In his last article Greg Cunnington, director of lender relationships and new homes at Alexander Hall, wrote about the Help to Buy scheme and how an intermediary can help guide you through the process. In this, part six of this new series, Greg talks to us about customer service and why this is so important when wanting to take out a mortgage.
In December, Alexander Hall was delighted to win the prestigious Personal Finance Award 2018/19 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.
This article aims to look at why customer service is so important and how a mortgage adviser can add value to each stage of the mortgage process.
We actively encourage reviews via Trustpilot. I have included some recent examples at the end of the article to highlight the kind words our customers have said about us. At the time of this article we have a rating of 9.9 on TrustPilot which is one of the best in the industry.
Why is customer service important when looking to take out a mortgage?
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. The process has several stages, making it important that you feel you have a strong level of trust and open lines of communication with your adviser, and 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. With close to 14,000 mortgage products available, infinitely-varied personal and income circumstances, plus the variety of property types and how they can impact a buyer’s options, the value of obtaining correct advice could not be higher.
The process can be very nerve wracking for a customer but a good intermediary will help with this by being on hand to deal with the technical AND emotional side.
The mortgage application process
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:
1.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.
2.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.
3.The mortgage application
The most important part! Not only do you need to be assured that 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. A good mortgage adviser will keep the client informed at all times and push to keep the application progressing.
4.Post mortgage offer
A lender will issue you with a mortgage offer once your mortgage application has been successful. However, this stage is still key and a vital reason 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!
Reviews
Below are some snapshots from recent client reviews that show the value they found from receiving good service at various stages of the mortgage process (adviser and client names have been removed). If you visit our website at www.alexanderhall.co.uk you can view our updated reviews by clicking the Trust Pilot logo located on the home page.
“Amidst a difficult buying process, Alexander Hall offered exceptional service from the very beginning. My adviser handled my mortgage case with a high degree of professionalism and efficiency. My queries were always dealt with in a prompt manner and everything was explained thoroughly. My adviser made the process incredibly easy and maintained a patient approach to the obstacles presented. I would not only use these services again, but will recommend to anyone buying a property. My gratitude to this firm, as well as my adviser, cannot be expressed enough.”
“I can’t thank my adviser enough for his efficiency all along the course of my home purchase, especially during the times when the availability and reactivity of my broker was critical.”
“The extent of my adviser’s knowledge, as well as his contacts, have been especially important in order to handle certain aspects of my application that were out of the ordinary.”
“I would recommend the services of Alexander Hall Mortgage Brokers without any hesitation. I believe this is exactly the level of service that makes the difference for a successful home purchase.”
“Me and my wife have just secured a property thanks to Alexander Hall, and especially our adviser. From the moment we made the initial enquiry and he got in contact until the end, he has been fantastic. Always available to answer any questions we had (so many!). He offered us a variety of options and solutions suited to our needs. With his knowledge and experience he managed to get us through the mortgage process and always ensured we were kept updated. We would recommend our adviser and Alexander Hall to anyone looking for the next step in their life and on the property ladder.”
This article was originally posted in What Mortgage online. You can see the original article here. Please note this will launch a new web page.
