This week the mystery shopper is in Berkshire. He and his long-term partner are looking to buy a property priced around £250,000, so are seeking advice on mortgages. They are considering opening a help-to-buy Isa account in a bid to bump up their £12,500 deposit. The shopper and his girlfriend earn salaries of £30,000 and £35,000 respectively.
Adviser (independent):
Informed IFA, 21 Marlow Road, Maidenhead, Berkshire , SL6 7AA
Speed of response:
Time of call: 11.00am. The call was answered after two rings. 5/5
Telephone manner:
Friendly and engaging. 5/5
Relevant qualifications:
CF6 - Certificate in Mortgage Advice (CII). 5/5
Payment method:
Commission. A fee of £495 is payable if a client does not proceed with the mortgage deal once a decision in principle has been reached. 5/5
Guidance given:
The adviser admitted that he did not know a lot about help-to-buy Isas because the product is new to the marketplace. After being informed of the shopper’s circumstances, the adviser said that he might be able to secure a loan at 95 per cent LTV. The shopper could also be eligible for the government’s help-to-buy scheme, although the initiative is only applicable to new-builds, the adviser added. 4/5
Knowledge:
Extensive – although the adviser admitted limited knowledge on help-to-buy Isas, he correctly told the shopper that savers can deposit a lump sum of up to £1,200 in the first month, and up to £200 thereafter. 4/5
Email/web presence:
www.informedifa.co.uk
jeff@iifa.co.uk
5/5
Verdict:
First class. The adviser was detailed in his guidance, which was delivered in a friendly manner. He even managed to generate a mortgage deal based on the shopper’s situation using an online tool during the conversation.
33/35
Adviser (independent):
The Ross Partnership, 12 Holly Crescent, Berkshire, SL4 5SL
Speed of response:
Time of call: 11.23am. The call was answered after three rings. 5/5
Telephone manner:
Very friendly.
5/5
Relevant qualifications:
Level four diploma.
5/5
Payment method:
The adviser did not disclose this as he no longer advises on mortgages.
5/5
Guidance given:
“The bigger the deposit, the better the mortgage deal,” according to the adviser. Although qualified to give mortgage advice, the adviser said that he had not done many mortgage applications lately, and was somewhat ‘out of the loop’ on the latest developments in the market. He recommended and disclosed the contact details of two mortgage brokers who work in different adviser firms.
3/5
Knowledge:
The shopper felt that the adviser had a wealth of knowledge in the area. The adviser said that he had been an estate agent for 16 years prior to his current role.
3/5
Email/web presence:
The adviser did not give his email address as he and the shopper were unlikely to do any business in the near future.
www.therosspartnership.co.uk
3/5
Verdict:
The shopper appreciated the adviser’s candour and his friendly approach to the conversation.
29/35
Adviser (independent):
Pennymatters, Building 329, Doncastle Road, Bracknell, RG12 8PE
Speed of response:
Time of call: 11.47am. The call was answered after one ring. 5/5
Telephone manner:
Professional. 5/5
Relevant qualifications:
Level four diploma. Mortgage and protection specialist. 5/5
Payment method:
A £250 flat fee chargeable on receipt of the mortgage offer. 5/5
Guidance given:
The adviser said that lenders look at the size of the borrower’s deposit, earnings and credit history when considering a mortgage application. He suggested meeting with the client to discuss the matter in greater detail. 3/5
Knowledge:
The adviser seemed well-versed in mortgages, but did not display a great deal of his knowledge during the conversation. 3/5
Email/web presence:
boballi@pennymatters.co.uk
www.pennymatters.co.uk
5/5
Verdict:
The conversation came across as a sales push. The adviser did not offer a great deal of guidance and was a little too quick to suggest a face-to-face meeting.
31/35
Provider: Halifax
Speed of response:
Time of call: 11.53am. The call was answered by an automated system, then transferred to an adviser within 90 seconds. 3/5
Telephone manner:
Professional. 4/5
Relevant qualifications:
The representative said he was not qualified to give financial advice. 0/5
Payment method:
£1 to open a help-to-buy Isa. 3/5
Guidance given:
The representative gave comprehensive details of the provider’s help-to-buy product. He said the product offered a rate of interest of 4 per cent, adding that the government subsidy was capped at £3,000 per person. 4/5
Knowledge:
The representative displayed a good level of knowledge of the product. 4/5
Email/web presence:
www.halifax.co.uk/isas/cash-isas/help-to-buy-isa
3/5
Verdict:
Good overall. The representative gave clear and concise details of the product.
21/35
