A new study has highlighted the importance of seeking financial advice from a mortgage broker or other reputable source - with 16 per cent of Britons having been given bad advice by their loved ones.

In some cases, this figure rose to around 23 per cent (those aged 45 to 54-years-old), though it fell to ten per cent among 18 to 24-year-olds.

And bad mortgage advice was also one of the most common problems, affecting 19 per cent of those who admitted to having received dubious assistance from friends and family.

"While it may appear more accessible and less time-consuming to act on the recommendations of friends and family when it comes to financial advice, rather than to seek qualified and professional advice, our study demonstrates that it really does pay to visit an expert," said Birmingham Midshires mortgages managing director Tim Hague.

"Almost one in five people questioned in our study have suffered in some way as a result of a bad piece of advice," Mr Hague added.

With Britons set to spend more than ever this Christmas, according to some reports, financial advice may be just what is needed come the New Year.

Interested in the property market? Compare thousands of mortgages here