6 September 2021
Selina Advance has launched a new product, which allows home owners to borrow flexibly against the equity built up in their property.
The plan is called a home equity line of credit or Heloc, and the lender says it is the first of its kind to launch in the UK, but that such loans are common in the US, Canada and Australia.
Borrowers can take out a credit line of between £25,000 and £1m, only paying interest on the amount that they actually draw down.
Homeowners can make unlimited drawdowns and over-payments during the term and there are no early-repayment charges.
Pay rates start from 3.95% or a representative annual percentage rate charge (APRC) of 4.96%.