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Selina Finance has introduced improvements to its criteria, allowing the lender accept applications from a wider range of customers.
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, ensuring even those who have recently changed jobs can access Selina Finance’s product range.
Alongside this, 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.
Furthermore, 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.
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.”
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