ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,788
Likes: 11,007
|
Post by ilmoro on Jan 9, 2017 16:15:58 GMT
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,007
Likes: 1,829
|
Post by littleoldlady on Jan 16, 2017 12:58:12 GMT
Their problem is that demand from lenders exceeds demand from borrowers meaning that investments are queued for a few weeks. Until they increase the loan flow (without reducing quality) the last thing they need is an influx of new money from ISA investors. However they may possibly allow existing investors to switch their current holdings into the ISA (subject to regulations) which would be welcome.
|
|
|
Post by sayyestocress on Jan 17, 2017 9:32:24 GMT
26 day queue right now. If my memory serves it was around the two week mark about a month ago, so it's only getting longer. Once the queue goes over a month people's recurring monthly investments are just gonna start stacking up. As someone who puts a small amount into the platform monthly I would probably stop at that point. For a no effort platform I'm ok with the rate (currently at 4.7%) considering it's secured with ~60% LTV, but only if the money is doing something.
|
|
greatmarko
Member of DD Central
Posts: 343
Likes: 373
|
Post by greatmarko on Jan 21, 2017 1:16:04 GMT
26 day queue right now. If my memory serves it was around the two week mark about a month ago, so it's only getting longer. Once the queue goes over a month people's recurring monthly investments are just gonna start stacking up. As someone who puts a small amount into the platform monthly I would probably stop at that point. For a no effort platform I'm ok with the rate (currently at 4.7%) considering it's secured with ~60% LTV, but only if the money is doing something. Queue continues to increase and has now reached "4 weeks"!! On the plus side, rate has crept up slightly to now 4.9% (not the highest I've seen - which was once briefly 5.3% - but higher than what's fast becoming the average these days of around 4.5%). Be nice if Octopus Choice could "stabilise" this rate more! (what ever happened to a target rate of 5%!?)
|
|
|
Post by vanessaiman on Jan 24, 2017 17:36:16 GMT
Hi All,
Sorry for the delay in getting back to you!
I see there are a couple of you wanting to know what’s happening with Octopus Choice since we have now been granted full authorisation from the FCA.
Well, we are currently working on an ISA version of the product as we speak with the aim of launching it later in the year.
We don’t have a fixed date for the launch as our primary focus right now is on bringing new loans onto the platform. Our lending team Octopus Property is working extremely hard to select and secure additional capacity so that we can reduce the queue time without compromising on our rigorous underwriting criteria.
To that end, the team recently launched a lower-rate buy-to-let product, which is beginning to prove popular in the market and feeding through to our pipeline. Clearly this will have an impact on the overall rate that new investors can hope to achieve – and so you may see that fall a little lower than its current 4.9% – but we’re committed to ensuring the product remains as attractive to investors as possible.
We do know we’ve got plenty more to do to make Octopus Choice as good as we know it can be. And it’s with your support and feedback that we’ll get there.
So, please feel free to let me know if you have any further questions.
Best,
Vanessa
|
|
mason
Member of DD Central
Posts: 662
Likes: 640
|
Post by mason on Jan 30, 2017 19:27:54 GMT
I see there are a couple of you wanting to know what’s happening with Octopus Choice since we have now been granted full authorisation from the FCA. Well, we are currently working on an ISA version of the product as we speak with the aim of launching it later in the year. We don’t have a fixed date for the launch as our primary focus right now is on bringing new loans onto the platform. vanessaiman I appreciate you don't have a fixed date, but are you aiming to launch the ISA before the end of this tax year or do you think that's not going to be feasible?
|
|
|
Post by vanessaiman on Jan 31, 2017 15:39:11 GMT
I see there are a couple of you wanting to know what’s happening with Octopus Choice since we have now been granted full authorisation from the FCA. Well, we are currently working on an ISA version of the product as we speak with the aim of launching it later in the year. We don’t have a fixed date for the launch as our primary focus right now is on bringing new loans onto the platform. vanessaiman I appreciate you don't have a fixed date, but are you aiming to launch the ISA before the end of this tax year or do you think that's not going to be feasible? Hi Mason, Though we’re working as hard as we can to introduce the ISA as quickly as possible, it may well fall into the next tax year. At the risk of sounding like a broken record, our focus is on improving and optimising the service we’re providing to our current investor base (including redesigning our investment dashboard as we speak) and building a healthy pipeline of loans. The latter is already bearing fruit as we have now totally cleared our investment queue thanks to a recent flurry of completions. Naturally, I’ll keep you all in the loop with more detail on the ISA as we have it! Best, Vanessa
|
|