It also fully rolls out pre-consent funding
Secured loan provider Selina Finance has announced several criteria improvements, including doubling the maximum loan size for its homeowner loan and home equity line of credit (HELOC) products.
The maximum loan size has increased from £250,000 to £500,000 for applicants of Selina’s Status 0 products, up to 75% loan-to-value.
The lender said the latest criteria update is effective immediately, with more changes expected soon.
Selina Finance has also fully implemented its pre-consent funding to all eligible loans. This policy, initially soft-launched last year, allows loans of up to £100,000 to be funded before receiving written consent from the first-charge mortgage lender.
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.
These changes follow Selina’s broadened criteria in May, which aimed to support a wider range of borrowers. The changes included considering 100% of bonus, commission, or overtime income when assessing affordability, increasing the maximum loan-to-income ratio to 6.5 times income for Status 0 products and six times income for Status 1 products, and removing the minimum income requirement.
“We want to ensure that our Homeowner Loans and HELOCs deliver for greater numbers of borrowers, and these criteria changes will do just that,” said Stacey Woods (pictured), head of intermediary sales at Selina Finance.
“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.”
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