This week, the mystery shopper visits the county of Bedfordshire. He has recently inherited £30,000 and is looking to invest the sum in a buy-to-let property priced around £200,000. He has £20,000 in savings which he is willing to contribute to the purchase of a property. The shopper also shares a mortgage on his one-bed flat with his long term partner.
Adviser (Independent): Herts & Essex Financial Services, Ascot Business Centre, 53 Buxton Road, Luton, LU1 1RE
Speed of response: Time of call: 2.53pm. Call was answered after one ring. 5/5
Telephone manner: Professional. 5/5
Relevant qualifications: Level four diploma. 5/5
Payment method: No fee for first meeting. Later charges depend on the individual’s circumstances. 5/5
Guidance given: The adviser explained that the suitability of property investments in general was dependent on the individual’s attitude to risk. He added that lenders generally required a deposit of at least 20 per cent loan-to-value for a buy-to-let mortgage. 3/5
Knowledge: It was difficult to gauge as the adviser said he would need to meet with the shopper and explore his circumstances before offering advice. 2/5
Email/web presence: veryl@handefs.co.uk / www.handefs.co.uk 5/5
Verdict: The adviser seemed disinterested in the conversation and eager to end the call. The shopper would have appreciated a more friendly approach and greater guidance.
31/35
Adviser (Independent): Ashton House, 87 High Street South, Dunstable, LU6 3SF
Speed of response: Time of call: 3.04pm. Call was answered after one ring. 5/5
Telephone manner: Friendly yet professional. 5/5
Relevant qualifications: Level four diploma. 5/5
Payment method: No fee for the first meeting. Latter charges are dependent on the individual’s circumstances. 5/5
Guidance given: The adviser explained that the shopper was likely to need a deposit of at least 25 per cent loan-to-value to secure a competitive buy-to-let mortgage. He added that the shopper should beware of the additional fee applicable to property purchases including stamp duty. 4/5
Knowledge: The adviser displayed good understanding of the products in the marketplace. 3/5
Email/web presence: tony@ashtonhouse.co.uk / www.ashtonhouse.co.uk 5/5
Verdict: Clear, concise and to the point. The shopper was satisfied with the guidance offered.
32/35
Adviser (Independent): Protexx (UK), 8 North Street, Leighton Buzzard, LU7 1EN
Speed of response: Time of call: 3.17pm. Call answered after one ring. 5/5
Telephone manner: Very friendly. 5/5
Relevant qualifications: Certificate in Mortgage Advice (CII). 5/5
Payment method: £395 charge on completion of mortgage application. 5/5
Guidance given: The adviser said that the majority of buy-to-let mortgages required a minimum deposit of 25 per cent loan-to-value – though some lenders would accept a 15 per cent deposit. He added that the rental income that the property would generate should be higher than the cost of the loan. 4/5
Knowledge: The adviser displayed comprehensive knowledge of the topic and offered detailed advice. 4/5
Email/web presence: phil@protexx.co.uk / www.protexx.co.uk 5/5
Verdict: Very good overall. The adviser gave considered and clear responses to the shopper’s many questions.
33/35
Provider: Skipton Building Society
Speed of response: Time of call: 3.28pm. The call was answered by an automated system. The shopper was transferred to a representative within 30 seconds. 4/5
Telephone manner: Professional. 5/5
Relevant qualifications: The representative said he was not qualified to give financial advice. 0/5
Payment method: Payment varies from product to product. 3/5
Guidance given: The representative stressed that he was not qualified to give financial advice, but was able to provide the shopper with information on the lender’s products. He added that the shopper could make an appointment with a mortgage adviser at the company. 2/5
Knowledge: The representative displayed good knowledge of the lender’s products. 3/5
Email/web presence: www.skipton.co.uk/mortgages 3/5
Verdict: The shopper would have appreciated more guidance but understood the representative’s position.
20/35
