Selina Finance enables pre-consent funding on second charges

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  • 26/10/2023
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Selina Finance enables pre-consent funding on second charges
Selina Finance will now allow loans to be funded without the need for first charge consent as a pre-condition.

The pre-consent funding feature is expected to speed up the time taken to fund loans. 

This is available on loans of up to £100,000 where the first charge is with 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. 

The option is available on status 0 plans where the credit file is dated within the last 30 days. 

Advisers can select pre-consent funding through the broker portal before submitting a full application. 

Stacey Woods (pictured), head of intermediary sales at Selina Finance, said: “Pre-consent funding is an excellent solution for time-sensitive cases, particularly debt consolidation, where it can allow the customer to complete the loan faster before incurring monthly payments on expensive items of credit items.  

“We’re proud of the improvements we’ve made to our proposition this year, and we’re turning around cases faster than ever. Pre-consent funding alongside e-signatures on offer docs will get us closer to our vision of completing most loans on the same day of offer.” 

Joe Defries, managing director at The Loan Partnership, added: “Selina’s innovative tech developments and commitment to staying at the forefront of the industry are truly impressive. Kudos to them for their common-sense approach in this aspect of their criteria. It’s refreshing to work with a company that values practicality and pragmatism.  

“Their approach not only simplifies processes but also enhances the overall customer experience. We appreciate their thoughtful perspective which will undoubtedly contribute to their continued success.” 

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