This week, the mystery shopper visits Cambridge.
The shopper has an interest-only mortgage with Natwest Bank on a leasehold property with only 50 years left on the lease. What options does she have if she wants to extend the lease and/or remortgage?
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: Dartington Wealth Management (independent)
Address: 5B Clifton Court, Cambridge, CB1 7BN
Speed: The shopper is connected to the switchboard and is connected after a short wait to the adviser at 4:30pm. 5/5
Telephone manner: The adviser was helpful and chirpy. 5/5
Qualifications: Level 4 Dip PFS. 5/5
Payment method: The adviser quoted a £495 procuration fee. 5/5
Guidance: The adviser said mortgages was not really his area as he not dealt with it in a long time. He suggested extending the lease as getting a mortgage on a lease of less than 80 years will be difficult, he said. 4/5
Knowledgeable: The adviser demonstrated good knowledge of mortgage eligibility and how leaseholds work. 4/5
Website: https://dartingtonwealth.co.uk/
Email: malcolm@dartington.com. 5/5
Verdict: Even though the adviser made it clear that mortgages was not his area of expertise, he still gave the shopper useful information.
33/35
Adviser: Matrix Financial (independent)
Address: Tofino House, 32, Newmarket Road, Cambridge, CB5 8DT
Speed of response: The adviser was connected to the switchboard after two rings, and after a 20 second wait to the adviser at 10:20 am. 5/5
Telephone manner: The adviser was moderately friendly, but slightly snappy at some points. 3/5
Qualifications: Level 4 Dip PFS. 5/5
Guidance: The adviser said mortgage providers typically do not consider lending on properties that have a lease of less than 80 years. He said the shopper could still try for a remortgage without extending the lease. 4/5
Knowledgeable: The adviser demonstrated a decent amount of knowledge. 4/5
Payment Method: The adviser said a £450 fee will be levied. 5/5
Website: http://matrixfinancial.co.uk/
Email: kelvin@matrixfinancial.co.uk. 5/5
Verdict: The shopper found this call useful but would have preferred a longer chat.
31/35
Adviser: Fitch & Fitch (independent)
Address: Milton Hall, Ely Rd, Milton, Cambridge CB24 6WZ
Speed of response: 10:55am. The shopper is connected immediately to the adviser after two rings. 5/5
Telephone manner: The adviser was very friendly. 5/5
Relevant: Qualifications: CeMap. 5/5
Payment Method: The adviser quoted a fee of £495. But he said if the borrower stays with the current lender it would be classified as a product transfer and be free for the shopper. 5/5
