"I’ll show you mine if you show me yours"

I've never understood this. Are they attempting to create suspense, excitement and drama like a corny '90s gameshow host? With the rate rising announcements of late, I don't see any need for it. More often than not, we are left feeling like a contestant on Bullseye when it's revealed what they could have won. Be upfront and give the figures as soon as you have them available: it's better for everyone.

Unfortunately, this happens a lot and is even more common of late. While we brokers are used to it, this lack of transparency is not in the best interest of consumers, as it makes it difficult for them to make informed decisions and creates unnecessary stress and uncertainty. Clear and timely communication from lenders would greatly benefit brokers and borrowers alike, ensuring a smoother and more predictable mortgage process.

While this practice is clearly commercially strategic, there is both a consumer and a broker on the end of this, who are often get forgotten. This doesn't tally with a Consumer Duty-led climate. If lenders don't want to share rates, just say whether they are going up or down and give us a fighting chance. If they are going up, a broker can submit and secure the product, if going down they can wait. This will stop any unnecessary post-application product changes and also help to prevent lender system log jams.

Perhaps some lenders are trying to play a really poor version of "Bruce's Price Is Right".

Why hide the number when they have the information and know what the rate changes will be? It’s like they don't want to show their hand to the rest of the mortgage lending community. This then leaves brokers playing the mortgage equivalent of Russian Roulette. How are we able to guide and advise clients on a guess? You are also left looking less than professional when a client asks what are the new rates are going to be and you have to say, we don’t know yet.

Lenders leaving it to the last minute before showing their hand is a commercial version of ‘I’ll show you mine if you show me yours’, but it does bloody the nose of Consumer Duty. If a lender sets out their stall too early in the market, it enables their competitors to come along and undercut them and lead the charge for the best deal. However, if they give advance notice of increases then panic will ensue and if they openly say that rates are dropping then bottlenecks will occur due to cases being held back until the better rate is released.