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. Legal & General Mortgage Club provides its members with access to a wider range of specialist mortgage products, including residential and buy-to-let options from over 100 lenders and providers, and is due to announce various other additions to its panel in the coming months.
Clare Beardmore, Director, Legal & General Mortgage Club, commented: “The mortgage market does not stand still for a second, so it is really important that our proposition evolves at the same fast pace. We continue to explore the teams looking to innovate, make an impact, and take the mortgage market to the next level, ensuring that we are responding to the everchanging customer needs and market forces at play.
“Offering Selina Finance’s specialist mortgage products to the broker network at Legal & General Mortgage Club will support more borrowers, and also the advisers who serve them. We are hugely proud to have already grown our panel of trusted lenders and providers to well over 100, but we are not stopping any time soon.”
Darvish Heshejin, VP of Growth, Selina Finance, added: “We’re very excited to partner with Legal & General Mortgage Club and confident our product range will add value to its members and their customers. We have seen how the rising value of property stock in the UK has boosted the wealth of homeowners, and this hasn’t been matched by products that give flexible and quick access to this wealth.
“We’re proud to help address this via our HELOC and homeowner loan products and through innovation that drives our digital end-to-end process and the fast service levels we offer partners and customers. After 28 years in operation, Legal & General Mortgage Club has developed a wealth of experience in connecting members with the very best products and services on offer. We are excited by this first step and look forward to a long and productive partnership.”
