Selina Finance has unveiled improvements to its criteria so it can accept applications from a wider range of customers.
The lender says this is the first in a series of policy and product enhancements planned for the year.
Now, up to 100% of bonus, commission, or overtime income can be considered in affordability assessments, provided regular payments are proven. For employed applicants, the minimum time in their current role has been reduced to just one month.
In addition, the maximum loan to income (LTI) has been increased to 6.5x income for Selina’s Status 0 plan, remaining at 6.0x income for Status 1. The lender has also removed the minimum income requirement.
Meanwhile, Selina has broadened its criteria to offer greater support to those with adverse credit. Applicants will now be considered on Status 0 if they have up to two missed payments across multiple unsecured items of credit, while 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 will now ignore conduct on any unsecured item of credit as long as it is either being consolidated or brought up-to-date at the time of application.
Earlier this year, the company announced two new funding lines to fuel its growth ambitions. It has also made significant investments in streamlining the experience for brokers and borrowers, including the introduction of e-signatures on offer documents, increased automation in underwriting processes, and expansion of the underwriting team.
Stacey Woods (pictured), 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.”
