The specialist lender said this would widen access to borrowers, particularly those with minor credit blips. Selina Finance said the change would also give brokers more flexibility to meet the needs of their clients.
The Status 1 products are open to people with one missed payment on secured debt, up to two missed payments on unsecured debt within the last 12 months and one satisfied county court judgment (CCJ) greater than £500 within the last 24 months.
Alongside this change, Selina Finance has reduced the product fees for Status 1 products to align with its Status 0 range to simplify its offering.
For loans between £10,000 and £25,000, the fee will be £595, while for loans between £25,001 and £125,000, the fee will be £995. For loans between £125,001 and £500,000, there will be a fee of £1,395.
Selina Finance offers flexible, secured credit to homeowners, allowing them to leverage equity in their property for purposes such as home improvements, debt consolidation and other needs.
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Stacey Woods (pictured), head of intermediary sales at Selina Finance, said: “Our latest updates to the homeowner loan range reflect our commitment to supporting borrowers who may not fit the traditional lending profile. Increasing the LTV for our Status 1 products to 85% provides brokers with more flexibility to help clients secure higher-value loans, even in challenging circumstances.
“With our reduced product fees and streamlined application process, we’re helping brokers deliver more cost-effective solutions for their clients. By lowering the total cost of borrowing – especially for smaller loan sizes under £25,000 – Selina Finance is making it easier for customers to consolidate debts and manage their finances efficiently. We’re committed to offering innovative products that meet the diverse needs of brokers and their clients, without the one-size-fits-all approach.”
