There’s a question on one of the trade websites – I think it was ‘Mortgage Introducer’ asking if IFA’s provide a better service than standard mortgage brokers.

Well, I was a mortgage broker, and now I’m an IFA.

Service – hasn’t changed – I still do my best – I offer the same advice, albeit with a better range of products – I still take it personally when a lender messes up, I’m even worse if I do!

Product range – I think this is the difference, and it’s not all to do with the mortgages. I’m a member of alot of mortgage clubs so have a decent range of exclusive deals available to me – some brokers may not have access to so many. Also, some brokers only have access to some products in theory – I know one company that tells their brokers that they can use any lender they like. But they have an approved panel and the broker gets no commission for going off panel. Guess how many times they need to go off panel.

But, for all the related insurances it makes a huge difference. For instance, the other day I quoted Buildings and Contents Insurance for somebody. There was going to be a charge if they used a product away from the lender, so we needed the premium from the lender first – £59pm. I could get it for £43pm elsewhere.

£16pm saving.

And you can see similar savings on all types of insurance between a cheap provider and an expensive one. And, I don’t recommend policies where the cover is compromised. Quite the reverse.