Your IndustryApr 19 2017

Mystery shopper: Edinburgh

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Mystery shopper: Edinburgh

Each week the mystery shopper seeks advice from independent and tied 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.

This week the shopper visits Edinburgh. He and his partner are seeking to purchase a property valued at £260,000. They have amassed a £60,000 deposit. The shopper has been a self-employed graphic designer for three years – earning an average of £35,000. His partner, who earns £30,000 with the potential of commission capped at £5,000, has owned a property before and defaulted on mortgage repayments three times about five years ago.

Adviser (Independent):

Aberdein Considine & Co

47 Lothian Road, Edinburgh, EH1 2DJ

Speed of response:

Time of call: 3.06pm. Answered by an automated system. The shopper was transferred to a representative within 30 seconds. 5/5

Telephone manner:

Attentive. 5/5

Relevant qualifications:

Mortgage adviser. 5/5

Payment method:

Commission from lender. 5/5

Guidance given:

The shopper would be required to show at least two years' full account and net profits over the same time period, the adviser said. Although the shopper’s partner’s defaults were recorded some five years ago, they might still appear on her credit history – thus potentially scuppering the couple’s chances of securing a mortgage. For this reason, the first port of call would be to request the shopper’s partner’s full credit report.

4/5

Knowledge:

The adviser showed a healthy amount of knowledge on the topic. 4/5

Email/web presence:

kmantle@acandco.com

www.acandco.com 

5/5

Verdict:

The adviser was considered in his responses and offered helpful guidance.

33/35

 

Adviser (Independent):

Principal & Prosper Holdings 

55 Melville Street, Edinburgh, EH3 7HL

Speed of response:

Time of call: 3.14pm. Answered after two rings. 5/5

Telephone manner:

Polite and was easy to speak to. 5/5

Relevant qualifications:

Mortgage adviser. 5/5

Payment method:

£250 flat fee. 5/5

Guidance given:

The adviser said the couple’s circumstances meant they might struggle to secure a mortgage with a mainstream lender. She added that the shopper’s partner’s history of defaults is a pertinent concern and recommended the shopper acquire a copy of the credit report. The adviser suggested that because defaults disappear after six years from when they were filed, the best solution might be to wait until they do, or go through an adverse-credit lender.

5/5

Knowledge:

The adviser displayed a very solid understanding of mortgages and sub-prime lending and conveyed his knowledge in a very clear and simple fashion. 4/5

Email/web presence:

michele.gladstone@principaland prosper.co.uk

www.principalandprosper.co.uk

5/5

Verdict:

The adviser was professional and gave insightful information to help the shopper at this early phase.

34/35

Adviser (Independent):

Rothesay Bennett

59 Colinton Road, Edinburgh, EH10 5EE

Speed of response:

Time of call: 3.43pm. Answered after two rings. 5/5

Telephone manner:

Friendly and helpful. 5/5

Relevant qualifications:

Mortgage adviser 5/5

Payment method:

£495 – payable once mortgage is sourced. 5/5

Guidance given:

The first step is to obtain and explore a copy of the shopper’s partner’s credit history, the adviser said. She explained that mortgage defaults are viewed more harshly than defaults on mobile or energy payments. However, she added that there are likely to be providers that would consider the duo’s application.

3/5

Knowledge:

The shopper displayed a fairly well-rounded knowledge on the topic.

3/5

Email/web presence:

kailihorner@abacusadvisers.co.uk

www.rothesaybennett.co.uk

5/5

Verdict:

The adviser showed good knowledge on the impact of a history of defaults on mortgage applications, but the shopper would have appreciated some commentary on how lenders view self-employed borrowers.

31/35

Provider

Tesco Mobile

Speed of response:

Time of call: 3.51pm. Answered by an automated machine. The call was transferred to a representative within 9 minutes and 30 seconds. 2/5

Telephone manner:

Professional. 5/5

Relevant qualifications:

The representative said she was not qualified to offer mortgage advice. 0/5

Payment method:

NA. 0/5

Guidance given:

The representative explained the lender would factor in defaults that were filed within the past six years in its mortgage-underwriting process. She said the best course of action would be to complete the lender’s decision in principle process to get an indication of whether the provider would be willing to lend. Self-employed borrowers are required to present SA302 forms for the three years and four years’ tax overview.

4/5

Knowledge:

The representative displayed a solid knowledge of the lender’s criteria.

4/5

Email/web presence:

www.tescobank.com/mortgages

3/5

Verdict:

The information delivered was all well and good, but the shopper was annoyed about having to wait for almost 10 minutes to speak with a representative.

18/35