Ask the experts: what is a mortgage broker? How much are mortgage broker fees? Can I rely on an online mortgage broker?

Finding the right mortgage at the best rate is a minefield. Although price comparison websites are a good place to get a feel for what's available, they won't show you all deals on the market and often have a commercial relationships with lenders.

This is why it's a good idea to get expert advice from a qualified mortgage adviser or broker.

Can I do it myself?

There are very specific circumstances in which you can arrange your own mortgage without advice, known as ‘execution-only’; if you are a mortgage professional, are remortgaging a home to raise money for business purposes, or if you have an income of £300,000-plus or assets worth over £3million.

If you do go it alone and the product you select turns out to be a bad fit for your circumstances, the consequences could range from being rejected for a loan and this being noted on your credit file, to losing your home if you cannot meet your payments. By not taking advice, you have far fewer rights if you decide to complain.

If you’re determined to go down this route, your lender or adviser will need evidence that you fall into one of these categories and that you’re aware of the legal implications and protection you will be losing.

In the vast majority of circumstances, an execution-only mortgage is neither possible nor wise. Lenders are obliged to offer advice along with their recommendations based on your income, debt repayments and spending.

Who do I ask?

Your bank or building society will know your financial circumstances and “going direct” to a lender will include the advice they give you on mortgage products for free.

Of course, they will only advise you on the suitability of their own products.

On the other hand, a mortgage broker or independent mortgage adviser will be able to help you select a loan from a range of deals and will manage the application and paperwork.

If you use an adviser, they must tell you how wide that range is the first time you talk. Some are tied to a specific lender, others look at deals from a limited panel of lenders and some advise across the whole market, excluding those deals you could get by going to lenders directly.

No matter how many lenders they look at, all advisers must offer advice on the mortgage they select as most suited to your circumstances, which they will have also checked. If it turns out to be bad advice you are protected and can go to the Financial Ombudsman service for help.

Do I need to pay a mortgage adviser?

A broker or adviser will earn money from the advice they give you and, again, they are obliged by law to tell you precisely how they do that.

It could include a flat rate for the service or an hourly rate paid by you. They must tell you that rate and how long your application is likely to take before they start.

Alternatively, they may be paid a percentage of the loan or a commission from the mortgage lender.

Don’t forget that the lender may also charge you an arrangement fee. Both sets of fees can be added to the mortgage if arranged up front.

The Money Advice Service (which offers impartial advice on consumer finance) and Financial Conduct Authority (which regulates financial services in the UK) provide more information about how lenders, brokers and advisers operate.

Services such as Unbiased can help you find a qualified mortgage adviser near you.

Can I do it all online?

The mortgage broking world is changing fast. In 2016, the first online-only mortgage brokers launched.

With property in some parts of the country moving fast, these online brokers, including Trussle, aim to significantly speed up the process of finding the best suited and cheapest mortgage for buyers and completing the application.

In this case, a human adviser is largely replaced by a computer algorithm. At present, these brokers control only a tiny proportion of the mortgage advice market, and in its current guise qualified mortgage advisers check each recommendation. You’ll also still need to speak to a person for the final loan approval.

However, the idea is that in the not too distant future would-be borrowers will be able to complete the whole process from affordability to product selection, eligibility checks and approval within hours rather than weeks and without even picking up the phone.

That will rely on joined up technology that not only allows you to deal with the full range of lenders, but also integrates credit reference agencies’ databases to allow you to complete the deal without becoming involved in long, complex phone calls or scanning and emailing all your bank statements.