortgage, and this is something that many people looking for help with finding a mortgage opt for. However, it is important to remember that the selection of lenders that these advisors have on their books will be limited, which means that you could effectively miss out on a better offer.

There are also many independent financial advisors in operation that offer advice and assistance on finding mortgages without charging any upfront fee to the buyer, as these advisors get their payments from the mortgage lender that they refer the borrower to. However, whilst the choice of lenders that these independent financial advisors have is generally quite good there is always a danger that you could be hooked up with a mortgage based on the amount of commission that the lender is going to pay the advisor.

With advisors that are being paid by the lender rather than by the borrower it can be difficult to determine whether the advisor truly has the best interests of the borrower at heart. This is why more and more people that want help with getting a mortgage are opting for an independent financial advisor that they pay themselves rather than one that is paid by the lender.

The benefit to choosing a paid independent financial advisor is that this means that the advisor will truly have your best interests at heart, as he or she will not be working on the basis of how much any particular lender will pay them in commission. This gives buyers the peace of mind that they need, as they know that the advisor will be looking for the best deal possible for them having no financial reason to do anything other than this.

There are a number of different financial advisors available that offer assistance with mortgages and other financial products. It is a good idea to check on the fees charged by each of these advisors and also check on their experience and testimonials wherever possible.

Tags: advisor, finance, Mortgage loan, mortgage, financial advisors

How much will you need to retire?

For many people retirement is something that they would rather not think about, either because they do not have the money to put towards their retirement fund in the current financial climate where households are struggling to make ends meet due to higher bills and living costs, or because they are relatively young and feel that retirement is a long way off so they can think about it later. Read more

Tags: Financial economics, financial commitments, life trust, Impact, post-career years, way, Retirement Report, advisor

Personal pensions ‘vital’ for women

Independent financial advisory Ruth Whitehead Associates has urged women in particular to make sure they have a personal pension set up, as well as other savings, to given them financial security in the future.

Ruth Whitehead, principle advisor for the company, said that it was important for women to take out a personal pension because their National Insurance contributions are more likely to be affected by time taken out from work, which could in turn lower their state penions.

According to the Pensions Advisory Service, only people who have made National Insurance contributions for about 90 per cent of the years in their working lives are entiteled to a full state pension.

Ms Whitehead said that women should consider “three things” to safeguard their financial future, one of them being a pension, although she added that pensions “now can’t be the only route to sorting out your long-term needs”.

She also noted that Isas were a good option, as well as property.

Tags: Ruth Whitehead Associates, National Insurance, independent, Ms Whitehead, advisor, state, principle advisor, Pension provision in the United Kingdom

Financial websites increased awareness of need for life insurance

Financial websites have helped raise awareness of the need for consumers to take out life insurance, according to insurance experts.

The Association of British Insurers (ABI) said that websites are useful for those consumers who know what sort of life insurance policy they need.

Those that are not aware of the products available should speak to a financial advisor says the body.

However, Nick Kirwan, head of health and protection insurance for the ABI, said: “Anything that helps to spread the message among consumers and provide choice to people… has to have contributed in some way to helping raise awareness.”

The ABI estimated that one in three Britons have no life insurance – and a further one in three have not renewed their life insurance cover for five years, so may be underinsured.

Meanwhile, back in 2005 the Telegraph reported that Swiss Re, the world’s largest life and health reinsurer, estimated that there was a £2.3 trillion ‘protection gap’ between the expenses of UK families and what was actually covered by life insurance policies.

Tags: policy, advisor, Association of British Insurers, message, business, abi, trillion, websites increased awareness