Selina Finance is a UK lender offering flexible secured lending products to consumers and businesses. Established in 2019, Selina offers a new way for UK homeowners to access some of the equity they have in their homes. Known as a home equity line of credit, or HELOC, the plan enables you to borrow against the equity in your home and receive the funds as a line of credit.
Selina Finance offers line of credit loans to businesses, property investors and homeowners. Through the Selina Advance HELOC, customers can access the equity they own in their home as a flexible line of credit for 5 years.
Customers can borrow against this line of credit as and when they need to during the 5-year term. However, instead of paying interest on the entire loan amount, borrowers only pay interest on the money they use. After the 5-year ‘flexible’ period, the HELOC will turn into a standard loan which means borrowers can no longer access their funds and must repay the loan, plus interest, before the end of the term. This repayment period can be as long as 30 years.
Repayments are flexible which means you can pay more on a monthly basis if you wish to. You can also pay off the loan early without incurring any penalty fees.
In order to be eligible for a Selina Advance HELOC, you’ll need to meet the following criteria:
On top of this, your security property (whether it’s your main or secondary residence) needs to:
You can apply for a Selina loan via its website. You’ll first need to apply for a personalised quote, which will only take 2 minutes and won’t affect your credit score. As part of your application, you’ll need to provide personal information and details of your property.
Selina Advance currently has an “excellent” rating on review site Trustpilot, with a score of 4.8 out of 5 from 75 reviews. Customers comment on the professional customer service, clear process and flexible and innovative product.
If you’re looking to borrow funds to pay for home improvements or school fees, for instance, a Selina Advance HELOC could certainly be worth considering thanks to the flexibility it offers. However, remember that you will need to have sufficient equity in your home and, because it is a secured loan, it’s vital that you can afford your monthly repayments. If you are unable to, your home will be at risk.
| Loan amounts | From £10,000 to £500,000 |
|---|---|
| Age | From 25 to 75 years |
| Term | From 5 to 25 years |
| Maximum LTV | Up to 95% |
| Representative APRC | Up to 13.6% |
| Lender fee | from £995 |
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