"Our new criteria for self-employed applicants provide new opportunities for borrowers running growing businesses or businesses that have bounced back from a Covid-related dip."
The lender can now use the latest year's figures for self-employed applicants, subject to an adequate projection and satisfactory accountant's certificate. Dividends, director's salary, partnership drawings and sole trader net profit are all covered by this change.
Selina has also removed the compulsory requirement for borrowers without an existing first charge mortgage on their property to take independent legal advice (ILA) before taking out a secured loan, removing a significant barrier for homeowners living in an unencumbered property.
In addition, the lender will now also allow sole applications from married applicants, subject to a Deed of Consent from the spouse not named as an applicant.
Selina offers flexible secured loans that can be used as a traditional term loan or flexible drawdown facility and lend up to a maximum LTV of 85%.
Stacey Woods, key account manager at Selina Finance, said: "We're excited to be enhancing our product range, following feedback from intermediaries and customers. Our new criteria for self-employed applicants provide new opportunities for borrowers running growing businesses or businesses that have bounced back from a Covid-related dip.
"The changes we have made on unencumbered properties and for married sole applicants remove significant hurdles for customers who want to access our flexible secured loans at very competitive rates."