Finding

Personal recommendation really can be a good starting point. Ask friends or colleagues how they got the right mortgage – even if they don’t have an adviser to recommend they might have some horror stories of what to avoid when you look for yours. The Financial Services Authority directs people to several directories of advisers – the big three are www.brokerfinder.co.uk, www.unbiased.co.uk and www.mylocaladviser.co.uk. It’s probably worth contacting a few to make sure you find a firm or an individual you feel comfortable with. ‘Always remember that buying a house is one of the biggest financial decisions you will ever make so you will want to get the best possible advice,’ says Karen Barrett of Unbiased.

And as part of this process you need to get to grips with how your adviser will be paid. Full information should be given in the Key Facts Illustration they are legally required to give you. All brokers tend to earn commission from the lenders they ultimately recommend. Some may also charge clients fees for their work, possibly refunding any commissions they earn once the deal goes through. If fees are charged they can vary from a few hundred pounds to up to 1.5 per cent of your mortgage value. So make sure you think the advice is worth paying for before you sign up.