This week, the mystery shopper visits Aberdeen. She and her husband are considering buying the house in which they live with their two children. Her husband earns £40,000 a year; the shopper is on extended maternity leave but looking to start work. They have a deposit of £50,000 and savings of nearly £20,000.
Adviser (independent): City Financial, 27 Chapel Street, AB10 1SQ
Speed of response
Time of call: 9.48am. Answered by an adviser after two rings.
5/5
Telephone manner
Professional and friendly; put the shopper at ease instantly.
4/5
Relevant qualifications
The adviser said that she was qualified to advise on mortgages.
3/5
Payment method
The first meeting would be free, after which the shopper would be charged a fee.
5/5
Guidance given
The adviser was encouraging, especially as the shopper said she was nervous about making her first mortgage enquiry. She put the shopper at ease and talked through the requirements, including the possibility of her husband starting a new job and the impact of old debts on getting a mortgage. The adviser said the most they could borrow based on the husband’s salary was probably £180,000, but that other factors might increase that.
4/5
Knowledge
The adviser explained the stricter lending criteria as a result of the MMR, but also pointed out that with a sizeable deposit they had some hope of getting a mortgage.
4/5
Email/web presence
hazel@city-financial.co.uk
www.city-financial.co.uk
5/5
Verdict
The adviser was friendly and knowledgeable. The shopper was impressed and would be happy to return to this adviser when she is more certain about taking out a mortgage.
30/35
Adviser (independent): Bureau of Independent Financial Advice, 85 Garthdee Road, AB10 7AY
Speed of response
Time of call: 11.20am. Answered after two rings by a receptionist, who put the shopper through to an adviser.
5/5
Telephone manner
Professional and friendly.
4/5
Relevant qualifications
The adviser said he was fully qualified to advise on mortgages.
4/5
Payment method
The first meeting would be free, after which the shopper would be charged a fee.
5/5
Guidance given
The adviser said it would be possible for the shopper’s husband to borrow up to for times his salary, so long as he had a clean credit record. The adviser also explained that taking out a mortgage in one spouse’s name tended to make lenders more wary if the one income had to support the whole family. He said the mortgage needed to be affordable.
4/5
Knowledge
The adviser explained the stricter lending criteria as a result of the MMR and warned her that the process of taking out a mortgage loan could be intense.
4/5
Email/web presence
No website.
0/5
Verdict
The adviser seemed friendly and knowledgeable: the only reason the shopper wasn’t able to increase the score was the lack of web presence. The shopper would be happy to take out a mortgage with this adviser.
26/35
Adviser (independent): Professional Financial Advisers (Optima), 2 Bon Accord Square, AB11 6DJ
Speed of response
Time of call: 12.04pm. Answered after two rings by a friendly receptionist.
5/5
Telephone manner
Professional, friendly. The assistant said they don’t cover mortgages, but asked a director anyway.
5/5
Relevant qualifications
The adviser explained that he was a financial planner.
4/5
Payment method
The first meeting would be free, but may be chargeable if the shopper went on to do business with the adviser.
5/5
Guidance given
Despite not advising on mortgages, the adviser was really helpful and asked lots of questions. He pointed out that it may be more appropriate to pay down debts with their savings and that any interest being paid was likely to outstrip the interest being earned.
4/5
Knowledge
The adviser seemed to know about mortgages and went above and beyond, considering the company does not advise on mortgages.
4/5
Email/web presence
dcraik@optima-fs.co.uk
www.optima-fs.co.uk
5/5
Verdict
The adviser lived up to the image of a financial planner by offering holistic and friendly advice without trying to force the shopper to make an appointment or give contact information.
32/35: shopper’s choice
Provider: Santander (call centre)
Speed of response
Time of call: 10.30am. Answered after one ring by an automated system; put through after answering a series of options.
3/5
Telephone manner
Friendly.
4/5
Relevant qualifications
Not a qualified mortgage adviser, but able to help the shopper with an initial enquiry.
3/5
Payment method
No fee for advice, but a fee of £999 would be paid on completion of the loan.
3/5
Guidance given
The assistant had to be persuaded to give the shopper further information, such as what monthly repayments she could expect, but was professional in taking the shopper through a basic affordability check. She estimated that the shopper would be able to get a loan of up to £180,000. The shopper would need to make an appointment with a qualified mortgage adviser in the branch for more advice.
4/5
Knowledge
Despite the assistant not being a qualified mortgage adviser, the shopper would have been happy to have been helped further by her, rather than having to go to the branch.
4/5
Email/web presence
www.santander.co.uk
4/5
Verdict
The assistant seemed really capable – if she had not volunteered her lack of qualifications, the shopper would have felt confident taking her advice.
25/35
