Brokers - are you struggling to keep on top of product changes

I have definitely noticed a difference in the speed of product changes in the last 2 months especially, in some cases being given just a few hours notice to get a mortgage application in to secure a product. The only way to keep up to speed really is to rely on emails from the lenders, with lenders like Coventry committed to giving 48 hours notice before a product change but unfortunately this is not the case for all lenders. Ideally if an agreed deadline such as 48 hour notice was agreed across the board it would be very helpful to prevent customers losing out due to unrealistic time constraints to secure a product

Firstly, it's great to see rates coming down after lenders had initially bolted quicker than Usain could reach the finishing line. Having great relationships with your lender BDMs is key and having your finger on the pulse to become an expert to know what rates are doing. This could be as simple as reviewing your sourcing tool regularly and receiving lenders' communications by email. A broker's dream would be seeing rates issued weekly so expectations could be managed, however this would no doubt reduce competition. Lenders such as HSBC, Halifax and Accord are leading the way by allowing clients to change their rate mid-application should a better one be available. Coventry are still head and shoulders above any one else if they put rates by keeping to a 48-hour notice promise.

With rates changing faster than job titles at Twitter, it is more of a challenge keeping up with rate changes. Positively, most lenders are now either stabilising rates or actually REDUCING them, now we wont see much of this in the mainstream media, I mean who loves a bit of good news!! I have set up email alerts, so I get most lenders criteria or price changes sent to me, this is not always 100% effective, but it helps. I also have some fantastic support from my fellow brokers across all social media platforms as in general we are all very supportive of each other.

Thankfully rates are reducing so the stress of trying to get an application in before the rate goes up has been alleviated. Lenders are giving some notice (usually 24-48 hours) which is better than no notice at all! I have always had a process of looking at the research on the day I submit an application to check my clients are still getting the best rate and this is even more relevant now but in practice what it does mean is that we are potentially having to have more conversations about what product the client is going to get but it ensures they are getting the best for them. I think there should be some legislation that means that lenders can’t withdraw and change rates without notice as all it does is cause mayhem and it is not treating customers fairly. There has apparently been an uptick in customer complaints around clients not getting the rate they wanted and therefore going into a higher rate because brokers have made a mistake in processing the application or not having time to process the application before the rate has changed- the only people losing in this scenario are the clients.

2022 has seen an unprecedented number of product, criteria and rate changes. They have stolen the mantle from the Tory Government on policy changes that's for sure. Lenders send communications via email and as a broker you need to keep upto date on the latest developments. Majority of lenders are providing sufficient notices regards to rate and policy changes where possible.