We market the services of independent Surveyors. Surveyors pride themselves on a high standard of work. We can offer Building Surveys also known as Structural Surveys and Home Buyers Reports. We also do Specific Defects also known as Engineers Reports or Damp Reports. We can also carry out Independent Valuations. Note these are not for bank lending but are to advise you how much we feel the property is really worth. If you have a property problem we may even already have written an article on it and we would refer you to the many articles we have on our home page 1stAssociated.co.uk. use independent surveyors who are more than happy to chat. Please Free phone us on 0800 298 5424 and surveyor will call you back.
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No such thing as a
You may have already met
the financial adviser, it's common practice for many estate agents
to have them at the front desk in the estate agency, or for the
estate agent to insist that you have your income verified by their
independent financial adviser when you make an offer on a property.
In fact, you may feel they're more interested in selling you a
mortgage than a house - and you may well be right! – so as
mortgages are very big business and one sale can represent an income
for 20 people, take your time and research the market. Look
on the internet, read newspapers and magazines on the subject,
take time, take advice, reconsider its contents and what the person
giving the advice has to gain. We, for example, want you
to use us for a survey - click
here for a quote.
Choosing a mortgage
Our main advice is take your time and research the market. We
find that telling them that your brother or sister or granny is
an independent financial adviser and will do you a great deal,
normally stops the estate agent’s IFA in their tracks!
Once upon a time
Let us explain a bit more about the estate agency world and
the way it has changed over the years. Once upon a time estate
agents sold houses, and we got our mortgages from building societies
and we asked the local surveyor to carry out a survey.
By the way we are selling surveys - if you want a survey quote click
But then the banks noticed the lucrative market of mortgages
and then the insurance companies also noticed this lucrative
market, and suddenly everyone was lending money for mortgages
- it's a very profitable business if you get it right. Many
would argue that this increase in the mortgages available led
to the early 1970s house price boom as in this increasingly
competitive market mortgages suddenly became available to everyone
(well almost and the good news is the mortgage market is still
very competitive). Everybody
was trying to get their share of mortgages, or more than their
This competition led in the 1970s to many lending institutes
(we use this term rather than saying building societies, banks
and insurance companies each time) buying up lots of estate agents,
as when you went in to buy/sell your house, it was also the perfect
time to sell you a mortgage (nowadays they will try to look at
all your financial outgoings and try selling you all sorts of things).
So lots of lenders became estate agents but they didn't really
have that much knowledge of estate agency and indeed many were
not very good at estate agency, but it did enable them to be first
in with the question, "Can we help you with a mortgage?" or "Can
we get you a better rate?” etc". Remember they're
not just being helpful; they are after your very lucrative
So there we have it; independent financial advisers became
part of the estate agency world - and they got a seat in most estate
agents offices. It goes without saying that the estate agency
usually gets a cut of any deals that are done.
Why are the estate agents so keen to have your mortgage business? Can
you imagine doing one day’s work and being paid for it for
the next 25 years? This is exactly what happens when the
independent financial adviser sells you a mortgage that takes 25
years to repay – it’s a big pay day for everyone involved.
When Independent is not
Independent financial advisers.
Lets talk a little about the term independent,
It is important to realise that many if not most of the independent
financial advisers when giving mortgage advice, are not independent. This
may not come as a shock to some of you. Many are usually
tied to one company that sells mortgages, or they may be tied to
a company that does deals with other companies that sell mortgages! They
may be able to access the entire markets, but have incentives to
use specific companies. Remember, if you’re not paying
them then someone else is - the lender they are recommending. The
better ones will advise you on this; the not so good ones
will gloss over it.
When Financial advisers sell out
Lets talk a little about the term the financial advisers.
Are they really financial advisers or are they simply sales people
for mortgages and other financial products? If you paid the independent
financial adviser a fee then you get independent financial advice; if
you didn't pay a fee don't expect independent financial advice.
We should learn from the past
We think it's important to look back and consider some issues
that have made the news, and learn from these. Many of you will
recall mis-selling of endowment mortgages. Customers were promised
that the mortgage would be paid off and that they would have a
nice sum of money to spend how they wished. They were not
advised of the risks, that the stock market, like any free market,
can go up as well as down and many companies have had to give compensation
for such salesmanship
More recently we noted both on TV and in the newspaper reports
that mortgage advisers have encouraged people to overstate their
salary in order to obtain mortgages above what they would get on
their real income. We wonder if this is why the late 1990s
housing price boom has continued on and on. Remember, typically
people borrow at between two-and-a-half to three-and-a-half times
their income, and while the low interest rates have made houses
appear more affordable, we still have to pay back the money borrowed
at the end of the day, one way or another. Have a look at how the
housing market has fluctuated by either downloading the .pdf or
the zipped Excel file below:
One of many
Most independent financial advisers (IFAs) are part of groups
that own estate agents and surveying companies. They obviously
recommend their own surveyors, and go to great lengths to try to
ensure that you use their surveyors, as they usually get a bonus. IFAs
often cite that only surveyors on their panels can be used. This
is a great way to stop you using your own surveyor. A medal
should really go to whoever thought of that - but if you insist
or they lose the mortgage, they usually give in.
If you truly do want an independent expert opinion from a surveyor with regard to valuations, mortgages, mortgage companies, surveys, building surveys, structural reports, engineers reports, specific defects report, structural surveys, home buyers reports or any other property matters please contact 0800 298 5424 for a surveyor to give you a call back.
If you have a commercial property, whether it is freehold or leasehold then sooner or later you may get involved with dilapidation claims. You may wish to look at our Dilapidations Website at www.DilapsHelp.com and for Disputes go to our Disputes Help site www.DisputesHelp.com
We hope you found the article of use and if you have any experiences that you feel should be added to this article that would benefit others, or you feel that some of the information that we have put is wrong then please do not hesitate to contact us (we are only human).
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