Case Study
Scenario:
- Borrower is a Chinese national living in China.
- She has no credit footprint in the UK (she doesn’t even have a UK bank account).
- Looking to purchase a £300,000 flat in Manchester.
- 100% of the deposit will be gifted.
Octane Solution:
- 65% LTV
- 5.99% rate, with 1% deferred, giving a pay rate of 4.99%.
- Monthly payment based on the 4.99% pay rate.
- No stress testing – 100% ICR at the pay rate.
- 5 year term, with no ERCs in the final 2 years.
- 2% procuration fee to the introducing broker.
If the borrower owned one other UK property we would be able to offer 70% LTV on a cheaper rate.
A reminder of the other types of deals we can help with:
- First time buyers/first time landlords
- Borrowers with adverse credit or low income
- HMOs (up to 24 rooms)
- MUFBs (up to 30 units)
- Semi-commercial
- Residential above commercial
- Low yielding property (remember we do not stress test)
- Portfolio refinances and larger loans
Click here for the product guide.