Selina Finance launches referrals service

This is part of a move to improve its processes and widen access of its products to people who sit outside its standard criteria. 

The referral service will launch in phases, with the first phase covering applicant criteria, affordability and credit conduct. 

The lender will now allow applications for cases which include employed applicants who are still within their probationary period or have less than six months history in their current role, contractors with less than three months remaining on their existing contract and loan to incomes (LTIs) which are greater than six times income, but not higher than 6.5 times income. 

It will also look at incomes which are lower than its minimum threshold, which is currently £22,500 for single applicants and £30,000 for joint borrowers. 

Selina will assess cases where fees have been added to the loan which put the loan to value (LTV) into the next band by up to 0.49 per cent. 

Referral cases will show up in the lender’s broker portal to allow applications to be continued or fully submitted as long as additional information is provided, or brokers can contact the referrals team. 

‘Improving accessibility for brokers’

Stacey Woods, head of intermediary sales at Selina Finance, said: “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.  

“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.”