FA - Mystery Shopper West Sussex - IJO - 22032018

Relevant qualifications: DipFS / MAQ. 5/5

Payment method: Typical fee of £995 payable once the decision in principle has been received. 5/5

Guidance: Adviser told the shopper that with a second property she would incur additional stamp duty of around £10,000. Most lenders will ask for a minimum deposit of 25 per cent of the value of the property – so with a £60,000 deposit she would be looking at a property valued at around £240,000. The shopper was also advised to take into account additional legal and valuation fees. 5/5

Knowledge: The adviser sounded quite knowledgeable. The shopper would also have liked a bit more information on the typical rental income that would match the lender's criteria. 4/5


Email: 5/5

Verdict: The adviser was very helpful and knowledgeable.



Adviser: MJB (Partnership) (independent)

Address: 1 Dukes Court, Bognor Road, Chichester, West Sussex PO19 8FX

Speed of response: 11.23am. One ring and put through to adviser by receptionist. 5/5

Telephone manner: Fairly friendly. 4/5

Relevant qualifications: DipFS. 5/5

Payment method: A non-refundable fee of £200 for placing the mortgage plus commission from the lender. 5/5

Guidance: Adviser said that although he was qualified to advise on BTL, he had not done so in a while. But he told the shopper that for the deposit she would need 25 per cent of the property value. To meet the rental income, typically lenders want to see a minimum margin of 25 per cent between the mortgage and the rental amount. With a £60,000 deposit, the shopper would be a looking at a property of around £240,000. 5/5

Knowledge: The adviser was quite helpful, but as he said he had not advised on BTL for some time, the shopper was not completely sure he gave her all the information she needed. 4/5

Verdict: The adviser was professional and, despite not having advised on BTL mortgages recently, he provided information that was helpful. 


Email: 5/5