The shopper wants to buy her first home, and has a £30,000 deposit. She earns £38,000 a year and the desired properties range between £300,000-£350,000. Her brother offered to buy with her, but is concerned about stamp duty as he owns a property, so wants to look at a joint and sole proprietor mortgage.
Adviser: KDW Independent Financial Planning (independent)
Address: 2nd Floor Centurion House, 136-142 London Road, St Albans, Hertfordshire AL1 1PQ
Speed of response: 10.38am. The shopper was put through to the adviser after about 20 seconds. 5/5
Telephone manner: Friendly and helpful. 5/5
Relevant qualifications: CeMap. 5/5
Payment method: The administration fee for processing mortgage is £249 and commission from the lender. 5/5
Guidance: The adviser said as it will be the brother’s second property stamp duty charges will be incurred. When the shopper asked about the joint borrower sole proprietor mortgage option, the adviser said not many lenders offered the product. Also, her brother would still need to meet the affordability criteria. The shopper was advised to consider a shared-ownership or a help-to-buy scheme. It was only when asked for help that the adviser offered to look into the matter. 4/5
Knowledge: The adviser sounded very knowledgeable, but the shopper did not feel he was proactive enough in trying to assist and needed prompting. 4/5
Website: www.kdw.co.uk
Email address: help@kdw.co.uk 5/5
Verdict: The adviser behaved in a fairly professional way, but the shopper felt he should have offered to make some enquiries on her behalf.
33/35
Adviser: Cranbourne Financial (independent)
Address: 18 Walsworth Road, Hitchin, Hertfordshire SG4 9SP
Speed of response: The shopper was put through to adviser after one ring. 5/5
Telephone manner: Helpful and friendly. 5/5
Relevant qualifications: DipFS and Certificate in Mortgage Advice (CII). 5/5
Payment method: The adviser will be paid by the lender. 5/5
Guidance: The adviser asked the shopper about her circumstances. He said her brother could act as a guarantor for her mortgage, but he would still need to pass the affordability test, and to be entered on the title deed. The adviser suggested she look for a smaller property or consider searching in another area. 4/5
Knowledge: The adviser sounded fairly knowledgeable, but he did not give her clear information when she asked him about the joint borrower sole proprietor option. 3/5
Website: www.cranbournefinancial.co.uk
Email address: sam@cranbournefinancial.co.uk 5/5
Verdict: The adviser was professional, but he did not seem to knew a lot of detail about the joint borrower sole proprietor option.
32/35
Adviser: Herts and Essex Financial Services (independent)
Address: 2nd Floor, Manor Court, Bancroft, Hitchin, Hertfordshire SG5 1JW
Speed of response: 11.21am. The shopper was put through to adviser after one ring. 5/5
Telephone manner: Friendly and very helpful. 5/5
Relevant qualifications: Advanced CeMap qualification. 5/5
Payment method: Total fee of £750. On the submission of application, there is a fee of £150 and the remainder is paid when the application has been successful and completed. 4/5
Guidance: The adviser explained that with a joint borrower sole proprietor mortgage, her brother's credit rating could be impacted if she defaulted. He also explained how the brother's affordability would be measured alongside hers during the application stage. Shared ownership was given as another option, and he offered to look into it for her. 5/5
Knowledge: Adviser sounded very knowledgeable about the different types of mortgages available and was also very helpful in offering to look into shared ownership. 5/5
Website: www.handefs.co.uk
Email address: veryl@handefs.co.uk 5/5
Verdict: Shopper’s Choice. The adviser was very helpful and knowledgeable about the options available to the shopper.
34/35
Adviser: Consilium Financial Planning (independent)
Address: 18 Walsworth Road, Hitchin, Hertfordshire SG4 9SP (same address as Cranbourne Financial. It is a business centre with different offices)
Speed of response: 11.42am. The phone rang once before being transferred to an adviser. 5/5
Telephone manner: The adviser was friendly, but sounded a bit distracted. 4/5
Relevant qualifications: CeMap. 5/5
Payment method: The company gets paid a commission of around £500. 5/5
Guidance: The adviser was keen to arrange a meeting with the shopper to go over her options. He said there was a way that her brother could avoid paying stamp duty and be added to the mortgage, but not to the title deeds. 4/5
Knowledge: The adviser sounded fairly knowledgeable, but unfortunately he did not go into a lot of detail as he sounded distracted on the phone. 3/5
Website: www.consiliumfp.co.uk
Email address: mward@consiliumfp.co.uk 5/5
Verdict: Although the adviser was friendly, it sounded as if he was distracted and in a rush to get off the phone.
31/35
