Mortgage Adviser

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Who can you trust to give you unbiased advice?

When you deal with a mortgage adviser it's important to ask yourself, "who pays this person's wages?" If you don't, you might fall into the trap of assuming that because someone sounds like they know what they're talking about, they're telling you the whole story.

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Should you be cynical when dealing with a mortgage adviser? Absolutely! When you consider the massive amount of money involved, it's important to know whether the person giving you advice has a vested interest in selling you a particular product.

The example of endowment mortgages is a good one. In the eighties, commission-crazed salesmen made all kinds of promises about these mortgages, and at its peak more than 80% of new mortgages were endowments. Many people believe their mortgage adviser deliberately mis-sold the products to get lucrative commissions, and the result was a financial scandal.

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