Only IFAs offer whole of market advice says IFAP

clock

IFA Promotions (IFAP) has angered mortgage brokers by claiming IFAs are the only intermediaries that can offer truly independent whole of market financial advice.

The claim is made as part of a research report released by IFAP this morning focusing on the fact that the majority of potential first time buyers are unaware of the financial realities of buying their first home. Seven out of ten (71%) potential first time buyers say they are either completely unaware of the other financial products they need to consider to accompany a mortgage or would at least need advice. IFAP also says in practice, 78% of borrowers take out one or more insurance or investment product alongside their mortgage. It adds that while independent mortgage advisers may off...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read