The referral service will launch in phases, with the first covering a range of policy areas
Digital lender Selina Finance has launched a new referrals service, alongside a range of new ‘near-miss’ referral policy areas for brokers.
The package of process improvements, the lender said, aimed to widen the accessibility and eligibility of its product range to applicants who slightly deviated from its standard criteria.
The referral service will launch in phases, with the first phase covering a range of policy areas, including applicant criteria, affordability, and credit conduct.
Of the more notable referral areas, Selina will now allow applications for cases with the following characteristics:
- Employed applicants within their probationary period and/or under six months history in their current role
- Contractors with less than three months remaining on their existing contract
- Loan-to-income greater than six times but not greater than 6.5 times
- Income less than the minimum threshold: £22,500 for single, £30,000 for joint
- The fees added to the loan push the loan-to-value (LTV) into the next band by up to 0.49%
Referral cases will now show in the Selina Broker Portal and allow brokers to either continue and fully submit the application with additional information required, or contact the referrals team at their dedicated email address.
Selina has been implementing a number of product and process improvements designed to improve the broker experience and speed of application processing. Recently, it launched e-signatures on loan documentation, including the legal mortgage deed, enabling borrowers to complete their loans on the day of the offer. The referrals rollout is in response to specific broker feedback the lender has received from several of its key distribution partners.
“The rollout of Selina’s new referrals service demonstrates how we’re still listening to our broker partners and continuing to shape our proposition around them and the customer,” Stacey Woods (pictured), head of intermediary sales at Selina Finance, commented.
“Referrals will allow brokers to continue processing cases that are ‘near-misses’ across various policy areas. I’m genuinely excited by how this will improve the accessibility to Selina’s products for brokers and borrowers alike.”
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