Selina Finance has announced a number of changes to its range of residential mortgage products, with the aim making it easier for married and self-employed borrowers to get loans.
This will see many of the lender’s criteria for securing residential loans change. For example, income data from the past year will now be acceptable for self-employed people who want to apply for a loan, provided there is an adequate earnings projection and a certificate from a qualified accountant included as well. This will apply to sole traders, along with self-employed company director salaries and dividends.
Another change that is being introduced by Selina Finance is the scrapping of the rule that required borrowers who did not already have a first charge mortgage to get independent legal advice (ILA) before they were eligible for secured loans. Getting rid of that rule is intended to ensure that people living in unencumbered homes can get mortgages more easily.
Finally, borrowers who are married will now be able to submit sole mortgage applications, as long their spouse has signed the Deed of Consent.
Selina Finance’s Key Account Manager, Stacey Woods, stated that these changes had been made based on suggestions from both customers and mortgage advisors, adding:
“Our new criteria for self-employed applicants provide new opportunities for borrowers running growing businesses or businesses that have bounced back from a Covid-related dip.”
All advisors who have a CeMAP qualification will know how difficult it is for self-employed people to get mortgages and will be hoping other lenders follow this example.