The improved HELOC deal will feature a 1.5% proc fee for brokers, paid upfront with no minimum utilisation requirement.
The product will also have “clearer clawback terms” for cases where the facility is fully closed within the first year.
There will also be flexible drawdown periods of 2-5 years 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.
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Henry Vaughan, vice president of growth at Selina Finance, said: “We’ve simplified and enhanced our HELOC product to make it easier for brokers to place and for customers to use. Whether it’s for home improvements, school fees, or property investment, this product gives borrowers the flexibility to access funds when they need them and repay without penalty.
“By combining the product refresh with in-person training and a webinar, we’re making sure brokers have the tools and knowledge to successfully use HELOCs in real cases.”
Earlier this year, the firm unveiled a bespoke pricing model across its second charge mortgage range.
