June 20, 2024
Finance

Selina Finance makes raft of criteria improvements


Selina Finance makes raft of criteria improvements

Bridging lender Selina Finance has made a number of criteria improvements around bonus, commission and overtime income, maximum loan to income (LTI) and adverse credit.

Selina Finance can consider up to 100% of bonus, commission or overtime income in affordability assessments as long as regular payments are proven.

Employed applicants now only need to be in their role for one month, which the lender said will ensure those who have recently changed jobs can access the product range.



The maximum LTI has been increased to six-and-a-half times income for Selina’s Status 0 plan. The maximum LTI will stay at six times income for Status 1.

The firm has also removed its minimum income requirements.

Applicants with adverse credit can be considered on Status 0 if they have up to two missed payments across multiple unsecured items of credit and there is no requirement for unsecured items of credit to be up to date where consolidated for Status 0 products.

On its Status 1 plan, the lender can ignore any unsecured item of credit as long as it is being consolidated or brought up to date at the time of application.

Selina Finance said that the criteria improvements were part of its “broader strategy to enhance its services”.

Stacey Woods, head of intermediaries at Selina Finance, said: “These policy enhancements mark a significant change for Selina in terms of our risk appetite and really widen the scope of what we will accept.

“Our brokers will certainly find that previous declines would fly through now! The changes allow more customers to access our products and experience our hassle-free digital journey. This is the first of many product enhancements that we have planned for the year, so watch this space.”

Earlier this year, Selina Finance secured two new funding lines with Vanquis Bank and Waterfall Asset Management (WAM).





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