Selina Finance announces policy updates to boost flexibility and streamline application process

21 October 2024

Selina Finance has rolled out a range of new policies to make its lending options more accessible and streamlined, providing greater flexibility for both brokers and borrowers.

The changes are part of the lender’s strategy to broaden its product offering to a wider range of clients while ensuring a smoother process with clearer qualifying criteria.

Selina Finance has reduced the minimum loan size to £10,000 across their entire product range. This adjustment makes the products more attractive to borrowers who are looking to fund home improvements, consolidate debt, or cover short-term financial needs.

Selina has also simplified its approach to assessing clients’ past credit issues, making it easier for more people to qualify. All previously resolved CCJs and defaults, including those under £500, will no longer be considered in their assessments.

Additionally, Selina now accepts applications with total CCJ or default balances exceeding £5,000 if consolidated, with new criteria set for two distinct credit statuses:

• Status 0: No new entries permitted within the past 24 months.
• Status 1: Up to one new entry permitted within the past 24 months.

These updates ensure greater clarity and flexibility, allowing us to better serve borrowers with non-standard credit profiles.

The lender has also streamlined its affordability criteria. Brokers and clients now only need to declare essential outgoings such as council tax, childcare, service charges, and ground rent in affordability assessments. The debt-to-income (DTI) threshold has been raised to 55%. Selina has removed certain buffers from its affordability calculations, making the overall process faster and more straightforward.

Stacey Woods, Head of Intermediaries at Selina Finance, commented:
“Our latest updates are designed to give brokers greater clarity and flexibility while streamlining access to our products for their clients. By refining both our credit and affordability criteria, we’re able to offer more tailored solutions for borrowers who may have previously faced obstacles. This is a key step forward to making lending more accessible and hassle-free for all parties involved.”

“We understand that every customer’s situation is unique, and these updates reflect our commitment to making the lending process smoother, faster, and more inclusive. They are part of our broader strategy to support brokers and borrowers, building on the momentum of recent funding expansions and digital enhancements.”

For more information on these updates, visit the Selina Finance website here.