This week the mystery shopper visits Kent.
The shopper is looking for a business loan of approximately £150,000-£200,000 to open a vegan bakery. The shopper owns a two bedroom house worth roughly £500,000, with around £160,000 equity and 19 years of mortgage left outstanding. The shopper earns a salary of £31,000 and is wondering if she can take a remortgage out.
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: Oakhurst Financial Services (independent)
Address: The Joiners Shop, The Historic Dockyard, Chatham, Kent ME4 4TZ
Speed of response: The adviser picked up after four rings at 10.45am. 5/5
Telephone manner: The adviser was moderately friendly, but sounded a bit annoyed at some points. 3/5
Relevant qualifications: Level 4 Dip PFS. 5/5
Payment method: The adviser did not give any indication of prices as she said the situation means the shopper will not be able to secure a mortgage. 0/5
Guidance: The adviser said the shopper will struggle to secure a remortgage given her salary is only £31,000. She urged the shopper to approach a High Street bank for a business loan. 3/5
Knowledge: The adviser demonstrated adequate knowledge on mortgages. 3/5
Website: http://www.oakhurst-ifa.co.uk/
Email: oakhurst1@outlook.com. The adviser only gave a generic office email, and not her individual corporate one. 2/5
Verdict: This adviser appeared to have decent knowledge but the shopper wanted more information, even if the situation was one the adviser would not help with.
21/35
Adviser: Prospect Tree Mortgages (independent)
Address: 32, Building 940, Kent Science Park, Sittingbourne, Kent ME9 8HL
Speed of response: The adviser picked up after one ring at 11.02am. 5/5
Telephone manner: The adviser was very friendly. 5/5
Relevant qualifications: CeMap. 5/5
Payment method: The adviser quoted a fee of £295, which is charged once the mortgage is completed. 5/5
Guidance: The adviser said that lenders are unlikely to lend a higher mortgage amount. He said converting it to a buy-to-let may mean the shopper can borrow more. 4/5
Knowledge: The adviser offered very good insight. 4/5
Website: https://www.ptmortgagesltd.co.uk/
Email: sam@ptmortgagesltd.co.uk. 5/5
Verdict: The shopper found this adviser very useful.
33/35
Adviser: Panoramic Wealth Management (independent)
Address: 16 Lonsdale Gardens, Tunbridge Wells, Kent TN1 1NU
Speed of response: The adviser picked up after four rings at 12.10pm. 5/5
Telephone manner: The adviser was quite friendly. 5/5
Relevant qualifications: CeMap. 5/5
Payment method: The adviser said the fees will depend on the level of work actually done. He quoted a minimum fee of £750 and said most of this will be funded by the lender, but he did not specify how much. 4/5
