Each week the mystery shopper seeks advice from independent and tied advisers in the UK. The aim is to find out whether advisers are delivering the goods when it comes to the all-important initial telephone contact between client and adviser. It is only intended to evaluate this first interview, and it is understood that further meetings would be necessary before final decisions could be made. The purpose is not to expose poor selling practices, but to show constructively any weaknesses in the advice process. This week, the mystery shopper visits Ealing. He is 24, unmarried, and looking at the possibility of buying a mortgage for the very first time. The shopper works in sales and has a basic annual salary of £25,000 – and the potential to make an additional £15,000 through commissions. He has no outstanding loans or debts and has a £30,000 deposit.
Adviser (Independent): Mulberry Chartered, Mount Pleasant Road, Ealing, London, W5 1SG
Speed of response: Time of call 11.40am. Call was answered after two rings. 5/5
Telephone manner: Very friendly and professional. 5/5
Relevant qualifications: The adviser who answered the phone said he was a qualified mortgage adviser. 5/5
Payment method: £495 including advice and full arrangement of mortgage. 5/5
Guidance given: Explained that he would be unable to provide comprehensive advice until he was informed of the shopper’s full circumstances, but assured him that he was in a good position based on the information he disclosed. He advised the shopper to raise more funds for his deposit to strengthen his position. 3/5
Knowledge: The adviser explained how the market has changed since the recession, claiming that lenders now delve deeper into the customer’s position before sanctioning a mortgage. 4/5
Email/web presence: jkay@mulberrychartered.com www.mulberrychartered.com 5/5
Verdict: The shopper was impressed by the adviser’s friendly yet professional approach, but wanted more advice.
32/35
Adviser (Independent): Alex DeSilva (a referral from Wem & Co Financial Planning near Ealing), 158 Buckingham Palace Road, Belgravia, London, SW1W 9TR
Speed of response: Time of call: 12.42. Call was answered after nine rings. 4/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Mortgage broker and qualified financial adviser. 5/5
Payment method: No initial fee. £595 – only payable once a formal mortgage offer is obtained. 5/5
Guidance given: Because the shopper’s annual salary was on average £31,000 – with commission – he was told that it would be difficult to secure a mortgage offer of his desired £200,000 sum because the majority of providers only paid up to five times the amount of an individual’s annual salary. However, he did advise the shopper to explore other options, including bulking up their deposit, but warned him of the impacts of a pending increase in interest rates. 5/5
Knowledge: The adviser was comprehensive in his responses and seemed very knowledgeable. 4/5
Email/web presence: Ashley@alexdesilvaco.com, http://www.alexdesilva.co.uk/ 5/5
Verdict: SHOPPER’S CHOICE
The adviser’s advice was clear and to the point. The shopper was impressed by the adviser’s knowledge.
33/35
Adviser (Independent): Buckingham Mortgages (a referral from an Ealing based provider Sterling & Law Ltd), 1st floor, 36/37 The Broadway, Ealing, London W5 2NP
Speed of response: Time of call: 12.21pm. Call was answered after three rings. 5/5
Telephone manner: Polite and professional. 5/5
Relevant qualifications: Qualified financial and mortgage adviser. 5/5
Payment methods: There is no charge for advice. 4/5
Guidance given: The adviser explained that he would not be able to give any form of advice over the phone and would require more information on the shopper’s personal circumstance before making any comment on his position in securing a mortgage. He shared his opinion of the current state of the housing market, explaining that house prices in the shopper’s desired area generally remained high. 3/5
Knowledge: The adviser explored the impact of a predicted increase in interest rates in the near future. 3/5
Email/presence: gb@gbcmail.prestel.co.uk, www.buckinghammortgage.co.uk 5/5
Verdict: The shopper was disappointed that the adviser could not give any proper advice, although the adviser was honest in his dealings.
30/35
Provider: Lloyds TSB
Speed of response: Time of call: 1.32pm. Answered at 1.35pm after going through an automated system for one minute and 42 seconds. 3/5
Telephone manner: Friendly and informative. 4/5
Relevant qualifications: Not qualified to give mortgage advice, but explained the mortgage process within the bank. 0/5
Payment method: No upfront fees. 5/5
Guidance given: The consultant explained how the bank lends up to a maximum of five times the amount of the shopper’s salary. She put this into context with the shopper’s circumstances and explored the different options available to the individual to increase his chances of being offered the desired sum. She offered to arrange a meeting with a mortgage adviser within the organisation. 3/5
Knowledge: Though not an expert in the field, the consultant was able to give an up-to-date overview of the housing market, and identified the impact of the pending increase in interest rates. 3/5
Email/web presence: www.lloydsbank.com 3/5
Verdict: The shopper was impressed by the consultant’s direct yet friendly approach, as well as her knowledge of the industry.
21/35
