What is a HELOC?

HELOC - Home Equity Line of Credit

A Home Equity Line Of Credit (HELOC) is the popular form of finance for homeowners in the US, Canada and Australia. Selina Advance are the first in the UK to offer a HELOC.

With a Selina Advance you can access the equity built in your home and unlock low rates only homeowners can get.

As a homeowner you are rewarded with low rates compared to most other forms of unsecured personal credit (bank loans or credit cards) while having greater flexibility than a remortgage by only paying interest when you drawdown on your line of credit and no early repayment fees are applied.

Download the HELOC guide

Get the full HELOC guide to learn how to access the equity built inside your home.

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4 simple reasons why a HELOC is better than other loan alternatives

Rates starting at 5.95% p.a.

Withdraw funds when needed over 5 years

Make large purchases affordable

Only pay interest on funds withdrawn

*Representative example: A Selina Advance HELOC of £50,000 drawn out in full over 25 years at a variable rate of 5.95% would result in 300 monthly payments of £327.00. The total cost after 25 years is £98,100.00, which includes £48,100.00 of interest and a £995 product fee added to the balance.

HELOC vs Home Equity Loan

Home Equity Line of Credit

Home Equity Loan

Fixed interest rates

Variable or fixed  interest rates

More like a mortgage, with loan amount based on home equity

Similar to a credit card with a limit based on your home equity and affordability

Used for non-recurring expenses

Can be used for recurring expenses (such as study fees and more)

Pay interest on the whole amount

Only pay interest on funds withdrawn

One up-front lump sum

Withdraw funds when needed  in the first 5 years

Unlock HELOC

Further reading to get you up to speed
What is a HELOC?
HELOC alternatives
How to release equity in your home

Apply online,
get funded quickly

1

Apply in less than 10 minutes

Answer a few simple questions to quickly see if you're elegible for the Selina  Advance HELOC. Does not affect your credit score.

2

Get funded

If you're eligible we will help you get the funds easily and promptly.

3

Overpay anytime, without any early repayment charge

With a Selina Advance you’ll never pay an early repayment charge. Ever.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments.

More than a loan

Home improvements, cars and so much more - the freedom to choose is yours.
Home improvements
Vehicle purchase
Buy to let

What people say about
Selina Advance

Your questions, answered

What is a Selina Advance HELOC?
How can I use it?
What rate and fees apply?
What advantages does it have over remortgaging?

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments.