The organisation has a free information pack to help people with the

The organisation has a free information pack to help people with the first steps towards ownership. It also organises seminars for new owners.o The British Horseracing Board can be reached on 01942 613030.. A RECENT survey by Barclays Bank revealed that most people are baffled by the jargon that surrounds mortgages, together with the maze of interest rates (variable and fixed), discounts, cash-backs and penalties - particularly those that carry on beyond the life of any special offer. Long gone are the days when you could walk down any high street in the country and find that virtually all building societies and banks offered the same rates of interest on the same terms. Now the choice is overwhelming. The same survey showed that eight out of 10 first-time buyers were confused by the range of mortgages. Only half the 1,667 borrowers questioned knew what a repayment mortgage was, while six out of 10 understood the difference between endowment and repayment mortgages.No less than 72 per cent confessed to not really knowing what was going on when taking out a mortgage.

Barclays' mortgage supremo, Gary Skelton, said the survey's figures were "worrying and that the whole industry needs to sit up and take notice".Borrowers are also worried about the risk of being locked into loans by stiff redemption penalties if they take up the many special offers available, and about the possibility of losing their jobs, falling ill or finding themselves in negative equity.The situation should be tailor- made for mortgage brokers, who should be able to cut through the verbiage and help clients to get the best deal available.One of the few building societies to work only through intermediaries is the Surrey-based Mortgage Trust, which was recently acquired by the First National Building Society of Dublin, Ireland's largest and oldest building society.Chris Heard, Mortgage Trust's managing director, emphasises the importance of having "independent advisers who have the experience and dedication to work tirelessly on a person-to-person basis to successfully negotiate a mortgage which meets all the requirements of the borrower. Buying a house can still be one of the most traumatic transactions we ever undertake, and arranging the mortgage is a major aspect."He explains that Mortgage Trust sets about finding its professional mortgage advisers by "checking they are authorised by the personal finance services watchdogs or, where accountants and solicitors are used, by their relevant registered professional institu- tions. We also conduct our own investigations into the backgrounds of our potential business advisers."What we require are professional mortgage advisers whose integrity and ability have been thoroughly checked out and tested, and will therefore be able to give borrowers the specialist help and guidance that they so sorely need now."Barry Edwards of Reeves Financial of Horsham, West Sussex, says that mortgage brokers will charge a fee for arranging a repayment mortgage where no commission is payable. That reflects a rapidly growing trend now that commissions have to be disclosed.

"The fee is negotiable," he says, "and will depend on the amount of work involved. But a straightforward search for the best repayment mortgage available, relevant to the borrower's financial criteria, and making all the arrangements could cost as little as pounds 250.He adds: "It could eventually save a lot of heartache and perhaps even the roof over the borrower's head."Investment-type mortgages, such as those linked to endowment policies or PEPs, pay a commission charge. But even here, Mr Edwards reports a growing tendency to negotiate.. THE Consumers' Association last week called for a new system to regulate mortgage brokers, after it emerged that trading standards officers had received 91 complaints against one broker alone. The broker refused to refund fees to clients who were unable to obtain mortgages; it claims that many invalidated their agreements by giving false information.

Self-employed financial services adviser Graham Price (not his real name) approached Meridian Mortgages of Leicestershire after he found a house that he wanted to buy. But he ended up without a mortgage, lost his chance of buying the home, and is still waiting for a refund of a pounds 510 fee he paid to obtain a mortgage. Mr Price needed a pounds 39,000 mortgage, but his low declared earnings meant he was rejected by lenders and two other mortgage brokers. Meridian, he says, told him it would be able to get him a mortgage, but first he had to pay a pounds 350 fee, plus a further pounds 160 for a property valuation."They went to two lenders, who both said no I got no correspondence to give me any reason Then they approached another broker who also lends. They turned me down for a loan, and gave me details of another lender, asking me for pounds 100 up-front, and a further pounds 400 on completion. But they only offered a pounds 36,750 mortgage, which was not sufficient."I asked Meridian for my money back, and then they said they would find another mortgage," said Mr Price.