Selina Finance has launched an updated Home Equity Line of Credit (HELOC), simplifying and enhancing the product for brokers and borrowers with the aim of unlocking wider adoption of HELOCs in the UK.
Selina Finance is a second charge lender offering flexible credit facilities that allow homeowners to access funds as needed, with interest only charged on the amount drawn and no early repayment charges. Its HELOC product is designed for borrowers looking to raise capital or fund significant life purchases.
The improved HELOC offers a range of new features, including clearer clawback terms, limited to cases where the facility is fully closed within the first year.
The product also offers flexible drawdown periods of two to five years and fixed credit limits during the flexible drawdown period, with balances that can be drawn, repaid, and redrawn.
In addition, affordability is assessed only on the repayment period, simplifying case assessments.
The new range will offer a flat 1.5% procuration fee for brokers, paid upfront with no minimum utilisation requirement.
As with Selina’s existing HELOC, there are no early repayment charges and interest is charged only on the balance drawn.
In addition, a dedicated webinar will be held on 26th September, giving intermediaries the chance to learn more about the product changes and ask questions directly. Registration for the webinar can be accessed here.
Henry Vaughan (pictured), VP of growth at Selina Finance, commented: “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.”
