FAQs

What is an Independent Financial Adviser (IFA)?
An Independent Financial Adviser (IFA) is a qualified financial professional who can recommend products and strategies from across the whole of the market, rather than being limited to a single provider’s range. This independence means the advice is always in your best interest — not driven by commercial relationships with specific providers. Masterplan Wealth is a fully independent firm, authorised and regulated by the Financial Conduct Authority (FCA).
A restricted adviser can only recommend products from a limited panel of providers or a specific product range — this is common with bank-based advisers. An independent adviser like Masterplan Wealth has access to the whole of the market and is not tied to any single insurer, investment platform, or pension provider. When you receive independent advice, you can be confident the recommendation reflects what is genuinely best for your situation.
Banks and pension providers are typically restricted to their own products, which may not be the most suitable or cost-effective for your needs. An independent financial adviser searches the whole market to find the right solution for your goals, tax position, and risk appetite. We are also bound by a legal duty to act in your best interest under FCA regulation — providing an additional layer of protection you simply do not get when dealing directly with a product provider.
Yes. Masterplan Wealth is authorised and regulated by the Financial Conduct Authority (FCA). This means we meet strict professional and ethical standards, hold appropriate qualifications, maintain professional indemnity insurance, and are subject to ongoing regulatory oversight. You can verify any UK financial adviser’s status on the FCA Register at register.fca.org.uk. If a firm is not on the FCA Register, they are not authorised to provide financial advice in the UK.

When searching for a good IFA, look for the following:

• FCA authorisation — check register.fca.org.uk

• Genuine independence — confirmed ‘independent’ not ‘restricted’

• Qualifications — Chartered Financial Planner or Diploma in Financial Planning as a minimum

• Fee transparency — all charges explained clearly before you engage

• No hard sell — a good adviser listens before recommending anything

• Masterplan Wealth meets all of these criteria and offers a no-obligation initial consultation

Yes. Pension planning is one of our core areas of expertise. We can help you with:

• Reviewing existing pensions

• Maximising tax-efficient contributions

• Planning your retirement income in drawdown or via an annuity

• Workplace pension optimisation for employees and directors

Pension drawdown (also called flexi-access drawdown) allows you to take income directly from your pension pot while keeping the remainder invested. Unlike an annuity, you retain control and flexibility over how much you withdraw and when. Your pension can continue to grow, and any unused funds can be passed on to beneficiaries. However, drawdown carries investment risk and requires careful, ongoing management. Independent advice is strongly recommended to ensure your strategy remains sustainable throughout your retirement.

The earlier you start, the more options you have — but it is never too late to benefit from professional advice. Ideally, begin reviewing your retirement position at least 10–15 years before your target retirement date. This gives time to increase contributions, manage tax effectively, and make investment adjustments. For those already approaching retirement, we can help you make the most of what you have and structure your income efficiently from day one.

We provide whole-of-market investment advice tailored to your goals, time horizon, and attitude to risk. This includes ISA and general investment account advice, portfolio construction and ongoing review, access to a wide range of platforms and fund managers, and tax-efficient investment wrappers. We take a long-term, evidence-based approach and also offer socially responsible (ESG) investment options for clients who want their money to align with their values.

No. Financial planning is valuable at many different wealth levels. If you are saving into a pension, hold ISAs, or simply want to ensure your income and tax allowances are being used efficiently, professional advice can pay for itself many times over. We are happy to have an initial conversation to discuss whether our services are the right fit for your current situation — with no pressure or obligation.

Yes. Inheritance tax (IHT) planning is a specialist area where independent advice can make a very significant difference to what you pass on to your loved ones. Strategies we can explore include:

• Making use of annual gifting allowances

• Setting up trusts to move assets outside your estate

• Writing life insurance policies in trust to pay any IHT liability

• Investing in Business Relief qualifying assets

• Structuring pension nominations tax-efficiently

• Working alongside your solicitor and accountant for a fully joined-up approach

The standard inheritance tax nil-rate band is £325,000 per person (frozen until at least 2030). A further residence nil-rate band of £175,000 may apply where a main home passes to direct descendants, giving a combined potential threshold of £500,000 per person — or up to £1 million for a married couple or civil partners. Estates above these thresholds are taxed at 40%. With pension assets to be brought into IHT from 2027, advance planning has never been more important.

We provide independent advice on the full range of personal and business protection products, including:

• Life insurance — term and whole of life policies

• Critical illness cover — lump sum on diagnosis of a serious condition

• Income protection insurance — replacing your income if you cannot work

• Key person insurance — protecting your business if a key individual is incapacitated

• Relevant life plans — tax-efficient death-in-service benefits for company directors

• As independent advisers, we compare the whole market for the most appropriate and cost-effective cover

There is no single ‘right’ time — good financial planning benefits people at every life stage. Common triggers include:

• Approaching retirement (typically within 10–15 years)

• Receiving an inheritance or significant windfall

• Going through a divorce or separation

• Starting or selling a business

• Having children and wanting to plan for their future

• Simply wanting to ensure your money is working as hard as possible

As Independent Financial Advisers, we operate on a fee-based model — not commission. This isn’t simply a regulatory requirement; it is the foundation of advice you can genuinely trust.

Our charges are always explained clearly and agreed with you before any work begins. Typically, this means an initial advice fee — either a fixed amount or a percentage of assets under advice — and an ongoing service charge if you choose a continuing advisory relationship. There are no hidden costs, and no provider ever pays us to recommend their products.

The result is straightforward: every recommendation we make is driven entirely on your needs, circumstances, and goals, never on what a provider pays us.

Getting started is straightforward. Simply contact us to arrange an initial consultation — this gives us the opportunity to understand your financial position, goals, and any concerns, and for you to ask us anything about how we work. This first conversation is offered at no obligation. If we are a good fit, we will outline our recommended approach and all associated fees before any work begins. There is never any pressure to proceed.

Yes. As an FCA-regulated firm, Masterplan Wealth operates within a robust framework designed to protect clients. Key protections include:

• FSCS (Financial Services Compensation Scheme) — investments on regulated platforms typically protected up to £120,000 per institution

• Financial Ombudsman Service (FOS) — a free, independent service if a complaint cannot be resolved directly

• Professional Indemnity Insurance — held by all regulated advisory firms

FAQs Mortgages

What is a mortgage broker and why should I use one?

A mortgage broker acts as an intermediary between you and mortgage lenders. Rather than approaching individual banks or building societies directly — and being limited to their own products — a broker searches the whole of the market to find the most suitable deal for your circumstances. Masterplan Financial is a whole-of-market mortgage broker, meaning we are not tied to any bank, building society or lender. We work in your interest, not theirs.

When you go directly to a bank, you can only access their own range of mortgage products. Masterplan Financial sources mortgages from the whole of the market — including high street banks, building societies, private banks, and specialist lenders, many of whom offer us exclusive access to products not available directly to the public. We also specialise in complex and unusual cases that standard lenders may struggle to accommodate, and we work closely with senior underwriters to find solutions where others cannot.

Yes. Masterplan Financial is authorised and regulated by the Financial Conduct Authority. FCA Reference Number: 746267. You can verify this on the FCA Register at register.fca.org.uk. All mortgage advice we provide is regulated, meaning you benefit from the protections of the UK’s financial regulatory framework.

We offer a free, no-obligation discovery meeting to understand your needs and objectives before making any recommendations. You can arrange this by calling us on 0121 355 0905 or by emailing info@masterplan-fs.com. We are flexible and happy to work around your schedule.

Yes. Residential purchase mortgages are one of our core services. Whether you are buying your first home, moving to a larger property, or downsizing, we take the time to understand your situation before searching the whole of the market for the most appropriate mortgage. We guide you through the entire process — from initial enquiry through to completion.

A remortgage is the process of switching your existing mortgage to a new deal — either with your current lender or a different one. Common reasons to remortgage include: your current fixed-rate deal is ending and you want to avoid reverting to a standard variable rate; you want to release equity from your property; you want to reduce your monthly payments; or you want to consolidate other debts. Masterplan Financial can review your current arrangements and advise whether remortgaging makes financial sense for your circumstances.

The amount you can borrow depends on several factors: your income and employment type, your outgoings and existing credit commitments, the size of your deposit, your credit history, and the lender’s individual criteria. Masterplan Financial will assess your full financial picture and identify lenders most likely to offer you the best terms before you make a formal application — protecting your credit score by not submitting multiple applications to different lenders.

A fixed-rate mortgage locks your interest rate — and therefore your monthly repayment — for a set period (typically 2, 3, or 5 years). This gives certainty and protection if interest rates rise. A variable-rate mortgage (including trackers and standard variable rates) can go up or down in line with the Bank of England base rate or the lender’s own rate. The right choice depends on your circumstances, risk tolerance, and outlook on interest rates. Masterplan Financial will help you compare the options and choose the most suitable deal.

Most lenders require a minimum deposit of 5–10% of the property’s purchase price, though a larger deposit (20% or more) typically unlocks better interest rates and lower monthly repayments. The loan-to-value (LTV) ratio — the mortgage amount as a percentage of the property value — is a key factor in what rate you are offered. Masterplan Financial can advise on the most appropriate LTV for your situation and help you understand what deposit level gives you access to the most competitive products.

Absolutely. We love helping first-time buyers navigate what can feel like an overwhelming process. We explain everything clearly — from how mortgages work, to what government schemes might be available to you, to what to expect at each stage of the purchase. We take a holistic view of your finances and search the whole market to find a mortgage that suits your budget, goals, and circumstances.

Several government-backed schemes exist to help first-time buyers in the UK, including the Lifetime ISA (LISA), which provides a 25% government bonus on savings used towards a first home, and Shared Ownership, which allows you to buy a percentage of a property and pay rent on the rest. Eligibility criteria and scheme availability can change, so Masterplan Financial will discuss the current options and help you identify what you may qualify for.

Yes. Self-employed mortgages are a specialist area for Masterplan Financial. While some high street lenders apply rigid criteria that can make it difficult for self-employed applicants, we have access to lenders — including private banks and specialist providers — who take a more flexible, holistic view of your income. Whether you are a sole trader, partner, or limited company director, we will identify the most appropriate lender and help you present your finances in the strongest possible way.

Most mainstream lenders require a minimum of two years’ worth of accounts or SA302 tax calculations to evidence your income. However, some specialist lenders will consider applications with just one year of trading history, particularly for strong earners or those moving from employment into self-employment in the same field. Masterplan Financial will identify the most suitable lender based on your specific trading history and income structure.

Yes. Contractors often face challenges with standard mortgage applications because their income is project-based rather than salaried. Masterplan Financial specialises in contractor mortgages and works with lenders who assess income based on daily or annual contract rate rather than requiring years of accounts. Whether you are an IT contractor, locum, or freelancer, we have the experience and lender relationships to find you a competitive deal.

Yes. We arrange buy-to-let mortgages for both individual landlords and those purchasing through a limited company (sometimes called a Special Purpose Vehicle or SPV). Buy-to-let mortgage criteria differ from residential mortgages — lenders typically assess the rental income potential of the property alongside your personal income. Masterplan Financial will help you identify the most tax-efficient ownership structure and the most suitable mortgage product

This depends on your individual tax position, number of properties, and long-term plans. Since the restriction of mortgage interest relief for individual landlords (Section 24), many higher-rate taxpayers find it more tax-efficient to hold investment property through a limited company. However, this comes with its own costs and complexities. Masterplan Financial can work alongside your accountant to help you understand which structure best suits your circumstances before you proceed.

A let-to-buy arrangement allows you to let out your existing home (converting your current residential mortgage to a buy-to-let) while simultaneously purchasing a new residential property. This can be a useful strategy if you want to move home but retain your current property as an investment. Masterplan Financial specialises in let-to-buy transactions and can coordinate both mortgages — ensuring the timing and lending criteria align across both properties.

Yes. We regularly assist clients with historic adverse credit, including missed payments, defaults, CCJs (County Court Judgements), IVAs, and even previous bankruptcy. While a poor credit history does limit the lenders available to you, it does not necessarily prevent you from getting a mortgage. Masterplan Financial has access to specialist and adverse credit lenders who assess applications on a case-by-case basis. We will review your credit history and identify the most realistic and cost-effective path forward.

A commercial mortgage is used to purchase or refinance business property — such as offices, retail units, warehouses, or mixed-use buildings. Unlike residential mortgages, commercial lending is assessed primarily on the viability of the business and the property’s income potential. Masterplan Financial arranges commercial mortgages for business owners, investors, and developers and has access to both high street and specialist commercial lenders.

Bridging finance is short-term funding — typically from one month to 24 months — used to ‘bridge’ a gap between a property purchase and longer-term financing or the sale of another property. Common uses include: purchasing a property at auction (where completion is required within 28 days), buying a property in need of significant renovation before it is mortgageable, or funding a purchase when your existing home has not yet sold. Masterplan Financial arranges both regulated and unregulated bridging loans and will advise on whether bridging is appropriate for your situation.

Yes. We arrange development finance for residential and commercial property development projects — from small conversions and refurbishments through to larger ground-up developments. Development finance is typically structured as a facility that releases funds in stages as the build progresses. Masterplan Financial works with specialist development lenders to structure the most appropriate facility for your project, taking into account purchase costs, build costs, and anticipated gross development value (GDV).

Our process is straightforward and built around your schedule:

• Step 1 – Free discovery meeting: We listen to understand your needs, objectives, and financial situation

• Step 2 – Whole-of-market research: We search the entire market to identify the most suitable options

• Step 3 – Recommendation: We present our recommendation and explain clearly why it is right for you

• Step 4 – Application: We manage the application process on your behalf, liaising with the lender

• Step 5 – Completion: We remain on hand through to completion and beyond for ongoing advice

Whilst exact requirements vary by lender, you will typically need:

• Proof of identity (passport or driving licence)

• Proof of address (recent utility bill or bank statement)

• Last 3 months’ payslips (employed) or 2-3 years’ accounts / SA302s (self-employed)

• Last 3 months’ bank statements

• Proof of deposit (bank statements or gift letter if applicable)

• Details of any existing credit commitments

• Masterplan Financial will provide a personalised document checklist at the outset

A mortgage agreement in principle (also called a decision in principle) is a statement from a lender confirming how much they are willing to lend you, subject to full underwriting. Estate agents often ask to see an AIP before accepting an offer on a property, as it demonstrates that you have financing in place. Masterplan Financial can arrange a mortgage in principle for you quickly, using lenders who carry out a soft credit search to protect your credit score.

Mortgage protection insurance — typically life insurance written to cover your mortgage balance — is not a legal requirement but is strongly advisable. If you were to die during the mortgage term, the policy would pay off the outstanding balance, ensuring your family do not lose the home. Masterplan Financial can arrange appropriate protection alongside your mortgage, searching the whole market for the most competitive and comprehensive cover. We also advise on income protection and critical illness cover to protect your ability to meet mortgage payments if you cannot work.