Frequently asked questions

General

Application

Business Loan

Investment Property Loan

Who is Selina?
Founded in 2018, Selina Finance is a London based digital home equity release lender. Find out more about Selina’s mission and our story here.

 

How do I contact Selina?
You can either call us at: 020 8133 0157 or write us an e-mail: info@selinafinance.co.uk

 

In which countries does Selina operate?
Selina operates exclusively in the United Kingdom

 

What is a home equity loan?
A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral

 

What is the difference between a home equity loan and a regular bank loan?
A home equity loan is secured by the value of a property / collateral a “secured loan”. Whereas the regular business loan or loan is not secured by the value of a property and is “unsecured”

 

How much does Selina cost?
Selina does not charge any fees or has any hidden costs

 

What is Selina’s privacy policy?
For our Privacy Policy, please visit: https://www.selinafinance.co.uk/privacy-policy. For our cookies policy please visit: https://www.selinafinance.co.uk/cookie-policy.

How long does the application process take?
To get an indicative rate you just need to fill out the get-a-rate form. This process takes less than 2 minutes. The process to fill out the detailed loan form takes you 10 minutes. Once we have all received all required information and your loan application is successful, we will transfer you the loan amount within 5 working days.

 

What if I don’t know any property details?
In the first step, you can provide us with estimates. However, we do need all the required documents to make you a final loan offer

 

I don’t have the required supporting documents, such as my company financial statements?
In the first step, you can provide us with estimates. However, we do need all the required documents to make you a final loan offer

 

I have a bad credit score; am I still eligible to apply?
Yes. Selina evaluates each loan application individually. Hence, you are still eligible for a Selina loan, despite having a bad credit score.

 

I have a Country Court Judgment; am I still eligible to apply?
Yes. Selina evaluates each loan application individually. Hence, you are still eligible for a Selina loan despite having a Country Court Judgment.

What type of properties are eligible?
Only residential properties are eligible for the Selina Business Loan.

 

How do you know how much my property is worth?
Selina asses the value of your property with the help of an Automatic Valuation Model. The model considers various metrics such as public data records, historical price trends and recent transaction of similar properties in your area.

 

Can I apply for multiple loans?
Yes. However, Selina can only offer £400,000 per property. Hence, if you have more than one property, you can apply for multiple loans

 

What can I do with a Selina Business Loan?
The Selina Business Loan must be exclusively used for business purposes such as funding your business expansion, refinancing your business or to cover working capital fluctuations.

 

How can I calculate the equity in my home?
The equity in your home is calculated by subtracting the total outstanding mortgages on your home from the current market value of your home.

 

Can I get a loan even If I don’t have an outstanding mortgage?
No, unfortunately, we can only offer you a Selina Business Loan if you have one or more outstanding mortgages on your property

 

What loan amounts does Selina offer?
Selina offers a minimum loan amount of £25,000 and a maximum loan amount of £200,000

 

What loan terms does Selina offer?
Selina offers loan terms of 5 years

 

What type of interest rate does Selina offer?

The interest rate applicable to your Loan is fixed for the first three months. The interest rate is dependent on the Bank of England Base Rate.

 

What is Bank of England Base Rate?

The Base Rate will be re-assessed by us on a quarterly basis and notified (along with details of your revised Monthly Payment) to you not less than 7 days before the new Interest Rate takes effect.

The Base Rate will be recalculated by reference to the rate information calculated and published by the Bank of England. Should the Bank of England base rate be discontinued or unavailable at any point of recalculation, we may use our discretion to select an equivalent benchmark rate.

 

What fees does Selina charge?
Selina doesn’t charge any fees. All our competitors charge an origination fee, an account opening and maintenance fee.

 

Can I pay back my loan early without any penalty charges?
Yes. Selina offers flexible payment schedules. There are no prepayment fees.

 

How is the loan paid out?
The loan will be transferred to your bank account once you have completed all steps of Selina’s loan application process here.

 

When is my payment due?
Your first interest and redemption payment will be due exactly one month after Selina paid out the loan. If you have any questions, just drop us a mail at info@selinafinance.co.uk and we will assist you.

 

What if I miss a payment?
Selina will contact you and ask you to pay your amount. If you have any payment-related questions such as problems to pay your loan, please contact us at info@selinafinance.co.uk.

 

What type of homeowners are eligible?
Selina lends to individuals whose properties are held solely or jointly with others.

What type of properties are eligible?
Any residential properties are eligible. However, less than 40% of the property needs to be used or is intended to be used as or in connection with a dwelling by the borrower or a related person and more than 40% of the property should be used or is intended to be used as or in connection with a dwelling

 

Do I need a real estate business to be eligible for the Selina loan?
No. However, your income from your real-estate activity must represent a significant part of your total income.

 

How do you know how much my property is worth?
Selina assesses the value of your property with the help of an Automatic Valuation Model. The model considers various metrics such as public data records, historical price trends and recent transaction of similar properties in your area.

 

Can I apply for multiple loans?
Yes. However, Selina can only offer £200,000 as a maximum loan value per property. Hence, if you have more than one property, you can apply for multiple loans.

 

What can I do with a home equity loan?
You can buy new properties or renovate your already owned properties

 

How can I calculate the equity in my property?
The equity in your home is calculated by subtracting the total outstanding mortgages on your home from the current market value of your home.

 

Are Selina Investment Property loans tax deductible?
You should consult a tax advisor regarding the deductibility of interest and charges

 

Can I get a loan even If I don’t have an outstanding mortgage?
Yes. You don’t need a have an outstanding mortgage to be eligible for the Selina Investment Property Loan

 

What loan amounts does Selina offer?
Selina offers a minimum loan amount of £25,000 and a maximum loan amount of £200,000

 

What loan terms does Selina offer?
Selina offers loan terms for 5 years.

 

What type of interest rate does Selina offer?
The interest rate applicable to your Loan is variable above the prevailing Bank of England Base Rate. The Base Rate will be re-assessed by us on a quarterly basis and notified (along with details of your revised Monthly Payment) to you not less than 7 days before the new Interest Rate takes effect. The Base Rate will be recalculated by reference to the rate information calculated and published by the Bank of England. Should the Bank of England base rate be discontinued or unavailable at any point of recalculation, we may use our discretion to select an equivalent benchmark rate.

What fees does Selina charge?
Selina doesn’t charge any fees. All of our competitors charge an origination fee, an account opening and maintenance fee

 

Can I pay back my loan early without any penalty charges?
Yes. Selina offers flexible payment schedules. There are no prepayment fees.

 

How is the loan paid out?
The loan will be transferred to your bank account once you have completed all steps of Selina’s loan application process (Link to how it works)

 

When is my payment due?
Payments and due dates depend on when your loan closed. If you have any questions, just drop us a mail at info@selinafinance.co.uk and we will help you

 

What if I miss a payment?
Selina will contact you and ask you to pay your amount. If you have any payment-related questions such as problems to pay your loan, please contact us at info@selinafinance.co.uk

 

What type of home ownership are eligible?

Selina lends to individuals whose properties are held solely or jointly with others.