Legal and General Mortgage Club has today added specialist lending provider Selina Finance to its lender panel.
It said the addition of Selina Finance 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.
Selina Finance, which was founded in 2019, is the first provider in the UK to offer a Home Equity Line of Credit (HELOC) 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, the largest and longest-running mortgage club in the UK, has completed more than £875bn of mortgages.
The club is now involved in almost 20% of all mortgages in the UK including one in three of all intermediated mortgages.
It 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.
Legal & General Mortgage Club director Clare Beardmore said: “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.”
Selina Finance vice president of growth Darvish Heshejin added:“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.”
