“Advising borrowers when lenders play the ‘mystery rates’ game is like doing a Rubik’s cube blindfolded”

"Advising borrowers when lenders play the 'mystery rates' game is like doing a Rubik's cube blindfolded. It's becoming quite the frustrating trend in our industry. As brokers, we pride ourselves on providing accurate and timely advice to our clients. When lenders announce rate changes without revealing the actual rates, it leaves us in an awkward limbo. We can't confidently discuss options with borrowers or make solid recommendations until these phantom rates materialise. This lack of transparency creates unnecessary challenges in an already complex mortgage landscape. It forces us to either hold off on client conversations or make tentative suggestions that might need revising once the actual rates emerge. A bit more clarity from lenders would go a long way in helping us serve our clients more effectively."

"When lenders announce rate changes without disclosing the actual rates, it makes our job as brokers significantly harder. We’re left trying to advise clients with uncertainty, telling them rates might change tomorrow — maybe better, maybe worse — but we simply can’t be sure. It creates unnecessary mystery and makes it challenging to provide clear and timely advice."

"Announcing rate changes is an utterly pointless exercise unless you state what those changes actually are. It causes confusion and has borrowers and brokers pressing hold on transactions. A total waste of time."

"This definitely makes our job harder and the lack of transparency is frustrating for several reasons. It potentially gives unrealistic business volumes for us and lenders, because you are likely to secure a rate in case it increases then if it decreases you have to apply for a new rate. It creates panic for both advisers and clients, leading to a more stressful transaction and compliance processes mean that we are often having to do double the work, just-in-case. It's no wonder this is an industry struggling to attract people under the age of 25 when we are up against this kind of thing. "

"This undoubtedly makes the broker's role more difficult in already challenging times. Communication is always welcome, but it is only helpful when there is a clear message to act on."

"It's not that it makes it harder but it does mean that borrowers and advisers will often pause submission of applications until rates are shown. That means, of course, people potentially losing their current front runner mortgage product if that gets pulled while they are waiting. It can sometimes be a tight-rope walk for borrowers."

"An email arrives telling you that something is changing, but they are not going to detail what. How is that helpful to anyone? HSBC at least do say which rates are going up and which are going down, despite giving no clue as to by how much. Other lenders do not even tell us which direction rates are moving, which makes our job all but impossible. Given that I cannot imagine the lenders don't know exactly what the new rates are going to be, it just feels very cloak and dagger for the sake of it. Please just tell us what rates are changing, what they are changing to, and on what date, so we can deliver the right advice to clients at the right time."