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By: Ikedi Ani-okoye

Questions for ifa Mortgage Advisers

Where are you based? Is it important to have your mortgage IFA's office near your home or your place of work? Who are you regulated by? The Financial Services Authority is the principal regulator for financial services. Are you a specialist? Some advisers focus on particular product areas so take care to choose the right one for your specific needs. You can find mortgage tFAs who focus on particular mortgage areas such as first time buyes, 100No mortgages, self-cert, buy-to-let, re-mortgages and overseas mortgages at Coven.impartial.co.uk

How long have you been in business?

you may feel more comfortable with someone who has several years' experience what qualifications do you hold? you can select a mortgage IFA based on their advanced qualifications across a range of products or across a particular product area. There are several mortgage qualifications IFAs may have such as the Certificate in Mortgage Advice (CFE), Certificate in Mortgage Advice and Practice (CeMAP) and the hflortgage Advice and Practice Certificate ~MAPC). '

Unbiased.co.uk has simplified what these letters after the name really mean, by grouping them into two levels, Level A and Level B. Level A is the minimum level of qualification required to become a Financial Adviser and is equivalent to A level standard. Financial Advisers with Level B qualifications demonstrate a high level of expertise and have a more specialised knowledge of financial products. Level B Qualifications are set at a standard equivalent to components of an undergraduate degree.

Do they have an online presence?

Consider if it is important for them to have a website or is able to communicate via email. How will I pay for the advice? Only a mortgage IFA can recommend the most suitable combination of products for you from all the providers on the market, free of commercial ties to financial companies They must offer you the option of paylng by fee, although many wiI offer the choice of paying for the advice through commission on the products you buy, or a combination of fee and product commission.

Will I always see you or will other people in your company look after me as well?

In some larger organisations you e may deal with a number of advisers. If you prefer the continuity of a single contact, you rnay feel more comfortable with a smaller organisation. You may pvefer to see a male or female adviser. The 'Find an IFA' service from unbiased.co.uk can point you towards local male and/or female advisers.

From the adviser's point of view, he/she will need to get to know you, your priorities and your future plans The adviser will ask you many questions and it is up to you how much you tell him or her. This information will be recorded and in many cases you will be asked to sign your name that the information is correct. eo bear in mind that similar to a visit to your local GP the more information provided, the the more information provided, the

more accurate the diagnosis or advice provided.

Can you provide references? If a friend or relative has had a good experience with a particular mortgage lFA, that can often be a great route and be highly reassuring but be aware that your financial circumstances and needs may be different to theirs. Alternatively, if a mortgage IFA catches your eye that you know nothing about, ask them to provide the details of customers who are happy to talk to you.