Selina Finance, the specialist lender offering Home Equity Lines of Credit (HELOCs) and secured homeowner loans, has launched a five-year fixed product with no early repayment charges on its high LTV range above 85% LTV, alongside a series of criteria updates designed to widen borrower eligibility.
The product is intended to allow borrowers to secure rate certainty while maintaining the flexibility often required when raising capital through a second charge loan.
Selina has also removed its debt-to-income calculation, which is expected to simplify affordability assessments and help brokers place more cases successfully.
Further enhancements have been made to Selina’s Hometrack eligibility matrix, following the recent introduction of automated valuations. The revised criteria are designed to increase the number of cases qualifying for a no-valuation assessment, helping brokers move cases through the application journey more efficiently.
The lender has also increased its maximum borrower age to 80, with earned income now considered up to age 75. Previously, the maximum age for earned income was 70, while borrowers aged up to 75 were only considered where income was derived from pension or rental sources.
Selina has also reduced its minimum loan amount to £5,000 across all products, down from the previous minimum of £10,000.
Several additional policy enhancements have also been introduced, including the minimum self-employed age reduced to 21, stress-test reduced to support improved affordability outcomes, and exceptions now considered on higher-LTV products.
The maximum loan amount has increased to £300,000 for products between 75% and 85% LTV and to £500,000 for the standard Home Equity loan up to 75% LTV.
Selina has also expanded the types of property it will consider, removing restrictions for grade II-listed properties, new builds, timber-framed homes, flats above commercial premises, Scottish freehold flats, and self-build properties.
Income assessment criteria have also been updated to simplify evidence requirements across a range of employment types, including self-employed borrowers, partnership income, overtime, commission, and zero-hour contracts.
Matthew Batte, head of intermediaries at Selina Finance, said: “Brokers are working in a market where speed, clarity and flexibility carry just as much weight as pricing. When cases become complicated or the process slows down, it creates unnecessary friction for both brokers and their clients.
“That is why a big focus for us has been simplifying how cases move through the process. Removing our DTI calculation and introducing a five-year fixed product with no ERCs on higher LTV lending gives brokers more room to structure solutions that work for their clients, while still providing the certainty many borrowers are looking for.
“At the same time, expanding our Hometrack eligibility and increasing the availability of no-valuation products is another step towards making the journey faster and more predictable. Where cases meet the criteria, instant valuations remove delays and give brokers greater clarity much earlier in the application process.”
