Selina Advance is the first Home Equity Line of Credit (HELOC) in the UK, introducing a flexible and affordable way to finance an upgrade to your home, car, holiday – or whatever you choose - sooner.
A HELOC is a facility secured against the equity you have built up in your residential property (the “security property”). It is specifically designed to offer homeowners easy access to flexible and fair finance for larger purchases.
Selina Advance is a product of Selina Finance Limited which is a company regulated by the Financial Conduct Authority (FCA).
With a Selina Advance HELOC, you can use your funds for many different purposes.
You can choose to upgrade your home with a new kitchen or extension for your family to enjoy, put down a deposit on a second home or trade up your car to the next model.
Many customers also choose to use their funds to pay for school fees or treat themselves to a special holiday.
The overall cost for comparison of a Selina Advance HELOC is Representative APRC: 4.96%*. The APRC is a percentage which represents the annual cost of borrowing against a security property and includes the interest rate and any other fees. It allows customers to compare different products available on the market.
This means at least 51% of our customers get a Selina Advance HELOC at this 4.96% APRC or lower with rates starting from 3.95%. Please note the APRC you receive will reflect your individual circumstances.
*Representative Example: A Selina Advance HELOC of £50,000 drawn out in full over 25 years at a fixed rate of 4.95% for 5 years and then our variable rate of 4.45% for the remaining term would result in 60 monthly payments of £296.63 and 240 monthly payments of £284.33.
The total cost after 25 years is £86,037.30, which includes £35,042.30 interest and a £995 product fee added to the balance.
Your personal advisor will help you choose between a fixed and a variable rate to ensure you get the right product for you
There are several advantages over remortgaging.
The first is that you never pay early repayment charges. Most banks charge for remortgaging and additional borrowing on your mortgage. With a Selina Advance HELOC, you won’t be locked into your mortgage for a longer period of time. It’s simply a secured facility that sits alongside your mortgage without having any effect on it.
Another advantage of the Selina Advance HELOC is its flexibility. You only pay for what you use, when you use it. That means funds when you need them, and no costs when you don’t!