We were recently mystery shopped by FT Adviser magazine and the results were what will strive daily to obtain, scoring 35/35 and being the ‘shopper’s choice’ when compared to three other brokerages, below is the full article:
MYSTERY SHOPPER: WEST LONDON
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 the 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 is in West London wondering if lenders would be willing to take into consideration an increase in her leasehold flat as part of any remortgaging arrangements. She and her husband live in her flat, while her husband owns another property he rents out.
Adviser: Turquiose Money
Address: 26 York Street, London, W1U 6PZ
Speed of response (time of call): 12.55pm. The call was answered directly by the adviser. 5/5
Telephone manner: Friendly. 5/5
Relevant qualifications: CeMap 5/5
Payment method: The adviser is paid by the lender. 5/5
Guidance given: The adviser told the shopper it would not be an issue for her to extend her lease and remortgage, but she would need to add her husband to the remortgage to meet affordability criteria of the increased borrowing amount. He advised that she try and raise money with a remortgage to extend the lease, then after doing so she could remortgage again to incorporate her secured loan. 5/5
Knowledge: The adviser sounded knowledgeable about the market and the options available; however the shopper would have liked if he could have gone into a bit more detail. 4/5
Website: www,turquoisemoney.co.uk
Email: wm.mcewan@turquoisemoney.co.uk 5/5
Verdict: The adviser was professional and helpful. 34/35
Adviser: Peter Tarrant-Willis
Address: 108 Mill Lane, West Hampstead, NW6 1NF
Speed of response (time of call): 1.08pm. The call was answered directly by the adviser. 5/5
Telephone manner: Polite but distracted and the adviser did not give a proper greeting. 3/5
Relevant qualifications: CeMap 5/5
Payment method: A fee of £105 for the initial fact finding, plus another fee, unknown until level of work required is confirmed. 4/5
Guidance given: The adviser told the shopper that the first thing she need to do was consult a solicitor to find out more about the lease extension. Then after she has done so she should seek guidance from the adviser. 4/5
Knowledge: The shopper felt she could have done with more information about the market from the adviser. 3/5
Website: The website was unavailable as it was being revamped
Email: petertarr4141@gmail.com 3/5
Verdict: The shopper felt the adviser could have been more forthcoming with information: 27/35
Adviser: Chapelgate Private Finance
Address: 208 Haverstock Hill, London, NW3 2AG
Speed of response (time of call): 1.21pm. The call was answered directly by the adviser. 5/5
Telephone manner: Friendly and helpful. 5/5
Relevant qualifications: CeMap. 5/5
Payment method; £495 fee payable on completion of mortgage. 5/5
Guidance given: The adviser told the shopper it was possible to remortgage and raise money for the lease. She would need to do a transfer of equity by adding her husband to the application as she does not satisfy the affordability requirements for the increased amount. If her husband has consent to let his property out, typically lenders would not include the property as part of the affordability assessment. 5/5
Knowledge: The adviser sounded very knowledgeable and was able to give detailed information on types of lenders who might be able to do what she required. 5/5
Website: www.chapelgateprivatefinance.com
Email: colin@chapelgateprivatefinance.com
Verdict: Shopper’s Choice. The adviser appeared well informed and have the shopper a lot of helpful information. 35/35
Adviser: Colin Urquhart independent mortgage and protection advice
Address: 10 Broadbent Close, Highgate, London, N6 5JW
Speed of response (time of call): 1.50pm. The call was answered by the adviser. 5/5
Telephone manner: Friendly. 5/5
Relevant qualifications: CeMap. 5/5
Payment method: £130 initial fee for research and remaining £470 on completion. 5/5
Guidance given: The adviser told the shopper if her husband is added to the mortgage he would need to pay 3 per cent stamp duty on the proportion of the property he owns. The adviser was also not very confident that she would find many lenders willing to help with her request. 4/5
Knowledge: The shopper felt the adviser could have given her more information about her options and taken the time to speak to her in more depth. 3/5
Website: colurquhart.co.uk
Email: col.urquhart@gmail.com 5/5
Verdict; The adviser was professional, but he shopper felt he was a little vague on some of the details. 32/35
