You’re protected

An important thing to understand is that when you receive mortgage advice, your mortgage broker has a duty of care to you.

They have to recommend a suitable mortgage and be able to justify why the particular mortgage they have chosen is right for you. If their advice is not up to scratch, you can complain and be compensated.

In contrast, if you go directly to a high street mortgage lender, don’t take advice, and end up with a mortgage that later becomes unaffordable, you may not have so much legal recourse. (However, under the rules of the Mortgage Market Review, it’s the lender’s responsibility to ensure affordability – so even if you buy direct, you could have some recourse. Nonetheless, a broker can still offer a valuable layer of protection.)