Selina Finance has announced it is increasing its maximum LTV to 85% on its range of second charge mortgages.

The loan provider’s two, five-year and variable rate products at 85% LTV are now available, each with a rate of 6.3%. The maximum loan or credit facility size will be £500,000, in line with all Selina’s products above 75% LTV. The new products also have no early repayment charges (ERCs).

Selina provides flexible second charge mortgages that can be used as a standard term loan or a credit facility – or ‘home equity line of credit’ – with a flexible period of up to five years, during which borrowers can draw and repay funds whenever they choose.

The new 85% product can be secured on a main residence or second home, and Hometrack AVM with confidence of six or more is accepted on properties valued up to £500,000, the lender added.

Commenting the announcement, Selina key account manager, Stacey Woods, said: “We’re excited to be adding to our product range as 2021 draws to a close. There’s been a lot of demand from our intermediary partners for an 85% product, so we’re delighted to be able to offer this before the festive season kicks off.”

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