Your IndustryFeb 1 2017

Mystery shopper: West Midlands

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Mystery shopper: West Midlands

This week the shopper visits the West Midlands. The shopper and his brother seek a mortgage to purchase a property to the value of £290,000 with a £42,000 deposit. The shopper earns £34,000 with scope for commission capped at £3,000, while his brother earns £13,000 per annum in his part-time retail role. He also runs a graphic design business as a sole trader. He has been doing so for six months.

Adviser (Independent): Planning Together, The Exchange, 26 Haslucks Green Road, Shirley, West Midlands, Solihull, B90 2EL

Speed of response:

Time of call: 2.13pm. Answered after three rings. 5/5

Telephone manner:

Friendly and helpful. 5/5

Relevant qualifications:

Mortgage adviser. 5/5

Payment method:

Commission. 5/5

Guidance given:

When it comes to self-employed borrowers, most lenders would only consider those with at least two years' accounts, while some would settle for one year’s book, the adviser said. Using a mortgage calculator, the adviser generated a rough quote, but suggested arranging an initial meeting where he would conduct a comprehensive fact find.  3/5

Knowledge:

The adviser displayed good knowledge on the topic. He accurately explained that self-employed have a greater minimum deposit requirement than conventional mortgages. 4/5

Email/web presence:

andy@mortgagetogether.co.uk

http://mortgages.mortgagestogether.co.uk 5/5

Verdict:

Very good overall. The adviser was attentive and patiently answered the shopper’s questions.

32/35

Adviser (Independent): G & B Associates, The Gate House, 27 Gate Lane, Sutton Coldfield, West Midlands, B73 5TR

Speed of response:

Time of call: 2.36pm. Answered after two rings. 5/5

Telephone manner:

Polite and engaging. 5/5

Relevant qualifications:

Mortgage adviser. 5/5

Payment method:

Commission. 5/5

Guidance given:

Some lenders accept one year's account from self-employed applicants but the majority stipulate two years, according to the adviser. In addition, some lenders would factor in commission – so long as the borrower has a track record of securing it, he said. The adviser suggested arranging an initial consultation to further delve into the shopper’s circumstances and explore different solutions.

4/5

Knowledge:

The adviser seemed well versed in the area.

4/5

Email/web presence:

neale.vaughan@gandbassociates.co.uk

gandbassociates.co.uk

5/5

Verdict:

Excellent. The adviser asked a number of questions in the first instance to deliver more structured guidance.

33/35

(Independent): Petrie & Petrie, 158 Weoley Castle Road, Birmingham, West Midlands, B29 5QL

Speed of response:

Time of call: 3.12pm. Answered after 35 seconds. 4/5

Telephone manner:

Courteous. 5/5

Relevant qualifications:

Mortgage adviser.

5/5

Payment method:

Typically £200 upfront and £195 once the client has moved into the property, according to the adviser. 5/5

Guidance given:

The adviser also explained that most lenders require two years' books, but suggested that the shopper’s brother contacts his bank with a view to arranging a mortgage that takes into account his extenuating circumstances. Banks tend to take a more lenient view with existing customers, she explained. 

4/5

Knowledge:

The adviser demonstrated solid knowledge in the area. 4/5

Email/web presence:

lisa@petrieandpetrie.co.uk

www.petrieandpetrie.co.uk 5/5

Verdict:

The adviser was the only one, of the three, to allude to greater flexibility offered to existing customers by banking institutions. She presented herself well and delivered helpful information.

32/35

Provider: Chelsea Building Society

Speed of response:

Time of call: 3.30pm. Answered by an automated system. The shopper was transferred to a representative within 35 seconds. 5/5

Telephone manner:

Very friendly.

5/5

Relevant qualifications:

The representative said she was not qualified to offer financial advice.

0/5

Payment method:

Varies – dependent on the product.

3/5

Guidance given:

The representative explained self employed borrowers are required to have three years' books or two years' books and one year’s projections. She added the lender does not apply multiples of a borrower’s income but determines the loan amount based on the individual’s expenditure.

3/5

Knowledge:

The representative displayed good knowledge of the lender’s criteria 4/5

Email/web presence:

http://www.thechelsea.co.uk/mortgages/index.html?cmpid=lis-10002 3/5

Verdict:

The shopper was satisfied with the guidance offered.

23/35