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
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