I’d say it’s at best poor advice and at worst negligent to contact clients late. In recent months, I have managed to secure cheaper fixed rate deals for some customers in the middle of a pe-riod of rising rates.
I have a number of clients completing on 5.44% deals soon. They could not now obtain that rate anywhere.
If cheaper rates are available later on, fine, swap to them. It won’t cost clients anything. Who cares if this distorts lenders’ completion figures? It’s the correct approach for clients and that’s what matters.
In fact, I believe the attitude of brokers who do not contact their clients should be looked into by the FSA with regard to its Treating Customers Fairly initiative.
These brokers could be accused of waiting until rates have nearly expired so their clients have to take what’s av-ailable at that time whereas looking at the market early would give them options.
I’ve been looking at rates for borrowers coming off their deals on July 31. At least by doing this, I’m giving them the option of taking one of today’s rates rather than being stuck with one that may be higher in June.