This week, the mystery shopper visits Birmingham and is unsure how owning a property abroad will affect her taking out a £350,000 mortgage
The shopper is planning on buying a property costing about £350,000. But the shopper recently found out she owns a property in her homeland Indonesia,
one which she inherited when she was four years old. She wants to buy a property in the UK but is not sure if she would be classed as a first-time buyer or subject to stamp duty.
Each week the mystery shopper seeks advice from independent advisers in the UK.
The aim is to find out whether advisers are delivering the goods when it comes to the all-important initial telephone contact between client and adviser.
It is only intended to evaluate this first interview, and it is understood that further meetings would be necessary before final decisions could be made.
The purpose is not to expose poor selling practices, but to show constructively any weaknesses in the advice process.
Adviser: Newstead Clark (independent)
Address: 3rd floor, 2 Venture Court, Wolverhampton Business Park WV10 6TB
Speed: 10.30am. The call was answered by a mortgage administrator. 5/5
Telephone manner: The administrator was friendly. 5/5
Qualifications: A mortgage administrator, not a qualified mortgage adviser. 4/5
Payment method: Depends on complexity of application, but will range from £195 to £495. 5/5
Guidance: The administrator told the shopper if she held a property in her name abroad a stamp duty would not apply if she bought a property in the UK.
She added that lenders would typically not ask questions about whether she owned any property abroad.
When the shopper checked official information later on she found out there would be an onus on her to pay stamp duty if she has another property in her name outside of the UK. 2/5
Knowledge: The administrator was unable to provide any guidance on what stamp duty might apply in her circumstances; she was told that was a job for a solicitor. 3/5
Website: www.newsteadclark.co.uk
Email: admin@newsteadclark.co.uk 5/5
Verdict: The mortgage administrator was friendly, but was unable to provide much information, which the shopper felt was not very complicated.
29/35
Adviser: Southcote Financial Limited (independent)
Address: 67A The Green, Kings Norton, West Midlands B38 8RU
Speed of response: 11.25am. The shopper was transferred to an adviser by the receptionist. 5/5
Telephone manner: The adviser was abrupt at first but became polite as the call went on. 4/5
Qualifications: CeMAP. 5/5
Payment Method: The adviser is typically paid a commission by the lender. 3/5
Guidance: The advisers said he did not know if the shopper would have to pay stamp duty on a property in the UK and suggested that questions about stamp duty should be for a lawyer. 3/5
Knowledgeable: The adviser was not able to answer all of the shopper's questions, but pointed her in the direction of a lawyer who could help. 3/5
Website: http://www.southcotefinancial.co.uk
Email: enquiries@southcotefinancial.co.uk 5/5
Verdict: The adviser sounded defensive at first, but was helpful later.
28/35
Adviser: Ethical Adviser (independent)
Address: 56 Avalon Close, Erdington, Birmingham B24 9JY
Speed of response: 12.15pm. The shopper was transferred to an adviser by the receptionist. 5/5
Telephone manner: The adviser was patient and friendly. 5/5
Relevant: Qualifications: DipPFS, CeMAP. 5/5
Payment Method: The fee depends on the value of the property. 2/5
Guidance. The adviser initially thought the property the shopper was enquiring about was in the UK, and said the shopper would definitely have to pay a higher stamp duty. But when he understood that it was in Indonesia, he said he was not sure. But he was able to provide information on all the stamp duty bands. 4/5
Knowledgeable: The adviser sounded confident and had a fair understanding about stamp duty rates although he was not sure about the shopper's query. 4/5
Website: www.ethicaladviser.co.uk
Email: martin@ethicaladviser.co.uk 5/5
Verdict: The adviser was helpful and knowledgeable.
30/35
Adviser: SJ Financial Solutions (independent)
Address: 185 High Street Harborne, Birmingham B17 9QJ
Speed of response: 3.49pm. The shopper was transferred to an adviser by the receptionist. 5/5
Telephone manner: The adviser was friendly. 5/5
Relevant qualifications: CeMap. 5/5
Payment method: A mortgage fee of £399 paid by the borrower and commission from the lender. 5/5
Guidance: The adviser told the shopper that she was not sure if the shopper would be treated as a first-time buyer or a second-time buyer. 3/5
Knowledgeable: The adviser appeared to have good knowledge of stamp duty rates and regulation. She also offered to follow-up on her query with a lawyer and find out more information on her behalf. 4/5
Website: https://www.sjfinancialsolutions.co.uk
Email: amanda@sjfinancialsolutions.co.uk 5/5
Verdict: Shopper's Choice. The adviser was very helpful and willing to take steps to clarify what she wasn’t sure about.
32/35
