This week the mystery shopper visits the West Midlands. The shopper is looking to purchase a property with his fiancée valued between £150,000 and £200,000. The couple plan to put their £20,000 savings towards a deposit. The shopper is also considering using part of a £30,000 inheritance to pay off his £10,000 student finance debt. The shopper and his fiancée are both 26, and respectively earn £33,000 and £29,000 with a commission capped at £5,000.
Adviser (Independent):
Midland Financial Advisers, 3 Garden Cottages, Back Lane, Gnosall, Staffordshire, ST20 0BS
Speed of response:
Time of call:
11.08am. The call was answered after two rings. 5/5
Telephone manner:
Very friendly, polite and helpful. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
No charge for the initial meeting. A maximum fee of £250. 5/5
Guidance given:
The adviser kicked off the conversation by asking whether the shopper owned a credit card. He explained the importance of having a credit history when it comes to mortgage applications.
The adviser explained that the rate of interest on student finance loans was low, so there was no rush to pay it off in one go.
He cautioned the couple against putting all their savings towards a deposit, adding that they should ensure that they have enough money to pay legal fees and stamp duty. 5/5
Knowledge:
Really good. The adviser substantiated his knowledge of the market by going online to get an accurate quote. 4/5
Email/web presence:
mfaindependent@btinternet.com
www.mfa-ifa.co.uk 5/5
Verdict:
Brilliant. The shopper was extremely thorough, having spent 25 minutes discussing the shopper’s circumstances and generating a few quotes at no cost.
34/35
Adviser (Independent):
Evans Ash Financial Services, Sarum Market Street, Penkridge, Staffordshire, ST19 5DH
Speed of response:
Time of call: 11.36am. The call was answered after three rings. 5/5
Telephone manner:
Very friendly and welcoming. 5/5
Relevant qualifications:
Chartered financial planner. 5/5
Payment method:
No charge for the initial conversation. A typical charge of £250. 5/5
Guidance given:
The adviser said that he would need to delve deeper into the shopper’s financial situation – which would involve seeing payslips – to establish whether or not the shopper would be better off paying off his student loan then using the rest of his cash to secure a mortgage.
Judging from the information given, the adviser said that the shopper had a good chance of getting a mortgage.
4/5
Knowledge:
The adviser displayed comprehensive knowledge of the mortgage application process. 3/5
Email/web presence:
martyn@evansash.co.uk
www.evansash.co.uk 5/5
Verdict:
The adviser appeared eager to help the shopper when it came to establishing whether he should pay off his student loan. The adviser was patient and accessible, even offering to speak with the adviser on his days off over the weekend.
32/35
Adviser (Independent):
Complete Advice Services, 10 Everglade Road, Priorslee, Shropshire, TF2 9QS
Speed of response:
Time of call: 12.12pm. The call was answered after four rings. 5/5
Telephone manner:
Friendly. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
A typical charge of £300. 5/5
Guidance given:
The adviser said that it was a good time to get a mortgage because of low base rates, adding that interest rates will only increase in the near future. 3/5
Knowledge:
Decent. The adviser explained that the mortgage market had come a long way since the financial crash, during which interest rates applicable to mortgages and the lending criteria made it extremely difficult to secure the product. 3/5
Email/web presence:
sean@completeadvice.co.uk
www.completeadviceservices.co.uk 5/5
Verdict:
The shopper had caught the adviser at a bad time. From the background noise, it appeared that the adviser was boarding a train. However, the adviser gave helpful – albeit brief – guidance, and expressed a willingness to contact the shopper at a mutually more convenient time.
31/35
Provider: TSB
Speed of response:
Time of call: 12.18pm. The call was answered by an automated system, and was transferred to an adviser within a minute. 4/5
Telephone manner:
Polite and friendly. 5/5
Relevant qualifications:
Mortgage adviser (CeMap). 5/5
Payment method:
Payment would vary according to the individual case. 3/5
Guidance given:
The adviser gave a detailed breakdown of the mortgage application process. She added that the providers would lend up to 95 per cent LTV – although a high deposit would command a low rate of interest. 3/5
Knowledge:
The adviser seemed clued up on the lender’s products. 3/5
Email/web presence:
nia.morris@tsb.co.uk
www.tsb.co.uk/mortgages 5/5
Verdict:
The shopper was satisfied with the information given by the adviser, who happily disclosed her email address in case the shopper had any more questions. 28/35
