Mortgages  

Mystery Shopper: Stockport

This week the mystery shopper is in Stockport. He and his brother are seeking to purchase their first property together. Earning £30,000 and £35,000 respectively, they have saved £10,000 towards a deposit, which their parents and grandparents have also pledged to boost by a total of £30,000.

Adviser (Independent)Opal Financial Management, 3 Ringwood Avenue, Hazel Grove, Stockport, SK7 5HH

Speed of response:
Time of call: 2.41pm. The call was answered after two rings. 5/5

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Telephone manner:

Friendly yet professional. 5/5

Relevant qualifications:

Level four diploma and CeMap mortgage qualification. 5/5

Payment method:

£296 flat fee. 5/5

Guidance given:

The adviser said that lenders were looking for evidence that mortgage applicants would be able to repay their loans. Information including details on the shopper’s earnings and credit history would need to be disclosed in the mortgage application process, she explained. She added that a larger deposit would command a lower rate of interest. 3/5

Knowledge:

The adviser clearly knew a lot about the market – giving a substantial, although not comprehensive, insight into the intricacies of the mortgage application process. 4/5

Email/web presence:

helen.brown@opalfinancialmanagement.co.uk
www.opalfinancialmanagement.co.uk 5/5

Verdict:

Short yet sweet. The conversation with the adviser did not last very long, but the shopper was satisfied with the guidance provided.

32/35

Adviser (Independent):

John Whelan Financial Planning, 5 Buckingham Road, Cheadle, SK8 5EG

Speed of response:
Time of call:2.48pm. The call was answered after two rings. 5/5

Telephone manner:

Polite and professional. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

£200 flat fee. 5/5

Guidance given:

The adviser started by asking a number of questions typically found on a mortgage questionnaire on the shopper’s and his brother’s credit history and earnings. He said that it would be impossible to secure a mortgage for a £240,000 house with a £10,000 deposit, and the pair would need the funds offered to them by their family. However, he explained that lenders have more confidence in individuals who save for deposits under their own steam. 5/5

Knowledge:

Again, the adviser clearly knew his stuff. However, in this case, the adviser gave a more comprehensive explanation and delved into the importance of a good credit rating. 5/5

Email/web presence:

liamohare@johnwhelanfinancialplanning.co.uk
www.johnwhelanfinancialplanning.co.uk 5/5

Verdict:

The adviser was notably thorough with his questioning, and the shopper greatly appreciated his detailed guidance on the subject.

35/35

Adviser (Independent):

Maestro Financial Services, Metropolitan House, Station Road, Cheadle, SK8 7AZ

Speed of response:
Time of call: 3.08pm. The call was answered after two rings. 5/5

Telephone manner:

Professional yet polite. 5/5

Relevant qualifications:

CeMAP qualified mortgage adviser. 5/5

Payment method:

£495 flat fee. 5/5

Guidance given:

The adviser said that the shopper would be likely to secure 80 per cent LTV deals for a home in the region of £220,000 with a £40,000 deposit. He too explained that higher deposits command a low rate of interest. 3/5

Knowledge:

Good. The adviser explored the importance of full disclosure of finances when it comes to mortgage applications. 3/5

Email/web presence:

mick.fone@maestrogroup.co.uk 3/5

Verdict:

Very good. The adviser started off by asking the shopper what he expected from his service – which was quite refreshing. The adviser then gave a comprehensive overview of the application process, and gave concise answers to the shopper’s questions.