Financial Advice

[ChrisV]

Without disclosing the complete ins and outs of my finances, where is the best place to go for financial advice?

I have a decent salary, a bit of debt, no deposit, possibly negative equity on home but no sure, but really, really want to move house. Just don't know about the best course of action.

I know people will say 'save' but not sure the best options for this either.

Is it beneficial to speak to a financial adviser and if so how much should I expect to pay?

 

[vickster]

An IFA, see if anyone you know can recommend one?

Otherwise, try your bank, bearing in mind they'd only offer products they sell (which is not dissimilar to an IFA as they have favoured products/providers)

The best advice usually is to pay off debt first, then look at savings or investing. Which will boil down to how risk averse or not you are

Ref the house, best to get it valued by a couple of estate agents, and then review against the size of your existing mortgage. I guess you could move to a cheaper area or downsize if wanting to move but able to raise more funds

Make sure you have all your ducks in a row in terms of your finances before seeing the IFA

 

[TVC]

Talk to your bank first as Vicster says. They should lay out your options and if you con't like the products they are offering then at least you know what to look for elsewhere.

 

[Flying Dodo]

For providing mortgage advice, most IFA firms will charge a fee of £300-£500. Search for an independent mortgage broker near to where you are.

 

[Sandra6]

I've got no time for financial advisors, from experience they cannot advise people who don't fit into a convenient box. Twice we've been told there wasn't a mortgage out there for us, and to not bother going direct to the bank as " they'll tell you the same" Two mortgages later!
For good advice try citizens advice or the governments money advice line, they really helped me with a debt related issue a few years ago.
For buying a house check out the help to buy schemes, there's even a government assisted ISA now to help you save for the deposit.

 

[0lonerider]

I went to citizens advice they give me a list of 10 financial advisors, 4 were no longer trading 2 had moved outside the area, 2 couldn't be bothered to answer the phone or return calls, the last 2 were expartners who had parted company 1 of them was under investigation for fraud and now in jail! The C. I. B said the list was picked at random and could not vouch for the companys

 

[midlife]

Are you in Nat West / RBS ......some of the accounts come with a relationship manager who doubles as a financial advisor.

Shaun

 

[alicat]

Short term. Does your lender let you port (move) your mortgage to another property? Or you need a good mortgage broker.

Long term. Your best financial adviser is you. Wise up to Mr Micawber's advice and start spending less than your 'decent salary'. Put it in something like the Santander 1-2-3 account (3% interest up to £20k). When you've saved that much up you can start to think about investing it.

 

[Garry A]

Long term. Your best financial adviser is you. Wise up to Mr Micawber's advice and start spending less than your 'decent salary'. Put it in something like the Santander 1-2-3 account (3% interest up to £20k). When you've saved that much up you can start to think about investing it.

^^^^^^THIS. One of the best accounts out there.
We had an IFA out a few years back who was recommended by a well off mate, he didn't charge us as the building society/bank who's product we took paid him a percentage. His advice was spot on and some of the things he told us were eye opening. I now have no debt whatsoever, my mortgage is cleared and I have more than one house.

Can't wait to get out of Falkirk eh? :-)

 

[ChrisV]

Thanks for all the replies.

Just realised my Union has a financial adviser service so have emailed them.

 

[ChrisV]

3 bedroom house and 3 growing kids. Will need more room soon, but at 35 I'm thinking I'll eventually run out of time for a mortgage over x number of years. Pretty sure I have negative equity also as it's an interest only mortgage and I never got round to changing it. So with negative equity and no deposit, things are feeling bleak.

 

[alicat]

Things would be bleaker if you still had blinkers over your eyes.

With an interest only mortgage they'll expect you to be able to repay the mortgage at the end of the term. So you will be in real trouble if you don't have the capital behind you. In your shoes I'd talk to the union financial adviser then get a repayment mortgage and stay in the same property unless it makes sense to move to a bigger house in a cheaper area. Oh and build up some rainy day money.

Good luck with your financial planning.

 

[MarkF]

I wouldn't go to a bank, if their business and financial advisors are so good why do they work in a pokey (shared) room in Bradford? They could be out and about, moving and shaking, actually running a business or summat................

Er, good luck.

 

[Levo-Lon]

Talk to an independent mortgage adviser..after all its a house and they are connected to all the banks and BB's

 

[biggs682]

Without disclosing the complete ins and outs of my finances, where is the best place to go for financial advice?

I have a decent salary, a bit of debt, no deposit, possibly negative equity on home but no sure, but really, really want to move house. Just don't know about the best course of action.

I know people will say 'save' but not sure the best options for this either.

Is it beneficial to speak to a financial adviser and if so how much should I expect to pay?

my ifa is also my partner she isnt qualified other than in the field of life but we have no debts or credit card bills so i think she is doing a great job