fasty
Member of DD Central
Posts: 1,038 
Likes: 388
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Post by fasty on Mar 26, 2014 23:30:37 GMT
I don't get it, it's happening more and more often; an auction simply vanishes shortly before it's due to end. Bearing in mind that most auctions end in some kind of bidding frenzy, why would a borrower want to finish early with a higher rate? I suppose that the average rate might not move all that much in the last hours or so - but surely for any business wanting to borrow money, every pound should count.
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Post by valerieb on Mar 27, 2014 7:55:57 GMT
Yes, this seems to have happened fairly frequently recently and, I agree, it does seem odd not to allow for the bidding frenzy that can reduce the overall percentage .1 or .2%. I can understand if the auction is due to finish late afternoon or Friday pm and the borrower is keen to get the process finished before the day's close of play but some have finished much earlier than that. Presumably the borrower takes the decision and it isn't FC protecting their site from overload. It does mean one does have to keep changing one's bidding strategy!
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Post by GSV3MIaC on Mar 27, 2014 8:16:07 GMT
There's a lot less bidding frenzy than there was .. Too much choice, not enough lenders, and actually .1% on £100k is only going to cost them a pound week ... Not worth worrying about, IMO. Maybe the borrowers want to reward 'early believers' over last minute bid bots.
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Post by gingergent on Mar 27, 2014 18:35:52 GMT
It's also worth considering that at least some of the 'early' loans have clearly been submitted and managed by brokers, who (presumably) don't have any skin in the game beyond getting an 'acceptable' rate for their client.
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