This week, the mystery shopper visits Leicester.
The shopper hopes to secure a joint mortgage with their partner. Neither has owned property before and would like to know more about their options and what they can do to plan ahead. Their combined income is £100,000, and they have savings of £50,000, which they want to put towards a deposit.
Each week the mystery shopper seeks advice from independent 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.
Adviser: Leicestermoneyman Mortgage Broker (independent)
Address: Granby Street, Leicester, LE3 1HR
Speed: At 10am the shopper was transferred to a mortgage adviser within seconds. 5/5
Telephone manner: Friendly and professional. 5/5
Qualifications: CeMAP. 5/5
Payment method: There would be a one-off fee or an hourly broker fee depending on the mortgage and the lender, not exceeding £600. 5/5
Guidance: Information would be gathered through a fact find in a free consultation, taking place at a location of the shopper’s choosing, as all advisers work from home. Following further prompting, she explained the advice would be based on the mortgage product and any protections bought with it. Further documentation, such as payslips and bank statements, would then be sent alongside the lender application. 3/5
Knowledge: The adviser explained the basics of the government’s Help to Buy schemes available to those buying into a new property or shared ownership. She also noted that the whole process of taking out a mortgage could take up to 12 weeks. 3/5
Website: https://leicestermoneyman.com/
Email: cathy@ukmoneyman.com 5/5
Verdict: The mortgage adviser discussed the payment method, gave a range, and explained the mortgage advice process, as well as some of the options available to the couple. However, she needed some prompting to give any details on the options.
31/35
Adviser: Mortgage Advice Bureau (appointed representative)
Address: 3 Halford St, Leicester LE1 1JA
Speed: At 10:30am the shopper was asked to leave a number and an adviser called back within the hour. 3/5
Telephone manner: Friendly and professional. 5/5
Qualifications: CeMAP. 5/5
Payment method: The adviser said there was no cost for an initial meeting and it would be difficult to give a range without more details, but added there may also be legal conveyancing fees of up to £1200 to £1600 and a charge for the valuation, depending on the property. 4/5
Guidance: Because he was part of a network, the adviser explained he was not tied to a lender or estate agent, therefore would be able to find good value. Even if they put down a 10 per cent deposit, given their earnings and savings, they would still qualify for a good rate. He added that lenders require proof of income and credit history. 5/5
