Free financial advisor - what's the catch?

[mushtafa]

I'm looking for a financial advisor to answer a few questions before I take out my first ever mortgage.
I've seen a lot advertised as being free - what's the catch? Some say they get payment from the mortgage company for arranging it - but what if they don't find the cheapest? What if I decide it'll be too difficult and decide not to proceed?

I was hoping to find someone who would offer x amount of time for £x. Any suggestions?

 

[mushtafa]

My main questions were regarding my credit card and loan. Should they be cleared? Are they a bad thing? If I got a new loan to consolidate my existing one and clear the credit card - good idea or bad idea?

I don't want to do something wrong which could lower my credit rating and affect any mortgage decisions.

 

[mushtafa]

The more existing debt you have the lower your max amount to borrow will be. If your not going right up to the max then it probably won't be an issue

Mortgage companies expect people will have credit card debt and personal/student loan debt and will take this into account. Most banks will have an online affordability calculator you can play around with. Put in one with loans one without to see the difference

Eg https://www.barclays.co.uk/mortgages/mortgage-calculator/borrowing-calculator/#/borrow

Consoldating or paying off short term debt before a mortgage isn't a bad move but don't do it at the expense of having a bigger deposit that gets you a better rate. Remember any hard credit pulls will ding your rating a few points each time

Bad idea. Don't do any new credit, even if it is to consolidate existing credit.

Yeah definitely don't take out any new lending.

Thanks, I'll leave alone