Selina Finance is increasing its maximum loan to value (LTV) to 85%.
Two-year, five-year and variable rate products at 85% LTV are now available, all with a rate of 6.3%. The maximum loan or credit facility size is £500,000, in line with all Selina’s products above 75% LTV.
The new products have no early repayment charges (ERCs).
The 85% product can be secured on a main residence or second home, and Hometrack AVM with confidence of 6 or more is accepted on properties valued up to £500k.
Selina Finance provides flexible second charge mortgages that can be used as a standard term loan or a credit facility – or ‘home equity line of credit’ (HELOC) – with a flexible period of up to five years during which borrowers can draw and repay funds whenever they choose.
Stacey Woods, key account manager at Selina Finance, said: “We’re excited to be adding to our product range as 2021 draws to a close. There’s been a lot of demand from our intermediary partners for an 85% product, so we’re delighted to be able to offer this before the festive season kicks off.”