Adviser (restricted whole of market) Prosser Knowles Associates, 1 Castle Street, Worcester WR1 3AA
Speed of response: Time of call 11.41am. Answered by a receptionist after six rings, and then transferred through to an adviser. 5/5
Telephone manner: Very friendly. 5/5
Qualifications: Level four diploma. 5/5
Payment: First meeting free and then a fee of £249 per application, which was a charge introduced after the MMR. The lender pays the rest. 5/5
Guidance given: The adviser explained that he was “not keen to do things over the phone”, and preferred instead to describe the process of what would happen during a face-to-face meeting. A fact find, he said, would help establish what type of product was most suited. Lenders, he added, varied considerably in terms of what they offer, with some being “lenient” and others requesting a minimum income of £25,000. As a general rule, he said fees tended to be “quite steep” for buy-to-let mortgages, which is why he recommended taking a higher rate to reduce fees as much as possible. 3/5
Knowledge: The adviser seemed to have a basic understanding of buy-to-let, but was hesitant to speak in detail over the phone. 3/5
Email/web presence: edward@prosserknowles.co.uk / http://www.prosserknowles.co.uk 5/5
Verdict: The adviser was friendly and professional, but did not provide much detail over the phone.
31/35
Adviser (independent) Sn Financial Services, 5 Saltway, Droitwich Spa WR9 8LB
Speed of response: Time of call: 11.55am. Three rings. 5/5
Telephone manner: Initially a little cool but gradually became a lot friendlier. 3/5
Qualifications: Level four diploma. 5/5
Payment method: Initial meeting free, followed by an arrangement fee of £250. If the shopper then wanted to buy another property within six months, the adviser would charge a reduced rate of £50. 5/5
Guidance given: In general the adviser said a deposit of at least 25 per cent would be required for first time landlords, and that the higher the deposit the lower the rates and fees would be. He advised the shopper to “think returns” and suggested that the shopper could find it more lucrative to buy two smaller properties, as opposed to one bigger one. He said there is generally a bigger market in smaller properties, and that a property of £125,000 would be free of stamp duty charges. For the day to day running of the property, he advised the shopper to consult with an accountant. 5/5
Knowledge: The adviser knew the market very well. 5/5
Email/web presence: stuart@snfinancial.co.uk / http://www.snfinancial.co.uk 5/5
Verdict: The adviser was very professional and insightful.
33/35
Adviser (restricted whole of market) Susan Crowdy, 10 Victoria Road, Great Malvern WR14 2TD
Speed of response: Time of call: 12.11pm. Five rings. 5/5
Telephone manner: Friendly. 5/5
Relevant qualifications: Level four diploma. 5/5
Payment method: An upfront fee of £500 is payable, with the rest being paid by the lender. 5/5
Guidance give: After taking all of the shopper’s financial and personal details, the adviser concluded that he would have little difficulty securing a buy-to-let mortgage. Affordability, she said, was based on salary and was stricter since the MMR was introduced but should still pose no major problems to the shopper’s plans. The adviser described buy-to-let as “a wonderful long-term investment”, and said the most important factor to consider was the location of the property and the potential rental income. With all the details at hand, she said she would run some checks and call the shopper back in three days time to discuss his situation in more detail. 4/5
Knowledge: She seemed to have a fairly decent grasp of buy-to-let. 3/5
Email/web presence: susan.crowdy@lighthousefa.co.uk / http://www.lighthousefa.co.uk 5/5
Verdict: The adviser was friendly but unfortunately unable to run the checks immediately. 32/35
Provider Coventry Building Society (call centre)
Speed of response: Time: 12.24pm. The shopper went through a number of voice activated options and had to wait over five minutes because of high call volumes. 1/5
Telephone manner: The representative appeared quite rushed. 3/5
Relevant qualifications: The representative said he could only provide information and that the society “didn’t offer advice on its buy-to-let range”. 2/5
Payment methods: The minimum set up fee for a 75 per cent loan-to-value mortgage is £1,019. 5/5
Guidance given: The representative said the minimum deposit on offer was 25 per cent, which meant that the shopper would have to pay £50,000 on a property costing £200,000, as well as stamp duty and solicitor fees. In terms of rental income, he said it should be no lower than £785, although with a lower LTV the rates would be reduced. If the shopper wanted to proceed, the representative said he could arrange the full application to be done over the phone, which is a process that took 45 minutes. 4/5
Knowledge: The representative clearly knew his stuff but used a lot of jargon. 4/5
Email/web presence: http://www.coventrybuildingsociety.co.uk/mortgages/buy-to-let/home.aspx 3/5
Verdict: He explained how Coventry’s buy-to-let process worked but was hurried and appeared irritated when asked further questions.
22/35
