Mystery Shopper: Cheltenham

The shopper's mother is approaching retirement and is considering equity release as a means of supplementing her income. She moved to Cheltenham ten years ago, which is the last time she had her house valued. The shopper has some concerns about equity release and is ringing advisers to find out more about the options available for his mother.

IFA (Independent), Aspire IFA Ltd, 107 Promenade, Cheltenham, GL50 1NW

Speed of response: Time of call: 10.59am. The call was answered very speedily after just one ring by an adviser. 5/5

Telephone Manner: The adviser introduced himself and was extremely professional and polite. He listened to the shopper and spoke clearly, calmly and confidently. 5/5

Relevant Qualifications: The adviser said that he was authorised to do equity release and had qualifications in home reversion plans as well as the MAQ. 3/5

Payment Method: The adviser said that there would be a free initial meeting. If the shopper's mother went ahead with a plan the firm would charge a fee on completion, usually be about 0.5 per cent of the loan. 4/5

Guidance Given: The adviser told the shopper that there were two main types of equity release plans. He said his mother could take out a home reversion plan by selling all or part of her house to a lender in return for a lump sum at the same time retaining the right to live in the property until she died or went into care. Alternatively, under a lifetime mortgage plan his mother would receive a monthly income; the interest on the schemes would roll up to be paid off when the house was sold. The adviser added that the schemes he recommended all came with a 'no negative equity' guarantee. How much the shopper's mother could borrow would depend on her age. The adviser said that it was important the implications of equity release on the whole family were discussed beforehand. 3/5

Knowledge: The adviser was very professional and clearly knew his stuff about equity release. He provided the shopper with sufficient information and it was obvious he had much more to tell him. 3/5

Email/Web Presence:

Email: enquiries@aspire-ifa.co.uk

Website: www.aspire-ifa.co.uk 5/5

Verdict: The adviser listened to the shopper and gave him as much guidance and information as possible on the phone. He was polite and professional and the shopper felt confident he would give sound advice to his mother.

Rating: 28/35

IFA (Independent), Ashlea Financial Planning Ltd, First Floor, 2 Imperial Square, Cheltenham, GL50 1QB

Speed of response: Time of call: 11.08am. The call was picked up by an adviser after just two rings. 5/5

Telephone Manner: The adviser was really friendly and chatty on the phone and the shopper found her really easy to chat to. 4/5

Relevant Qualifications: The adviser said that she was qualified to give advice on equity release but did not go into any details. 2/5

Payment Method: The adviser said that they would discuss fees at a free initial meeting. She said that the work done would dictate the fees. 3/5