In November, we here at Alexander Hall were delighted to win the prestigious Personal Finance Award 2019/20 for ‘Best Mortgage Broker Customer Service’. This award was voted for directly by the public, and therefore our clients, which was very important to us.
It got me thinking again about how crucial customer service is to our clients and why the role of an adviser is so valuable for anybody when looking into their mortgaging options.
Why is customer service so important?
Quite frankly, good customer service is always crucial when looking at any transaction, big or small. A mortgage will always be one of the most significant financial transactions that you make.
What is ‘good’ customer service?
We actively encourage reviews and we have clients regularly post these on TrustPilot. I have included some recent reviews at the end of the article to show real life examples of the role customer service plays for our clients.
At the time of this article we have a rating of ‘5 out of 5’ on TrustPilot. In fact, recently we were ranked number one in our industry on Trust Pilot, something of which we are very proud.
The mortgage process has several stages, which makes it even more imperative you feel you have a strong level of trust and an open line of communication with your adviser. You should always know what stage your application is at and what the next steps are.
A strong level of customer service also points to diligence and indicates that your adviser has your best interests at heart. This is absolutely key.
There are close to 14,000 mortgage products available. Meanwhile each borrower will have infinitely-varied personal and income circumstances, as well as a variety of property types which can impact a buyer’s options in a variety of ways. The value of obtaining correct advice could not be higher.
The process can be very nerve-wracking and it can feel like there are a number of hurdles to jump. A good intermediary will help with this by taking care of as much of the heavy lifting and stress as possible.
The mortgage process: what to expect from your adviser
There are a variety of timelines in the mortgage application process. As a result, there is a great need for working with an adviser you trust and who you feel will maintain regular contact throughout the following steps:
- Talking through your options
The first stage is to research your mortgage options. This enables you to get an idea of budget and monthly payments, and go through the maze of mortgage options out there. They will also ensure things do not appear too overwhelming.
A good adviser will help to set this up correctly from your first contact with them. Whether in person or over the phone, they will talk with you to get an idea of what you want to get out of the initial meeting. They will also guide you through the information and documentation you will require.
- Agreement in principle
Once you are comfortable with the options discussed you should then get your mortgage agreed in principle. This is important as it can add credibility if you want to make a purchase.
Many agents will require this to be in place, and it will give you peace of mind on the borrowing amount of the mortgage, and with your application.
There will be a lot of further questions at this stage and your adviser will guide you through. They will also ensure that the lender approached at this stage is the correct one.
There are many factors to consider, such as whether the credit score is a hard or soft footprint (this could impact your ability to approach other lenders at the time of application), and how binding the agreement in principle is.
- The mortgage application
This is the most important part. Not only do you need to be assured you are getting the best mortgage deal for your situation, but a good adviser will help liaise with the estate agent and solicitor throughout this stage to ensure all parties are updated.
It is common to become quite frustrated or tense at this part of the process – particularly if there is a delay or the bank has put your application in a long queue that you were not expecting. Your intermediary will be able to keep all parties updated and minimise the stress.
- Post mortgage offer
A lender will issue you with a mortgage offer once your mortgage application has been successful. However, this stage is still absolutely key and illustrates why good customer service from your adviser is so important.
Your adviser will continue to liaise with all parties until you exchange contracts and complete on your purchase or remortgage.
This is because there may be changes to be made to the mortgage – for example, the price on a purchase could be renegotiated, or you may wish to make an overpayment on a remortgage.
You must be confident that this can be actioned quickly as it may come at a vital stage of the process.
What the reviews say…
Below are some snapshots from recent client reviews which show the value of receiving good service at various stages of the mortgage process. Adviser and client names have been removed.
If you visit our website you can view our updated reviews on Trustpilot from the home page. I would actively encourage you to take a look.
Thanks for the flat! – JH, Nov 2019
“I attempted to get a mortgage offer on my own — and it was complicated, frustrating, and inconclusive! Meanwhile, my adviser was extremely helpful right from the start. He gave me excellent advice, was very responsive to my questions, and helped me get the offer that was right for me in a fraction of the time it took me to fail to get it on my own! Could not recommend highly enough.”
Great service – M, Nov 2019
“My adviser has always been quick to respond, never hesitated to answer any questions we had and has been extremely helpful during purchase process. Highly recommend.”
Excellent service received throughout… – C, Nov 2019
“Excellent service received throughout the process of arranging a mortgage. The broker I worked with was efficient in her work, communicated everything quickly and clearly and made what could have been a stressful process very simple to complete.”
Great Service! Will use again! – LAU, Nov 2019
“I would highly recommend Alexander Hall. I was hesitant to use a mortgage broker at first, but after the first call with my adviser, I was very impressed with the level of customer service she provided. She was very clear and knowledgeable in her explanation of the process. She gave us great advice on the mortgage that would best suit our situation which ended up saving us some money on our monthly repayments. She was readily available on email and phone and always followed up in a timely manner. More than anything she was friendly and patient with all our questions, which put all my initial concerns at ease. The whole process was quick and smooth and I cannot recommend them enough. Will definitely use them again in the future!”
Fantastic service – SP, Nov 2019
“Fantastic service. Quick, efficient and reliable. My adviser was very professional and extremely helpful and knowledgeable throughout the process.”
Greg Cunnington is director of lender relationships and new homes at Alexander Hall
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