Hey there, UK folks! Let’s dive into the crazy world of mortgages, where things are getting perplexing and wild. Picture this: mortgage lenders are like shops, but instead of selling stuff, they sell money! So, when the cost of their “raw material” (money) goes up, they got to raise their prices, or else they’ll lose money – not a cool deal for any business, right?

But here’s the twist: when lenders don’t act fast, they could end up being the cheapest option in town. And guess what? Everybody rushes in for the bargain, but it’s bad news because lenders are losing out big time. A real mess, leaving everyone unhappy.

Meet our hero, Jahed Mirza, a mortgage broker. He’s fed up with all the flip-flopping by lenders. Imagine being 1,600th in line, just trying to log in and get things sorted for your clients. Talk about pressure! Clients need quick decisions, and brokers don’t have time to do the mortgage dance over and over again.

Now, let’s look at the numbers: inflation figures say things aren’t dropping as expected, and core inflation is even going up. It’s like watching a rollercoaster, with rates and pricing all over the place.

And get this, some lenders are pulling out of the market for a bit, just to deal with the crazy costs. But that’s causing backlogs and headaches all around.

But hey, it’s not all gloom and doom! Brokers like Mike and others have started the Broker Collective, a cool new gang that wants to make sure lenders treat their clients and brokers right. They’re pushing for lenders to give a 24-hour heads-up before pulling any mortgage products. Seems fair, right?

Now, brokers get it – lenders got to make money too. But here’s the deal: they should keep everyone in the loop, so brokers can plan ahead. Like, Coventry Building Society gives 48 hours’ notice, so why can’t others do at least 24 hours? Let’s keep things transparent and friendly.

In the midst of all this chaos, some experts say more rate changes are coming this week. Banks want to be all set before the weekend hits, and they don’t like surprises on Saturdays and Sundays. So, they’re busy crunching numbers to avoid Monday mayhem.

The bottom line is, things are nuts in the mortgage world. But the Broker Collective and brokers like Mike are working hard to bring some order to the madness. They’re saying, ” Hey lenders, just give us a little heads-up, and we’ll all sail smoothly!”

So, as we sail through these turbulent waters, let’s hope for more communication and less guesswork. Stay tuned for more mortgage adventures, and let’s keep it real, UK style!