Selina Finance has launched a 5-year fixed loan with no early repayment charges (ERCs) on high loan-to-value (LTV) products above 85% LTV.
The specialist lender has also widened its borrower criteria, including removing its debt-to-income (DTI) calculation to make affordability checks simpler for brokers.
Additionally, Selina Finance updated its Hometrack eligibility matrix, aiming to qualify more cases for no-valuation assessments and speed up the application process.
The maximum borrower age has increased to 80, with earned income now counted up to age 75, compared to the previous limit of 70.
The minimum loan amount has dropped to £5,000 on all products, down from £10,000, allowing brokers to support smaller borrowing needs.
Other changes include lowering the minimum self-employed age to 21, increasing the maximum loan amount to £300,000 for loans between 75% and 85% LTV, and up to £500,000 for loans at 75% LTV and below.
The lender has also reduced the stress-test and will now consider exceptions on higher-LTV products.
Selina Finance has also removed restrictions on a range of properties including Grade II-listed homes, new-builds, timber-framed properties, flats above commercial premises, Scottish freehold flats, and self-build properties.
Income assessment has been simplified for various employment types such as self-employed workers, partnerships, overtime, commission, and zero-hour contracts.
Matthew Batte (pictured), head of intermediaries at Selina Finance, said: “Brokers are working in a market where speed, clarity and flexibility carry just as much weight as pricing.
“When cases become complicated or the process slows down, it creates unnecessary friction for both brokers and their clients.
“That is why a big focus for us has been simplifying how cases move through the process.”
Batte added: “Removing our DTI calculation and introducing a five-year fixed product with no ERCs on higher loan-to-value (LTV) lending gives brokers more room to structure solutions that work for their clients, while still providing the certainty many borrowers are looking for.
“At the same time, expanding our Hometrack eligibility and increasing the availability of no-valuation products is another step towards making the journey faster and more predictable.
“Where cases meet the criteria, instant valuations remove delays and give brokers greater clarity much earlier in the application process.”
Calum Sayer, specialist mortgage advisor at Truffle Specialist Finance, said: “The update to Selina’s DTI calculation has already made a meaningful difference to the cases we can place.
“In one recent example, we have clients looking to raise £145,646 for debt consolidation, which would reduce their monthly outgoings by £3,445.67.
“Under the previous criteria, the case failed the affordability assessment, but following the update we are now able to proceed, which will make a significant difference to the clients’ financial position.”
Sayer added: “More broadly, Selina’s latest criteria enhancements represent a real step forward for both brokers and borrowers.
“Stronger affordability, wider property and income acceptance, and greater flexibility – including the five-year fixed option with no ERCs and the increased maximum borrower age – mean we can support more customers and progress more cases.”
