Selina Finance has rolled out a range of policies to make its lending options more accessible and streamlined, in a bid to provide greater flexibility for both brokers and borrowers.
As part of the update, Selina Finance reduced the minimum loan size to £10,000 across their entire product range.
This adjustment aimed to make the products more attractive to borrowers looking to fund home improvements, consolidate debt, or cover short-term financial needs.
Selina also simplified its approach to assessing clients’ past credit issues, making it easier for more people to qualify.
All previously resolved County Court Judgements (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.
These include Status 0, with no new entries permitted within the past 24 months, and Status 1, with up to one new entry permitted within the past 24 months.
The lender 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%.
Additionally, Selina removed certain buffers from its affordability calculations, making the overall process more straightforward.
Stacey Woods (pictured), head of intermediaries at Selina Finance, said: “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.”
Woods added: “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.”
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