MortgagesMay 11 2016

Mystery Shopper: Milton Keynes

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This week the mystery shopper visits Milton Keynes. He and his partner are aiming to purchase a property priced around £250,000. The shopper earns £30,000 with scope for £2,000 in commissions. His partner has been self-employed for nearly two years. She earned £22,000 last year. They have student loan debts.

Adviser (Restricted): Aspley Financial Planning Ltd, 3 Bishops Walk, Church Road, Aspley Heath, Woburn Sands MK17 8TA

Speed of response: Time of call: 3.48pm. Answered after two rings. 5/5

Telephone manner: Professional. 5/5

Relevant qualifications: Level four diploma. 5/5

Payment method:

£295 plus commission. 5/5

Guidance given:

The adviser said he was qualified to advise on mortgages, but thought it best to refer the business on to his colleague, who turned out not to be available at the time of call. He asked how long the shopper’s partner had been self-employed, explaining that some lenders only require one year’s books. He also quizzed the shopper on his income, finances and the value of the property he is looking to buy to gauge the likelihood of the couple receiving an offer from a provider. 4/5

Knowledge:

The adviser was notably well-versed on the topic. 4/5

Email/web presence:

victoria.haygarth@aspleyfinancialplanning.co.uk

www.aspleyfinancialplanning.co.uk 5/5

Verdict:

The conversation was akin to a sales push in the first instance, but the adviser adjusted his approach later in the conversation and delivered helpful information.

33/35

Adviser (Independent): 1st Financial Foundations, 11 Furzton Lake, Shirwell Crescent, Milton Keynes MK4 1GA

Speed of response: Time of call: 4.14pm. Answered after eight rings. 4/5

Telephone manner: Informative, helpful and professional. 5/5

Relevant qualifications: Level four diploma. 5/5

Payment method: £500 plus commission. 5/5

Guidance given:

The adviser asked how long the shopper’s partner had been in self-employment, explaining that some lenders only require one year’s books. He added that she should request an SA392 form, which provides a summary of a company’s income that has been reported to HM Revenue & Customs. The adviser also questioned the shopper on his salary and how much the couple were aiming to spend on a property – explaining that providers lend up to five times salary. 5/5

Knowledge:

Very good. The adviser displayed comprehensive information on the topic. 5/5

Email/web presence:

yash@1stff.co.uk

www.1stff.co.uk 5/5

Verdict:

The adviser appeared genuinely interested in the shopper’s scenario and was detailed in his explanations.

34/35

Adviser (Independent): Perspective Financial Management Ltd, 3 Whittle Court, Knowlhill, Buckinghamshire, MK5 8FT

Speed of response: Time of call: 4.26pm. Answered after one ring. 5/5

Telephone manner: Friendly yet professional. 5/5

Relevant qualifications: Mortgage adviser. 5/5

Payment method: 0.45 per cent of loan amount or £950 – whichever is greater. The fee is offset by commission from provider if applicable. 5/5

Guidance given:

The adviser explained that she was an independent mortgage adviser and considers products from all firms across the market. She asked the term of the shopper’s partner’s self-employment, explaining that some lenders offer a loan based on one year’s books. The adviser explained that the first port of call would be for the shopper to complete a fact-find and offered to send the document via email. 4/5

Knowledge:

Although the adviser did not offer comprehensive guidance, the shopper felt that the adviser knew the marketplace well. 4/5

Email/web presence:

amey.sinfield@perspective-group.com. 3/5

Verdict:

The adviser did not deliver a lot in terms of guidance, but the shopper appreciated her friendly approach.

31/35

Adviser (Independent): The Co-operative Bank

Speed of response: Time of call: 4.34pm. The call was answered by an automated machine. The shopper was transferred to a representative within a minute. 3/5

Telephone manner: Polite, friendly and professional. 5./5

Relevant qualifications:

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

Payment method:

Varies from product to product. 5/5

Guidance given:

The representative explained that the provider only lent to self-employed individuals with two years’ accounts, with no exceptions. She also took the shopper through a step-by-step breakdown of the bank’s mortgage process. 3/5

Knowledge:

The representative displayed excellent knowledge of the lender’s criteria. 3/5

Email/web presence:

www.co-operativebank.co.uk/mortgages 3/5

Verdict:

The representative was forthcoming on the lender’s restrictions and provided useful information on its mortgage process.

22/35