"By refining both our credit and affordability criteria, we’re able to offer more tailored solutions for borrowers who may have previously faced obstacles. "
- Stacey Woods, head of intermediaries at Selina Finance
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.
Selina has reduced the minimum loan size to £10,000 across its entire product range, supportig 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 its 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.
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% and 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.”
