One Mortgage System (OMS) has completed a full integration with lender, Selina Finance.
The move will see OMS users benefit from a two-way decision in principle (DIP) facility which offers advisers direct access to Selina’s ‘flexi-loan’, without the need to rekey any data.
OMS is the only end-to-end mortgage system which covers product areas such as residential, buy-to-let, second charge, equity release, bridging, commercial plus general insurance and protection.
Selina offers pre-approved credit facilities from £25,000 to £1m where borrowers can draw and repay funds whenever they choose, without incurring additional fees or penalties and only paying interest on the amount that is outstanding. After the first five years, the outstanding balance on the revolving credit facility reverts to a traditional term loan for the remainder of the term.
OMS managing director, Neal Jannels, commented: “Selina is one of the most exciting digital lenders operating in the intermediary marketplace and with such a flexible and transparent approach to finance, I’m sure it will prove an interesting and unique proposition for our growing user base.
“There are many synergies between our respective businesses and we’re looking forward to working closely and learning from such a forward-thinking, technology driven lender.”
Selina VP engineering, Giles Caunter, added: “It’s been a pleasure working with OMS, and our new integration is a huge step forward for Selina’s proposition to brokers. We look forward to working together on the next APIs and delivering new features across both platforms.”
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