Your IndustryMay 10 2017

Mystery shopper: Bournemouth

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Mystery shopper: Bournemouth

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 that 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 Bournemouth. He and his wife have set up base in a property they inherited three years ago and are seeking to use the £65,000 they had originally set aside to buy a home to purchase a property to let instead. They hope to purchase a property to the value of £220,000. They have a combined salary of £62,000 and do not have a mortgage.

Adviser (Independent):

Headstart Financial Planning

274-278 Wimborne Road, Bournemouth, Dorset, Bournemouth, BH3 7AT  

Speed of response:

Time of call: 4.33pm. Answered after four rings. 5/5

Telephone manner: Friendly and polite. 5/5

Relevant qualifications: Level four diploma. 5/5

Payment method: Flat fee of £295. 5/5

Guidance given:

There have been a host of changes in the buy-to-let (BTL) market resulting in a more stringent affordability criteria and the reduction in tax relief for high earners, the adviser said. The latter has also impacted the former because lenders now have to take the reduction into account during the affordability process, he added. The adviser recommended that the couple purchase a property with at least two bedrooms for a greater rental potential. 5/5

Knowledge:

Very good. The adviser gave a good overview of some of the major changes in the BTL space. 5/5

Email/web presence:

chriscollier@email.com

www.headstartfinancialplanning.co.uk

5/5

Verdict:

The adviser was demonstrably well versed on the some of the key considerations when it comes to purchasing a buy-to-let property and delivered helpful information.

35/35

Adviser (Independent):

P F M Associates

Sir Peter Thompson House, 25 Market Close, Poole, Dorset BH15 1NE

Speed of response:

Time of call: 4.44pm. Answered after three rings. 5/5

Telephone manner:

Attentive and friendly. 5/5

Relevant qualifications:

Mortgage adviser. 5/5

Payment method:

Something that would be discussed in an initial meeting, the adviser said. 3/5

Guidance given:

One of the major changes in the BTL market is the increase in stamp duty for second properties to 3 per cent, the adviser said. She calculated the couple would have to pay £8,500 in stamp duty if they were to purchase a property worth £222,000. The adviser added that rental calculation has also become more stringent and told the shopper to consult an estate agent to determine the likely rental income on the property they seek to purchase.

4/5

Knowledge:

The adviser clearly understood some of the key considerations of buying a property to let. 5/5

Email/web presence:

rhiannonrees@prmassociate.co.uk

http://www.pfmassociates.co.uk

5/5

Verdict:

The adviser was considered in her approach and offered helpful information.

30/35

Adviser (Independent):

Homeline Mortgages (via Bournemouth based Baggette & Company Wealth Management)

North House, Braeside Business Park, Sterte Avenue West, Poole, Dorset BH15 2BX

Speed of response:

Time of call: 4.54pm. Answered after two rings. 5/5

Telephone manner: Patient and friendly. 5/5

Relevant qualifications: Level four diploma. 5/5

Payment method: One-off fee of £495. 5/5

Guidance given:

After complaining the government had “unfairly” attacked the BTL space, the adviser said the affordability criteria on BTLs have tightened. He added that an increase in stamp duty on second properties means the levy for houses valued at £220,000 would amount to £8,500. The adviser said borrowers with a 25 per cent deposit or lower would have access to more palatable rates. 4/5

Knowledge:

The adviser seemed well versed in the area. 5/5

Email/web presence:

oliver.bishton@homelinemortgage.co.uk

www.homelinemortgages.co.uk

5/5

Verdict:

The adviser’s approach to the conversation helped to put the shopper at ease. He offered some helpful information.

34/35

Provider:

Aldermore

Speed of response:

Time of call: 5.05pm. Answered by an automated machine. The shopper was transferred to the adviser within a minute. 5/5

Telephone manner:

Professional and helpful. 5/5

Relevant qualifications:

The representative said he held a CeMap mortgage qualification. 5/5

Payment method:

N/A. 0/5

Guidance given:

The adviser said the lender issued BTL mortgages based on the rental value on properties. However, he explained that the lender did stipulate that borrowers to have a minimum income level of £25,000 per annum. He added that the firm’s minimum rental threshold was 120 per cent.

4/5

Knowledge: The adviser displayed a good knowledge on the lender’s BTL criteria.

4/5

Email/web presence:

www.aldermore.co.uk/buy-to-let

3/5

Verdict:

The adviser was helpful and even offered to disclose his direct line for the shopper to contact him should he need any further assistance.

24/35