Investors duly stumped up the cash (grimly accepting the 6.3m of fees paid to bankers and advisers to arrange the deal).

Had he arranged the deal through an adviser, he would have paid 6.49 per cent, bringing the total to 175,852 - a saving of nearly 12,000.

Its records showed that you did have an adviser and consequently it automatically arranged your deal as one where commission was payable.

Mortgage brokers who arrange the deals are supposed to carry out income checks themselves but some may be turning a blind eye to their duties.

Serving as record producers, they also arranged a deal to ensure wider distribution.