Lender set to update loan rates

Legal General Mortgage Club has today added specialist homeowner loan and Home Equity Line of Credit (HELOC) provider Selina Finance to its lender panel. The addition of Selina Finance to the panel will give the Club’s network of adviser’s access to a wider range of specialist mortgage products suitable for consumers with more complex financial circumstances, who may be in need of more tailored solutions.   Founded in 2019, Selina Finance is the first provider in the UK to offer a HELOC product and an entirely end-to-end application journey. The HELOC is a low-interest credit facility secured against a borrower’s home and taken out alongside their primary mortgage. The product, which is well-established in the US, Canadian and Australian markets, gives borrowers flexible access to their property wealth to finance school fees, home improvements, car finance and more.  .  . Selina Finance offers a range of homeowner loan and HELOC products, with loan sizes ranging from between £10,000 and £500,000, with rates starting at 8.45% p.a.  Legal General Mortgage Club is the largest and longest-running mortgage club in the UK. Since its launch in 1995, it has completed more than £875bn of mortgages and is now involved in almost 20% of all mortgages in the UK, including one in three of all intermediated mortgages

Selina Finance, a London-based alternative lender which provides credit to business and consumer borrowers by unlocking the value tied up in their property, has raised $35m in equity from Lightrock and $115m in debt from Goldman Sachs and GGC.