Legal and General Mortgage Club has just added Selina Finance to its lender panel, and it’s a big deal! This means that the club’s network of advisers now has access to a wider range of specialist mortgage products that are perfect for people with more complex financial situations. Selina Finance, which started in 2019, is doing something totally new in the UK. They’re the first ones to offer a Home Equity Line of Credit (HELOC) and a whole new application process. The HELOC is a low-interest credit option that’s secured against your home and taken out alongside your main mortgage. It’s a pretty cool product that’s been around in the US, Canada, and Australia, and now it’s here in the UK. With this, homeowners can use their property wealth to pay for things like school fees, home improvements, and even car finance. Selina Finance offers a bunch of homeowner loan and HELOC products, with loan sizes starting at £10,000 and going all the way up to £500,000. The interest rates start at 8.45% per year, which is not too shabby. Legal & General Mortgage Club is a big deal too. They’ve done over £875 billion of mortgages and are involved in almost 20% of all mortgages in the UK, including one in three of all intermediated mortgages. They give their members access to a wide range of specialist mortgage products from over 100 lenders and providers. And guess what? They’re planning to add even more to their panel in the next few months. Clare Beardmore, the director of Legal & General Mortgage Club, is super excited about this. She says that offering Selina Finance’s specialist mortgage products will help more borrowers and the advisers who work with them. And Selina Finance is pretty stoked too. Darvish Heshejin, the vice president of growth, thinks it’s awesome to partner with Legal & General Mortgage Club. He’s looking forward to a long and productive partnership. So, it looks like good things are happening in the mortgage world!
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