Mystery Shopper  

Mystery Shopper: Watford

Guidance: The adviser said she has not begun advising on lifetime mortgages yet but is due to begin in the next few weeks. She said with lifetime mortgages you can generally raise about 40-50 per cent of the value of the home. She said once the mother passes away, the money borrowed on the property will need to be paid quickly and in full. 3/5

Knowledge: The adviser demonstrated sufficient knowledge around the process involved and implications of taking out lifetime mortgages. 3/5

Website: https://evolutionfinancialplanning.co.uk/

Email: sarahd@evolutionfinancialplanning.co.uk 5/5

Verdict: The adviser gave some useful information but seemed too disinterested to speak to the shopper or discuss in depth. 

27/35

Adviser: Lifetime IFA (independent) 

Address: 28 Victoria Street, Paignton, TQ4 5DN 

Speed of response: At 2:30pm the adviser picked up after two rings. 5/5

Telephone manner: The adviser was very friendly and talkative, and highlighted financial matters that were not obviously related to the shopper's situation. 5/5

Relevant qualifications: Level 4 Dip PFS, Level 3 CII. 5/5

Payment method: The adviser said that given the amount the mother wants to take out is around £200,000, the company will not be charging the mother anything as the company will be getting a commission of more than £1,495 from the provider. 5/5

Guidance: The adviser said there is usually some leeway and time period before the lifetime mortgage needs to be paid back upon death of the resident. He said this gives the next of kin the chance to decide whether to sell it, let it out or pay off the outstanding charges in full. The adviser also flagged that the £200,000 the mother is planning to gift her son could be subject to inheritance tax liabilities if she passes away before seven years. 5/5

Knowledge: The adviser demonstrated an excellent knowledge of lifetime mortgages, IHT and the risks and benefits associated to taking out lifetime mortgages.  5/5    

Website: http://www.lifetime-ifa.co.uk/index.php

Email: daniel@lifetime-ifa.co.uk 5/5

Verdict: Shopper’s choice: The shopper was very satisfied with this phone call. The adviser was extremely keen, friendly and helpful. He not only answered every question the shopper asked, but also offered knowledge on complementary products. 

35/35

Adviser: PJ Mortgages (independent)

Address: 354 St Albans Rd, Watford WD24 6PQ

Speed of response: At 2:45pm the adviser picked up after three rings. 5/5

Telephone manner: The adviser sounded impatient and came across as being quite curt. 1/5

Relevant qualifications: CeMap. 5/5

Payment method: The adviser said he will levy a fee of £350 and will be paid some commission from the lender. 5/5