Our marketing team shared a policy update last week, but we now have an up to date Advice+ Product Guide for you to download. I’ve linked it here for your reference, and you’ll also find the full policy update outlined below.
We’ve introduced a series of policy enhancements designed to give you greater flexibility, stronger affordability and broader customer reach.
Here are four key updates to highlight:
5-Year Fixed NO-ERC on HLTV: We’ve launched a 5-year fixed with no ERC option on our HLTV product (above 85% LTV), giving customers greater rate certainty while maintaining the flexibility Selina is known for.
Maximum Age Increased to 80: Our maximum age has increased to 80, with earned income considered up to age 75. This opens up more opportunities to support later-life borrowers with confidence.
Enhanced Hometrack Matrix: After recently launching No Vals, we have taken another huge step forward by giving our Hometrack eligibility a complete overhaul. This means you will see more “No Val” products than ever before.
Removal of DTI: This additional affordability calculation has now been removed to help you place more cases with Selina.
There are also several additional updates listed below…
- Minimum self-employed age reduced to 21
- The maximum loan amount across all products (75-85% LTV) has increased to £300k
- The maximum loan amount for the standard Home Equity Loan (up to 75% LTV) has increased to £500k
- Stress test reduced
- We will now consider exceptions on HLTV
- Restrictions are removed for:
- Grade II listed properties
- New build properties
- Timber-framed properties
- Flats above commercial
- Scottish freehold flats
- Self-build properties
- Self-employed salary only – evidenced by payslips only (no accountant certificate required)
- Self-employed dividends and salary can be evidenced by SA302s and 3 months’ bank statements
- Sole Trader income only requires one year’s SA302 and 1 month’s bank statements
- Income from partnerships (Professional – Law/Accountants, etc.) only requires payslips
- Overtime & commission evidenced by 3 months’ payslips
Leon Griffiths | Partnerships Lead
0203 984 7721