The shopper recently left her full-time job to become a freelance make-up artist. She still works part time at her previous employer where she earns a salary of £35,000, and the rest she earns is through freelance work.
She wants to take out a mortgage for around £200,000, and she has a £50,000 deposit saved up.
Adviser: FOL Wealth (independent)
Address: 1 Mayfair Pl, Mayfair, London W1J 8AJ
Speed: 2:45pm the adviser picked up after two rings. 5/5
Telephone manner: The adviser was friendly and polite. 5/5
Qualifications: CeMap, Level 6 chartered financial planner. 5/5
Payment method: The chartered financial planner quoted a fee of £1,500. He said the company normally charges one per cent of the mortgage fee. 5/5
Guidance: The adviser told the shopper most lenders will need the applicant's last three payslips and proof of earnings from the past year, which the shopper does not have. He said given that the shopper already has a £50,000 deposit, it may still be possible to get a mortgage earlier than under a year. He said specialist lenders are likely to charge excessive rates but high-street lenders will be more suited for this scenario. 3/5
Knowledge: The adviser demonstrated very good knowledge of different eligibility criteria around mortgages for the self-employed. 4/5
Website: www.folwealth.com
Email: abiladele@folwealth.com. 5/5
Verdict: The chartered financial planner demonstrated good knowledge and did not immediately dismiss the shopper’s chances of getting a mortgage.
32/35
Adviser: Jackson Potter (independent)
Address: Warnford Court, 29 Throgmorton Street, London, EC2N 2AT
Speed: 15:12pm. The shopper was connected to the switchboard after three rings and then after one ring to the adviser. 5/5
Telephone manner: The adviser was quite friendly, but slightly less compared with other advisers. 4/5
Qualifications: CeMap. 5/5
Payment method: The adviser quoted a fee of £195 for mortgages up to £150,000 and no fee on mortgages above £200,000. 5/5
Guidance: The adviser said the earliest the shopper can obtain a mortgage is after she has completed one year of being self-employed. 3/5
Knowledge: The adviser demonstrated adequate knowledge. 4/5
Website: www.jacksonpotter.co.uk
Email: emma@jackson-potter.com. The shopper initially gave the general company address. 4/5
Verdict: This adviser had good knowledge, but the shopper would have liked a bit more of a detailed chat.
30/35
Adviser: Eternity Home Finance (independent)
Address: 20 Bunhill Row, London, EC1Y 8UE
Speed: 3:40pm. The mortgage broker picked up immediately after one ring. 5/5
Telephone manner: The adviser was friendly and polite. 5/5
Qualifications: CeMap. 5/5
Payment method: The adviser said a fee of one per cent of the mortgage will be levied on the shopper. 5/5
Guidance: The adviser said the annual salary the shopper earns through PAYE means a mortgage may be possible, though it would depend on whether high-street lenders would think the salary is sufficient. He said presenting a couple of payslips from each year of work may help, as the shopper is still working for her previous employer 4/5
Knowledge: The adviser showed a good understanding of the market. 3/5
Website: www.eternityhomefinance.com/home
Email: sam@eternityfinance.com 5/5
Verdict: The adviser appeared knowledgeable and was helpful to the shopper.
33/35
Adviser: Independent James (independent)
Address: 14 Clerkenwell Green, London, EC1R 0DP
Speed: 16:42pm. The shopper was connected to the switchboard after one ring and after three rings to the mortgage adviser. 5/5
Telephone manner: The adviser was extremely talkative, friendly and patient throughout the call. 5/5
Qualifications: CeMap. 5/5
Payment method: The adviser quoted a flat-rate fee of £500 at the end of the process. 5/5
Guidance: The adviser confirmed what the other advisers told the shopper, that it will be complicated for the shopper to obtain a mortgage given that she has been self-employed for less than a year. But he advised the shopper to see whether her employer will be willing to adjust the contract from an annual salary to a daily rate. He explained lenders prefer self-employed mortgage applicants to demonstrate a daily rate of pay rather than monthly or yearly pay. He asked to meet the shopper to review her employment contract. 5/5
Knowledge: The mortgage adviser demonstrated excellent knowledge of different rules surrounding self-employed borrowers. 5/5
Website: www.independentjames.com
Email: om@independentjames.com. 5/5
Verdict: Shopper's Choice. This adviser was the most helpful to the shopper as he made it clear that the process would be complicated but also proposed a solution that the other advisers did not.
35/35
