If you’re looking to invest in property, buy your next home, or simply plan for the longer term, professional financial advice is a great place to start.
In this article, find out what a financial adviser is, why they’re important, and whether you might need one for your next property purchase.
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What is a financial adviser?
A financial adviser will sit down with you and take a look at your personal circumstances and your financial plans. With this information, they can make recommendations that best suit your needs.
An independent financial adviser will offer unbiased advice about a large range of products from a variety of different companies, whereas restricted advisers will only offer advice on a limited range of products. They may also only specialise in one area, such as pensions.
When to see a financial adviser
There will be plenty of times in your life when you’re unsure what to do with your money or what decisions you need to make for your financial future.
Choosing from the thousands of different financial products available can be difficult without professional guidance, so you should seek out a financial adviser if you’re:
Buying a home
Securing the right mortgage for your home is vital and not a task you should take on alone. What may seem like a good deal at first could leave you with little room to maneuver once you start your monthly repayments.
A financial adviser can draw up a tailored financial plan for you, ensuring that you can truly afford the property long-term. They will also advise you on how to manage your payments if your circumstances were to change.
Related: How much can I afford to borrow?
Investing in property
If you’re planning on investing in property, such as a holiday home or a buy-to-let, it’s important to seek expert guidance first. Independent financial advice can help you navigate the complexities of property investment, from the Stamp Duty charge on second homes to Capital Gains Tax when you sell, allowing you to plan for the long term.
Planning for Inheritance Tax
Planning ahead for your family is a prudent choice, as you can ensure that your loved ones get the most out of your hard earned money should anything happen to you.
With a little Inheritance Tax Planning, you could significantly reduce the portion of your estate that will be lost in Inheritance Tax - or you might even avoid it altogether. A financial adviser can provide you with legitimate ways to reduce your overall Inheritance Tax, giving you peace of mind for your family’s financial future.
Related: Your guide to Inheritance Tax
Transferring ownership of a property
Transferring ownership of a property into someone’s else’s name is an ideal solution for many people in different circumstances.
You can reduce your Inheritance Tax by simply gifting your home to your children. You may also choose this option if you’re married and want to transfer half of your home to your spouse. Or conversely, if you’re going through a divorce and need to transfer the other half.
Whatever the situation, it’s vital to know how the process works and all the legal and tax implications, as you don’t want to run into any nasty surprises.
Saving time and money when buying a home
One of the most notable benefits of seeking financial advice is that you can save time and money in the long run. When you work with a mortgage adviser, you will gain access to a huge variety of suitable products, which can save you a great deal of time trying to compare rates and services yourself.
Our partners at Embrace Financial Services have industry leading technology that checks you against multiple lenders while also informing you of who is willing to lend you money, and how much they will lend. This tailored advice can help you find the best possible deal and will help ensure that you won’t overspend on the wrong mortgage.
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For more advice, contact your local Ellis & Co agent
