This week, the shopper visits Folkestone. He is moving from London with £130,000 in equity proceeds from the sale of a flat, and looking for a mortgage (£50,000) in addition to the cash stake, to purchase a property in the town centre. He needs an easily repayable mortgage that would lead to a swiftly cleared debt.
Acumen Financial Consulting (Independent)
36 Bouverie Square, Folkestone, Kent CT20 1BA
Speed of response (time of call) 3.31pm. Answered after four rings. 5/5
Telephone manner: Polite, not rushed 5/5
Relevant qualifications: Adviser is FCA-registered and could check through the body, but not given further clarification. 3/5
Payment method: £595 on completion of mortgage. 5/5
Guidance given
The shopper was told there was the option of going down the lower interest rate route, but would be charged fees of around £1,000 on top of that. Due to the amount to be borrowed, it would probably be better to get a no-fee, slightly higher interest rate offer. The shopper was made aware that some agents recommend clients use their in-house or recommended broker, and it would be better to meet face-to-face to gauge income and outgoings. 5/5
Knowledge: Good. The adviser also checked that the shopper would not prefer the financed loan route before giving mortgage information. 4/5
Email/web presence:
www.acumenfinancialconsulting.co.uk 5/5
Verdict:
Solid advice and nice to know that when considering loan-to-value (LTV) and salary, a mortgage would likely be easy to obtain.
Total score: 32/35
Stewart Financial (regional office) Independent Adviser
93-95 Sandgate Road, Folkestone, Kent CT20 2BQ
Speed of response (time of call): 5.17pm. Answered after two rings. 5/5
Telephone manner: Friendly and open. 5/5
Relevant qualifications: CeMap-qualified, but no other qualifications given. 5/5
Payment method: Administration fee on completion of mortgage: £299. 5/5
Guidance given
After a slight confusion over the actual figures, the shopper was told that with the amount being so low, the best mortgage rates could be found between 60 and 65 per cent LTV and above. The shopper was told that the company deals with a comprehensive range of lenders, apart from those lenders that don’t deal with intermediaries.
Knowledge: The adviser knew what he was were talking about. 4/5
Email/web presence:
d.thornton@stewartfinancial.co.uk
www.stewartfinancial.co.uk 5/5
Verdict:
Very friendly and helpful.
Total score: 33/35
Forward Plan IFA Ltd (Independent)
5th Floor, Civic Centre, Castle Hill Avenue, Folkestone, Kent CT20 2QY
Speed of response (time of call): Answered after two rings and put through to the co-owner. 5/5
Telephone manner: Polite, very informative and chatty. 5/5
Relevant qualifications: Level four diploma – studying for level six and CeMap-qualified. 5/5
Payment method: Research fee of £250. 5/5
Guidance given
The adviser gave balanced advice and made the shopper aware of what expense could be expected (including mortgage fees) – despite the relatively loose brief given – in a calm, considered and friendly manner. The shopper was told that a 60 to 65 per cent LTV mortgage of £50,000 would be easy to arrange, and the adviser was the only one to recommend a structural survey of a potential property at £300. Any offers made would be sent in writing. The shopper was taken through the process with no hint of the hard sell, and was told a meeting could be arranged at shopper’s convenience. 5/5
Knowledge: Excellent. 5/5
Email/web presence:
www.forward-plan.co.uk 5/5
Verdict
Best in class – this adviser was extremely professional and knowledgeable about the range of products offered.
Total score: 35/35
Nationwide (Provider)
Speed of response (time of call): 5.32pm. Automated response, then kept on hold for six minutes while jazz funk muzak was played. 2/5
Telephone manner: Friendly and helpful (when finally put through). 5/5
Relevant qualifications: Representative was not officially financially qualified. 0/5
Payment method: Fee ranged from none to £999 depending on mortgage solution. 5/5
Guidance given
On asking for a £50,000 mortgage to top up a £130,000 cash payment, the representative directed the shopper to the company’s online mortgage calculator to calculate “what the rates are and what that would be on a monthly repayment”. The shopper was told the next stage would be to run through a decision in principle to decide how much the provider would be willing to lend, which would lead to a credit check that would last for 90 days. 3/5
Knowledge: Very good, but the shopper was required to have the relevant documents (bank statements, etc) so directed to the Nationwide online mortgage calculator. 3/5
Email/web presence:
www.nationwide.co.uk/products/mortgages 3/5
Verdict
The representative was extremely friendly and helpful, even offering to do a search online when the shopper said it was nowhere near a computer, but their hands were tied by policy as the right documents were not available.
Total score: 21/35
