Selina Finance has launched its updated Home Equity Line of Credit (HELOC) product, simplifying the proposition for brokers and borrowers.
The improved HELOC offers a range of new features, including a flat 1.5% procuration fee for brokers, paid upfront with no minimum utilisation requirement, along with clearer clawback terms, limited to cases where the facility is fully closed within the first year.
In addition, the product will feature flexible drawdown periods of two to five years, aligned to customer needs, and fixed credit limits during the flexible drawdown period, with balances that can be drawn, repaid, and redrawn.
Affordability will be assessed only on the repayment period, in a bid to simplify case assessments.
As with Selina’s existing HELOC, there are no early repayment charges and interest is charged only on the balance drawn.
In addition, a dedicated webinar will also be held on 26th September, giving intermediaries the chance to learn more about the product changes and ask questions directly.
Henry Vaughan (pictured), VP of growth at Selina Finance, said: “We’ve simplified and enhanced our HELOC product to make it easier for brokers to place and for customers to use.
“Whether it’s for home improvements, school fees, or property investment, this product gives borrowers the flexibility to access funds when they need them and repay without penalty.
“By combining the product refresh with in-person training and a webinar, we’re making sure brokers have the tools and knowledge to successfully use HELOCs in real cases.”
