Selina Finance has improved its criteria to double the maximum loan size available for both its homeowner loan and home equity line of credit (HELOC) products.
The maximum loan size on offer has increased from £250,000 to £500,000 for those applying for Selina’s Status 0 products, up to 75% loan-to-value (LTV).
The lender has also fully rolled out its pre-consent funding to all eligible loans.
The policy, which was soft-launched last year on selected cases, allows loans of up to £100,000 to be funded prior to written consent for the loan being provided by the first-charge mortgage lender.
To be eligible for the policy, borrowers will need to have a first-charge mortgage with one of the following lenders: Halifax, NatWest, Santander, Nationwide, Skipton Building Society, Barclays, Coventry Building Society, Leeds Building Society, HSBC, Birmingham Midshires, Clydesdale, Accord Mortgages, Lloyds Bank, Royal Bank of Scotland, Yorkshire Building Society, Bank of Scotland, TSB and Virgin Money.
The latest criteria updates are effective immediately with the lender stating that further changes are expected to follow soon.
Selina Finance head of intermediary sales Stacey Woods comments: “By doubling the maximum loan size, homeowners will be able to unlock more of the equity they have built up in their properties, while our pre-consent funding proposition means that funds can be delivered much more quickly, providing borrowers with the certainty they need.”
