Second Charge Lending
Selina Finance doubles max loan size and add pre-consent funding
Specialist lender Selina Finance has doubled the maximum loan size for its homeowner loan and home equity line of credit (HELOC) products.
The lender’s maximum loan size has gone up from £250,000 to £500,000 for those looking at the lender’s Status 0 products up to 75% loan to value (LTV).
HELOC is a flexible line of credit that allows homeowners to get funds by using their home as security and sits on top of your existing mortgage.
Its homeowner loan is a second charge mortgage.
The lender has also brought out pre-consent funding to all eligible loans. The policy was soft-launched last year on selected cases and permits loans of up to £100,000 to be funded, prior to written consent for the loan being provided by the first charge mortgage lender.
Borrowers will need to 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 or Virgin Money.
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Selina Finance said that its pre-consent funding process has been improved so it is “entirely seamless, delivering a faster and smoother experience for brokers and their clients”.
Stacey Woods, head of intermediary sales at Selina Finance, said: “We want to ensure that our Homeowner Loans and HELOCs deliver for greater numbers of borrowers, and these criteria changes will do just that.
“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.
“Selina Finance has become known for our innovative approach to lending, and we will continue to pinpoint ways in which we can adapt our products and criteria to work for brokers and their clients.”
The change comes off the back of a number of criteria improvements around bonus, commission and overtime income as well as maximum loan to income (LTI) and adverse credit.