Mortgage advice levels are at a five-year high, according to The Nottingham Building Society.

The mutual found that 97% of completed applications were advised mortgages in 2019, up from 91% in 2014 and 69% in 2009.

The majority of borrowers opt for a broker to help them find a mortgage by searching from across the market, and to help them complete the application process. But even those who go direct to a lender usually opt for an advised sale, either face to face or over the phone. Less than three per cent take a mortgage on a non-advised (or execution-only) basis.

Advisers are profesionally qualified and fully regulated by the Financial Conduct Authority.

Switch to save

Despite this, many more people could be saving on their mortgage by switching to a better deal, said the regulator. It found that around 800,000 customers could benefit from switching, to the tune of an average £1,000 per year in the first two years.

The Nottingham wants to highlight the benefits of taking mortgage advice to ensure you get the best deal for your needs.

Ben Osgood, senior mortgage manager at the mutual, explained: “My recommendation would be to get some expert guidance and cast your net further with a broker that will search the mortgage market and you could be pleasantly surprised with the outcome.

“Buying a property is most people’s biggest financial outlay and reputable mortgage advisers have a duty to advise and support them through the process and help make sure they understand what they are signing up for.

“We’ve all heard the ‘advice isn’t cheap’ line from family or friends but whilst there can be a charge for mortgage advice, it is often worth considering what this equates to compared to the savings that could be had across the life of the mortgage.”