Selina Finance doubles maximum loan size

By Bridging Loan Directory 17th June 2024

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 has increased from £250,000 to £500,000 for those applying for Selina’s Status 0 products, up to 75% loan-to-value.

In addition, Selina has fully rolled out its pre-consent funding to all eligible loans. The policy, which was soft-launched last year on selected cases in an industry-first move, 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 will need to 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 has improved its pre-consent funding process to ensure that it is now entirely seamless, delivering 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 come 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 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.”