Selina Finance has announced the launch of a new referrals service alongside a range of new “near-miss” referral policy areas for brokers.

As part of a package of process improvements, the lender is aiming to widen the accessibility and eligibility of its product range to applicants who deviate from its standard criteria.

The referral service will launch in phases, with the first phase covering a range of policy areas, including applicant criteria, affordability, and credit conduct.

Selina will now allow applications from cases for employed applicants within their probationary period or under six months history in their current role, contractors with less than three months remaining on their existing contract, as well as those with a loan-to-income (LTI) greater than 6.0 times but less than 6.5 times.

The lender said it has been working hard this year to boost its proposition through a range of product and process improvements designed to improve the broker experience and speed of application processing. Recently, Selina launched e-signatures on loan documentation including the legal mortgage deed, enabling borrowers to complete their loans on the day of the offer.

Commenting on the latest changes, Selina head of intermediary sales, Stacey Woods, said: “The rollout of Selina's new referrals service demonstrates how we're still listening to our broker partners and continuing to shape our proposition around them and the customer.

“Referrals will allow brokers to continue processing cases that are 'near-misses' across various policy areas. I'm genuinely excited by how this will improve the accessibility to Selina's products for brokers and borrowers alike.”

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