Selina Finance Boosts Flexibility with New HELOC and High-LTV Five-Year Fix
Specialist second charge lender Selina Finance has unveiled a dual-pronged product launch aimed at enhancing flexibility and accessibility for borrowers and intermediaries. The lender has significantly updated its Home Equity Line of Credit (HELOC) product, introducing flexible drawdown periods of two to five years and a simplified affordability assessment focused solely on the repayment period. Crucially, the HELOC now features no early repayment charges (ERCs), with interest charged only on the drawn balance. Simultaneously, Selina has launched a new five-year fixed-rate second charge mortgage specifically for high loan-to-value (LTV) cases above 85%. This product also carries no ERCs, providing borrowers with long-term rate certainty without the penalty for early settlement. The launch is part of a broader initiative to widen borrower eligibility and streamline the application process for brokers. Company executives emphasized that these changes are a direct response to broker feedback demanding speed, clarity, and flexibility. Matthew Batte, head of intermediaries at Selina Finance, stated the firm's focus has been on 'simplifying how cases move through the process,' citing the removal of a debt-to-income (DTI) calculation as part of the criteria expansion. Henry Vaughan, vice president of growth, added that the HELOC enhancements were designed to make the product more straightforward and user-friendly. These strategic moves position Selina to better serve clients seeking to release equity from their homes, whether through a flexible credit line for ongoing projects or a traditional fixed-term loan for a single large expense. The combination of product innovation and criteria broadening is intended to reduce friction in the second charge market and provide brokers with more versatile solutions for their clients' needs.
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Sources
Selina Finance launches enhanced Home Equity Line of Credit product - The Intermediary - Latest UK mortgage news
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...
Selina Finance expands high-LTV range and broadens borrower criteria | Financial Reporter
Matthew Batte, 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. Removing our DTI calculation and introducing a five-year fixed product with no ERCs ...
There will also be flexible drawdown ... and fixed credit limits during the period where balances can be drawn, repaid and redrawn. Affordability will be assessed on the repayment period, which the lender said will simplify case assessments. The HELOC deal also has no early repayment charges (ERCs) and interest is charged only on the balance drawn. ... Henry Vaughan, vice president of growth at Selina Finance, said: “We’ve simplified and enhanced our HELOC product to make it ...
We will also send you our free daily email newsletters and other relevant communications, which you can opt out of at any time. Thank you. Submit ... Selina Finance has launched a five-year fixed product with no early-repayment charges (ERC) on its high loan-to-value range above 85% LTV. The specialist lender announced the launch alongside a series of criteria updates designed to widen borrower eligibility. Selina’s latest ...
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