Seven out of ten would-be buyers say they are completely unaware of the other financial products that need to be considered to accompany a mortgage, says IFA Promotion, the organisation promoting the benefits of independent financial advice.
Research shows that 78 per cent of borrowers take out one or more insurance or investment products alongside their mortgage and IFA Promotion is urging buyers to seek independent financial advice from a mortgage IFA to make sure they dont end up with unsuitable products.
Karen Barrett of IFA Promotion commented: Buying a home and arranging a mortgage is often a daunting experience, and the fact that so many people do not fully understand the full complexity of associated financial matters comes as little surprise.
We are warning that people apply caution when seeking expert advice in this are. Only mortgage IFAs are obliged to offer the gold standard: whole-of-market independent advice across the full range of financial products.
IFA Promotion has produced a guide to getting mortgage advice which can be downloaded from its website
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