The Mortgage Market Review is a set of new rules that mortgage lenders have to abide by when determining how much you can afford to borrow.

Under the new regime, almost everybody will have to take mortgage advice.

Currently, just over half of applicants take advice from a mortgage broker. The remainder go directly to their bank or building society, which will sell them a home loan from their own range without any advice.

You can still go direct to a mortgage lender after April 26 but that bank or building society will then have to give you advice.

Note, though, that your bank's in-house adviser will not be independent, because staff are able to discuss only the bank's own products.

It makes far more sense to go and see an independent broker, who can offer advice on almost every mortgage on the market.

A good broker should be up to speed with the MMR to help things go smoothly.

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