Selina Finance has made a series of criteria improvements, including doubling the maximum loan size available for both its Homeowner Loan and Home Equity Line of Credit (HELOC) products.
The maximum loan size on offer increased from £250,000 to £500,000 for those applying for Selina’s Status 0 products, up to 75% loan-to-value (LTV).
Selina also fully rolled out its pre-consent funding to all eligible loans.
The policy, soft-launched last year on selected cases, allows loans of up to £100,000 to be funded prior to written consent for the loan being provided by the first charge mortgage lender.
To be eligible, borrowers must have a first charge mortgage with one of the following lenders: Halifax, NatWest, Santander, Nationwide, Skipton Building Society, Barclays, Coventry Building Society, Leeds Building Society, HSBC, Birmingham Midshires, Clydesdale, Accord Mortgages, Lloyds Bank, Royal Bank of Scotland, Yorkshire Building Society, Bank of Scotland, TSB and Virgin Money.
Selina Finance improved its pre-consent funding process to deliver a faster and smoother experience for brokers and their clients.
The latest criteria updates are effective immediately with further changes expected to follow soon.
These revisions came after Selina broadened its criteria in May to provide greater support to a wider range of borrowers.
This included taking into account 100% of bonus, commission or overtime income when assessing affordability, increasing the maximum loan-to-income (LTI) to 6.5-times income for Status 0 products and six-times income for Status 1 products, and removing the minimum income requirement.
Stacey Woods, head of intermediary sales at Selina Finance, said: “We want to ensure that our Homeowner Loans and HELOCs deliver for greater numbers of borrowers, and these criteria changes will do just that.
“By doubling the maximum loan size, homeowners will be able to unlock more of the equity they have built up in their properties, while our pre-consent funding proposition means that funds can be delivered much more quickly, providing borrowers with the certainty they need.
“Selina Finance has become known for our innovative approach to lending, and we will continue to pinpoint ways in which we can adapt our products and criteria to work for brokers and their clients.”
