The shopper wants to buy a holiday home on the Isle of Wight, costing about £300,000.
She has a mortgage on her south London home, which is valued at £500,000.
She wants to know whether she should remortgage her home or opt for equity release to raise funds for a deposit for the holiday home.
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: Rouse Limited (Independent)
Address: Mill Court Cottage, Furrlongs, Newport, Isle of Wight, PO30 2AA
Speed of response: 10.55am. The shopper was transferred to an adviser. 5/5
Telephone manner: The adviser was friendly and patient. 5/5
Relevant qualifications: CeMap, CeRER. 5/5
Payment method: The adviser said the initial meeting would not cost anything. A total of £150 would be charged for a further meeting and a further £250 on completion of the remortgage. 5/5
Guidance: The adviser said the shopper would not be eligible for equity release, as she was less than 55 years old. He said a remortgage would work, but if the shopper was on an interest-only deal it may be more difficult. He said it would be easier to get a remortgage if the shopper were on a repayment mortgage. 4/5
Knowledge: The adviser demonstrated good knowledge of the remortgage rules and eligibility criteria. 4/5
Email/web presence: https://www.rouseltd.co.uk/
Verdict: The adviser was extremely helpful but the shopper would have liked a rough estimate of how much equity the shopper could release from the remortgage.
Adviser: Positive Solutions (Independent)
Address: 41 High St, Shanklin, Isle Of Wight, PO37 6JJ
Speed of response: 11.39am. The shopper was transferred to an adviser. 5/5
Telephone manner: The adviser was friendly and polite. 5/5
Relevant qualifications: CeMap, Level 4 DipPFS. 5/5
Payment method: First meeting would be free of charge, then £250 would be charged for research up until completion. 5/5
Guidance: The adviser urged the shopper to first check with their current lender how much equity could be taken out as this would be cheaper than obtaining a full new remortgage deal. The adviser said this was because of various exit penalty fees that may be incurred as a result of changing lender. 3/5
Knowledge: The adviser demonstrated good knowledge of mortgages, remortgages and the consequences of taking out a remortgage. 3/5
Email/web presence: https://www.intrinsicfs.com/about-intrinsic/positive-solutions/
Verdict: The shopper received great advice and had a good telephone experience.
Adviser: Prospect Mortgages (Independent)