Queuing on lender systems
The backdrop is a fortnight in which Halifax, Nationwide, HSBC, and Santander all raised mortgage rates – some twice over – as swap rates climbed on the back of rising inflation and oil prices. Each repricing cycle opens a narrow window to secure deals for clients, and missing it is not an option.
“In the past, I’ve logged onto a lender’s system to try and secure a rate,” Edwards said. “I’ve been in their queuing system for five or six hours waiting to go through, taking me well outside of normal working hours. I’m trying to secure a number of lenders’ systems, and they’ll glitch out, you’ll get kicked out, and then you queue again.”
The situation becomes particularly acute when multiple commitments are running simultaneously. “You’d be logged in on one page doing one thing while you’re doing something else with somebody else at the same time, when you’ve got a number of things to do within a short timeframe because you can’t let anybody down. It’s extremely stressful, and it’s one of those things a bit like firefighting, in essence.”
It is a pressure that mortgage professionals across the UK market will recognise during any sustained period of rate movement.
Notice periods: better, but not enough
Lender behaviour around notice periods has shifted in recent years, Edwards acknowledged. Some have made genuine improvements, but the pace of change still catches brokers short when caseloads are high.
