jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
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quote:
Originally posted by 3CorsaMeal
So you use someone else to do work for you and get stuff cheaper than if you had cut them out and sorted it yourself 
I want a car insurance advisor please.
Yes. The fee they receive from the mortgage company is usually around £300, this isn't added to the loan. If anything I've saved thousands in fees and redemption penalties over the years as they can often find deals that I wouldn't be able to. One example would be offered a particular deal by the ifa but advised to wait another day or two when new deals are released. Which bank is going to tell you that?
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Nismo
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Registered: 12th Sep 02
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So the people that have used an advisor seem to have come better off 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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That goes against every bit of maths.
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Nismo
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Registered: 12th Sep 02
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mind. blown.
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
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quote:
Originally posted by Nismo
So the people that have used an advisor seem to have come better off
Pretty much, yeh. Going to your bank will give you a couple of deals, going to an advisor gives options of dozens/hundreds. Indeed you could try to go direct with the deal offered by the IFA but when you compare the deals there's little, if any difference.
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John
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Registered: 30th Jun 03
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The internet can give you hundreds of deals, going to your bank only is a bit outdated.
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James
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Registered: 1st Jun 02
Location: Surrey
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quote:
Originally posted by John
The internet can give you hundreds of deals, going to your bank only is a bit outdated.
Was about to say this.
Unless an IFA can get deals that aren't publicly available then there's no reason why using an IFA should work out better.
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Tbh. I had a bit of a debate about this with a guy at work. His missus has recently started work at a place that does finances etc. she says the amount if loop holes they can find and work around is unreal. She said until she started working there she would never have used one.
I believe they can only find what I could. Why would a bank hold back lower rates which they then have to pay a fee for getting people on? Doesn't make sense.
She reckons they will find lower prices and work around things like get out clauses and stuff like that. I'm gonna go see them in the next few weeks so ill see what they can find. Be interesting
Adult GiftsClick here to vist us
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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But I suppose you wouldn't go to the dentist for advice on your mortgage and you wouldn't go see the financial advisor for help with your teeth. They must have something up there sleeve or they would be out of business surely? I guess a lot of people have no idea about how to browse for good deals and how to interpret it all
Adult GiftsClick here to vist us
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John
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Registered: 30th Jun 03
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Some of them know stuff, other don't. I spoke to 3 or 4 when I was buying, most of them 'forced' by an estate agent.
All but one of them I would class the same as estate agents/recruitment consultants and the likes. The one I went with wasn't much better, but as I said, he could get a FTB mortgage that was only available through a broker (or whatever you want to call them) joe public couldn't go in and ask for it.
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Online
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I just use Money Made Clear to do my own research then go direct. It's the same as what the brokers do anyway.
I always think they are the same as searching for car insurance using an insurance broker.
[Edited on 06-01-2013 by VegasPhil]
Corsa 2.0 16v Vegas - Sold
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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quote:
Originally posted by Dan
Why would a bank hold back lower rates which they then have to pay a fee for getting people on? Doesn't make sense.
Does if the advisor is bringing them business that the open market wouldn't.
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
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Ultimately it's each to their own. I'm self employed so mortgages are much more complicated, the advisor I use has been invaluable in arranging my own mortgage and buy to lets. You may well be able to get similar deals by going direct, it's not me paying them though, the lender does, and the mortgage product will be the same as if i'd gone direct, after spending hours trawling the internet.
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John
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Registered: 30th Jun 03
User status: Offline
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Self employed / business dodging tax and declaring the make £10 a month there's definitely a benefit if you speak to someone who knows what they are doing.
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AndyKent
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Registered: 3rd Sep 05
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quote:
Originally posted by Ian
quote:
Originally posted by Dan
Why would a bank hold back lower rates which they then have to pay a fee for getting people on? Doesn't make sense.
Does if the advisor is bringing them business that the open market wouldn't.
In which case how are they in the slightest bit independent?
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
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quote:
Originally posted by AndyKent
quote:
Originally posted by Ian
quote:
Originally posted by Dan
Why would a bank hold back lower rates which they then have to pay a fee for getting people on? Doesn't make sense.
Does if the advisor is bringing them business that the open market wouldn't.
In which case how are they in the slightest bit independent?
They don't 'hold back' their deals, just don't make them public until they're available. The IFAs are usually briefed about upcoming deals and changes at least a few days ahead of them going live. They'll also know, for example, that particular lenders release new deals on the first of the month, again the lender isn't going to publicise that.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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They're blatently in the lenders' pockets.
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
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quote:
Originally posted by AndyKent
quote:
Originally posted by Ian
quote:
Originally posted by Dan
Why would a bank hold back lower rates which they then have to pay a fee for getting people on? Doesn't make sense.
Does if the advisor is bringing them business that the open market wouldn't.
In which case how are they in the slightest bit independent?
Because they don't work for (just) one bank
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
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quote:
Originally posted by Ian
They're blatently in the lenders' pockets.
There's always the risk that they'll push you towards a deal that pays them a bigger commission, but doing a bit of due diligence would help if you weren't too sure.
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Russ
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Registered: 14th Mar 04
Location: Armchair
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not sure if this thread is full of trolls or retards
edit - no IVI so guess trolls
[Edited on 07-01-2013 by Russ]
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M2RTY
Member
Registered: 25th May 01
User status: Offline
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I got a better deal going to carphonewarehouse than o2 direct
I got abetter deal through broker than going to car insurance direct
I use quidco to get better prices than going direct
...
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