MortgagesFeb 10 2016

Mystery shopper: West Midlands

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This week the mystery shopper visits the West Midlands. He is seeking advice on behalf of his mother, 53, who was made redundant last year and has been self-employed for nine months. She currently has an interest-only mortgage with 10 years left until she has to pay off the outstanding loan to the value of £120,000. She is considering her options in light of her work predicament.

Adviser (Independent):

Petrie & Petrie

158 Weoley Castle Road,

Birmingham, B29 5QL

Speed of response: Time of call: 3.35pm. Answered after two rings. 5/5

Telephone manner:

Open and polite 5/5

Relevant qualifications:

CeMAP 5/5

Payment method:

Calculated on a case-by-case basis. 5/5

Guidance given:

The shopper’s mother is unlikely to be able to switch her mortgage provider because she has been in her role for nine months – the threshold is usually two years, the adviser said. He strongly recommended that the shopper’s mother contact her existing provider and come to an alternative mortgage repayment arrangement.

The adviser said he would be wary to take the shopper’s mother on as a client because the firm’s charges might intensify her predicament. 5/5

Knowledge:

Very good. The adviser showed that he was well versed in interest only and capital repayment mortgages. 4/5

Email/web presence:

info@petrieandpetrie.co.uk

petrieandpetrie.co.uk 5/5

Verdict:

The shopper appreciated the adviser’s honesty. His concerns appeared genuine and delivered constructive guidance rather than pushing to secure new business.

34/35

Adviser (Independent):

G & B Associates

The Gate House, 27 Gate Lane, Sutton Coldfield,

West Midlands, B73 5TR

Speed of response: Time of call: 3.50pm. Answered after two rings. 5/5

Telephone manner:

Friendly and helpful. 5/5

Relevant qualifications:

CeMAP and CeFa – Certificate for Financial Advisers. 5/5

Payment method:

Commission. 5/5

Guidance given:

The shopper’s mother would find it difficult to switch mortgage providers because she has not been in her new role for more than two years, the adviser said. He added that her best option would be to contact her provider and make changes to her existing agreement to either lengthen the mortgage term or switch to a capital repayment mortgage. The adviser said he would need to get a better understanding of the shopper mother’s circumstances before offering tailored advice. 5/5

Knowledge:

Very good. The adviser clearly knew about the mortgage marketplace and displayed good knowledge on mortgage criteria. 5/5

Email/web presence:

neale.vaughan@gandbassociates.co.uk

gandbassociates.co.uk 5/5

Verdict:

Although the adviser said he could not provide in-depth advice on the matter over the phone, he delivered helpful guidance.

35/35

Adviser (Independent):

Truly Independent Ltd

88 Wimperis Way, Great Barr,

Birmingham, B43 7DF

Speed of response: Time of call: 5.58pm. Answered after three rings. 5/5

Telephone manner:

Friendly yet professional. 5/5

Relevant qualifications:

CeMap and level four diploma. 5/5

Payment method:

Calculated on a case-by-case basis. 4/5

Guidance given:

An individual would generally need to have worked at least 12 months in their current role to apply for a mortgage, according to the adviser. He said that he would need to have a better understanding of the shopper mother’s circumstances before offering tailored advice and offered to arrange a meeting. 3/5

Knowledge:

Although the adviser did not say much, he seemed to have good knowledge on mortgage criteria. 3/5

Email/web presence:

adam.simcox@trulyonline.co.uk

www.trulyonline.co.uk 5/5

Verdict:

The adviser’s approach to the conversation was good. He was clear and presented himself well, but the shopper would have liked more guidance on the matter.

30/35

Provider:

The co-operative bank

Speed of response: Time of call: 4.03pm. The call was answered by an automated system. The shopper was transferred to an adviser within a minute. 5/5

Telephone manner:

Professional. 5/5

Relevant qualifications:

The representative said she was not qualified to give financial advice. 0/5

Payment method:

Varies – a product fee may be applicable. 3/5

Guidance given:

The representative said that the provider offers capital repayment mortgages only. She suggested that the shopper’s mother goes through the decision in principle online system in the first instance, then speak to one of the firm’s mortgage advisers. 2/5

Knowledge:

The representative demonstrated comprehensive knowledge in the firm’s mortgage application. process. 3/5

Email/web presence:

www.co-operativebank.co.uk/mortgages

3/5

Verdict:

The representative is not qualified to give financial advice, so there was a limit to the guidance she could offer. Nonetheless, the shopper felt that she conducted herself well.

21/35