Speed of response: Time of call: 9:59am. Call answered after six rings. 4/5
Telephone manner: Polite, friendly and keen to listen. 5/5
Relevant qualifications: The adviser explained he was a fully qualified and registered financial adviser. 2/5
Payment method: He stated that there was no charge for simple advice. 3/5
Guidance given: The shopper was immediately advised to switch to a repayment mortgage, either through the same lender or by seeking assistance from a mortgage broker. He said mortgage brokers can offer information on the best available deals, should the shopper be interested in switching provider. The adviser was also fairly adamant that opening a savings vehicle at this stage was not a viable option, as they cannot necessarily guarantee the full repayment of the mortgage. 5/5
Knowledge: The adviser seemed fairly clued up on this issue, despite insisting he rarely dealt with these types of queries. 4/5
Email/web presence: www.gerardassociates.co.uk 3/5
Verdict: Even though the shopper was impressed that the adviser gave free personal advice, he was surprised that no further questions were asked or no appointments discussed, to potentially work out how to plan and budget finances.
Score: 26/35
Adviser: L V Nicholas Financial Planning, 5 Newcombe Drive, Stoke Bishop, Bristol BS9 1SR
Speed of response: Time of call: 10:30am. Picked up after four rings. 5/5
Telephone manner: Friendly and helpful. 5/5
Relevant qualifications: He explained he was fully qualified and had been practising for many years. 2/5
Payment method: The adviser said the first hour meeting was free, and thereafter it depended on the type of services required. His typical rate was £120 p/h. 4/5
Advice given: The shopper was advised to get his mortgage paperwork together before meeting the adviser, who could then help him organise his finances and figure out how much of the mortgage could realistically be repaid each month. He explained that in moments like this it was important to budget and work out the maximum that could be paid on the mortgage and was more than happy to go over the shopper’s incomings and outgoings for free. 3/5
Knowledge: He demonstrated a solid understanding of this particular issue and was very informative on the current climate and how repayment mortgages worked. 4/5
Email/web presence: financialplanning@me.com www.bristolmortgages.net 5/5
Verdict: The adviser was eager to help resolve the problem and repeated that he was happy to help draw up a budgeting plan free of charge.
Score: 28/35
Adviser: Sovereign-IFA, 55 High St Thornbury, Bristol BS35 2AP
Speed of response: Time of call: 10:44am. Four rings and then a quick chat with reception, before being put through to an adviser. 5/5
Telephone manner: Friendly, polite and patient. 5/5
Relevant qualifications: The adviser confirmed he was fully qualified and registered on the FCA website. 2/5
Payment method: He explained that the initial meeting was free. If further advice was given, then a fee could potentially be charged, depending on the outcome or type of service offered. 4/5
Guidance given: The shopper was first told not to worry, as the mortgage had plenty of time to run and was still relatively new. Without meeting and fully understanding the shopper’s finances, the adviser was hesitant to say for sure which path to take. His first instinct was a repayment mortgage, but he warned that this could involve a substantial hike in repayments. In this case, after meeting, he advised that it might be necessary to restructure or remortgage with another provider to get a better deal. 4/5
Knowledge: A good level of knowledge was shown on the mortgage market in general, plus different potential repayment options. 4/5
Email/web presence: www.sovereign-ifa.co.uk 3/5
Verdict: The adviser was helpful and appeared more than capable of helping to find the best solution. The shopper was also impressed that the adviser offered to visit his home for an hour free of charge.
Score: 27/35
Provider: Britannia, 22-23 Castle Park - Welsh Back, The Mall, Bristol BS1 3XE
Speed of response: Time of call: 10.50am. Picked up after 14 rings. 3/5
Telephone manner: Friendly, patient and helpful. 5/5
Relevant qualifications: Britannia no longer offers a qualified financial advice service – AXA stopped offering it in branches six months ago. 0/5
Payment method: The representative said all advice concerning mortgages and saving vehicles was free. 3/5
Guidance given: The shopper was first given the website addresses for the Money Advice Service and Unbiased to contact a professional financial adviser. In terms of what Britannia had to offer, the representative mentioned the possibility of opening an Isa or instant access account or alternatively making an appointment in branch to speak with a mortgage adviser. She said this meeting would be useful to weigh up the shopper’s personal circumstances and potentially find a suitable solution. 2/5
Knowledge: Her knowledge on repaying mortgages was fairly competent, given she was not a qualified adviser. Though she was clear Britannia offers no saving vehicles that involve risk, she did present the shopper with several options. 2/5
Email web/presence: www.britannia.co.uk 3/5
Verdict: The shopper was impressed with the information given and the potential opportunity to discuss things further with a mortgage adviser. The options were clearly conveyed and the representative was helpful.
Score: 18/35
