Selina Finance secured loans review

Looking for a Selina Finance secured loans review? Selina Finance is a London-based lender that introduced the UK's first Home Equity Line of Credit (HELOC) in 2021, alongside a more traditional Homeowner Loan. Both products let homeowners borrow against their property's equity.

We've looked at their rates, fees, eligibility criteria, application process and customer reviews to help you decide if they're right for you.

Quick verdict: Selina Finance is a strong choice for homeowners with good credit who want flexibility in how they access their equity. Their HELOC stands out for having no early repayment charges, and their customer service has won industry recognition. But their income requirements and property value threshold mean they won't suit everyone.

Our rating: 4.2 out of 5

Best for: homeowners with good credit who want flexible access to funds over time, or those planning phased projects like home improvements.

Before looking at Selina's specific products, it's worth understanding how secured loans work and whether one is right for your situation.

A secured loan uses your property as collateral. The lender places a legal charge on your home, giving them the right to force a sale if you don't keep up repayments. Because the loan is backed by your property, lenders can offer larger amounts and longer terms than unsecured personal loans. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Secured loans are sometimes called homeowner loans, second charge mortgages or second mortgages. They sit alongside your existing mortgage rather than replacing it.

How secured loan borrowing limits work

The amount you can borrow depends on three main factors:

• Your equity: the portion of your home you own outright. If your home is worth £300,000 and you owe £180,000 on your mortgage, you have £120,000 in equity.
• Loan-to-value (LTV) limits: lenders set a maximum combined LTV. Selina's maximum is 85%, meaning your existing mortgage plus the new secured loan can't exceed 85% of your property's value.
• Affordability: even with plenty of equity, lenders must check you can afford the monthly payments based on your income and existing commitments.

Using the example above: with a £300,000 property and a £180,000 mortgage (60% LTV), Selina's 85% maximum would allow up to £75,000 in additional borrowing, taking total lending to £255,000. The amount actually approved would still depend on your income and other debts.

When secured loans make sense

Secured loans typically offer lower interest rates than unsecured borrowing because the lender's risk is reduced. They're often used for:

• Home improvements and renovations
• Debt consolidation, combining multiple debts into one repayment
• Large purchases such as vehicles or school fees
• Buy-to-let property deposits
• Business funding

If you're consolidating debt, be aware that while your monthly payments might be lower, spreading repayment over a longer term could mean paying more interest overall. Securing previously unsecured debts against your home also means taking on additional risk.

Selina Finance launched in 2018 and became authorised and regulated by the Financial Conduct Authority in 2020. The company is based in London, with additional operations in Manchester, and has grown quickly in the UK secured lending market by focusing on technology-driven lending and flexible products.

Selina made its name by introducing the UK's first HELOC in 2021, a product that had been common in the US, Canada and Australia for decades but was unavailable to British homeowners until then. This set them apart in a market that had traditionally offered only lump-sum secured loans.

Company credentials

Selina Finance is authorised and regulated by the Financial Conduct Authority. The company is registered in England and Wales and is headquartered at Hylo, 103-105 Bunhill Row, London, EC1Y 8LZ.

In 2025, Selina won the Best Service from a Secured Loan Provider award at the Moneyfacts Awards, one of the industry's most respected accolades. The company has also secured funding from investors including Vanquis Bank and Waterfall Asset Management, supporting its lending capacity.

How Selina Finance differs from traditional lenders

Most UK secured loan providers offer a single product: a lump sum that you borrow and repay over time. Selina's HELOC works differently. You're approved for a credit limit but only borrow what you need, when you need it. You can draw funds, repay them, and draw again during a flexible drawdown period, typically 2 to 5 years, and interest is only charged on the amount you've actually borrowed.

This structure tends to suit:

• Phased home improvement projects where costs aren't known upfront
• Ongoing expenses like school fees paid termly
• Homeowners who want a financial safety net without paying interest on unused funds
• Borrowers who might want to repay and reborrow without applying for a new loan each time

Selina offers two main products: the Home Equity Line of Credit (HELOC) and the Homeowner Loan. Both are secured against your property, but they work quite differently.

Home Equity Line of Credit (HELOC)

The HELOC is Selina's flagship product and the first of its kind in the UK. It works like a revolving credit facility secured against your home.

During the flexibility period, you can draw funds up to your credit limit whenever you need them, and you only pay interest on what you've borrowed. If you repay some or all of the balance, you can borrow it again without applying for a new loan.

Once the flexibility period ends, you can't draw any more funds. Your remaining balance is then repaid over the rest of the loan term through fixed monthly payments.

Best for: home improvements paid in stages, ongoing expenses like school fees, or anyone who wants access to funds without paying interest on money they're not using.

Homeowner Loan

The Homeowner Loan is a more traditional secured loan where you receive all funds upfront as a lump sum, suited to debt consolidation, home improvements or major purchases where you know the amount you need.

You apply, get approved for a specific amount, and receive all funds at completion, then make fixed monthly payments over the agreed term. Some Homeowner Loan products include early repayment charges if you pay off more than 10% of the balance in a year, though this depends on which product you choose.

Best for: one-off large purchases, debt consolidation where you know the exact amount needed, or borrowers who prefer predictable payments.

Which product should you choose?

Choose the HELOC if:

• You don't need all the funds on day one
• Your project has uncertain or phased costs
• You want the flexibility to repay and reborrow
• You might pay off the loan early

Choose the Homeowner Loan if:

• You know exactly how much you need upfront
• You prefer fixed monthly payments
• You want to lock in a fixed rate
• You're consolidating a specific amount of debt

Selina's rates are personalised based on your circumstances, including your credit score, income, loan amount, LTV and chosen product. Because pricing is assessed individually rather than fitted to standard rate bands, rates can vary significantly between applicants. Speak to an advisor for a personalised illustration based on your circumstances.

Fee breakdown

You can pay fees upfront or add them to your loan balance. Adding fees to the loan spreads the cost but means you'll pay interest on them over the full term.

Selina has specific criteria you'll need to meet before they'll consider your application.

Personal requirements

To apply for a Selina product, you must:

• Be a UK homeowner on the title deeds of the property
• Be a permanent UK resident with at least 3 years of address history
• Have a minimum personal income of £22,500 a year, or £30,000 for joint applications
• Have a good credit history that meets Selina's criteria

If you're applying jointly, both applicants must individually meet the credit requirements.

Property requirements

Your property must:

• Have a minimum value of £100,000
• Have been owned by you for at least 6 months
• Fall within Selina's 85% maximum combined LTV
• Be in acceptable condition, of standard construction with no major issues

Properties can be main residences or second homes. Selina lends across England, Wales, Scotland and Northern Ireland, though Northern Ireland applications are capped at a lower 70% LTV.

Income types accepted

Selina considers various income sources, including:

• Employed income (PAYE)
• Self-employed income, for both sole traders and limited company directors
• Contractor income
• Pension income

Self-employed applicants typically need at least 12 to 24 months of trading history. Contractor income may be considered with sufficient contract history.

Selina's application process is designed to be straightforward, with much of it completed online, from an initial soft-search quote through to digital document upload and e-signature.

Timeline expectations

Selina says applications can be funded in as little as 48 hours for straightforward cases, though this is optimistic for most applicants. More realistic timelines are:

Delays often occur because of:

• Missing or unclear documentation
• Waiting for your existing mortgage lender's consent
• RICS valuation requirements
• Land Registry issues

Providing complete, accurate documents upfront is the best way to keep things moving.

Customer service is clearly a priority for Selina, reflected in their Moneyfacts 2025 award for Best Service from a Secured Loan Provider.

Contact options

Once you begin an application, you're assigned a dedicated case manager who stays with you throughout the process. This personal service is frequently praised in customer reviews.

What customers say

Selina holds a 4.8/5 rating on Trustpilot from over 440 reviews, with 90% of reviewers giving 5 stars.

Common positive themes include responsive and friendly staff, clear explanations of products and the process, quick turnaround times, and case managers who keep customers informed.

Common concerns include the automated valuation coming in lower than expected, delays waiting for mortgage lender consent, and confusion over variable redemption figures. Selina responds to reviews on Trustpilot, including negative ones.

Complaints handling

If you're unhappy with any aspect of Selina's service, you can:

1. Contact your case manager or advisor directly
2. Email complaints@selinafinance.co.uk
3. Write to their complaints team at their London address

If you're not satisfied with their response, you can escalate to the Financial Ombudsman Service.

If you're struggling with repayments or your finances more broadly, free and impartial guidance is also available from MoneyHelper at moneyhelper.org.uk or 0800 138 7777.

Advantages

Unique HELOC product. Selina's HELOC fills a genuine gap in the UK market. Being able to draw, repay and redraw funds without reapplying makes it significantly more flexible than a traditional secured loan.

No early repayment charges on HELOC. Unlike most secured loans, Selina's HELOC has no penalties for overpaying or clearing your balance early.

Award-winning service. The Moneyfacts 2025 award and consistently high Trustpilot ratings suggest Selina delivers on customer experience, with a dedicated case manager for each application.

Fast, digital process. Electronic signatures, online document uploads and automated valuations mean applications can move quickly for straightforward cases.

Flexible income assessment. Selina considers employed, self-employed, contractor and pension income, making them accessible to a wider range of applicants than some high street lenders.

Disadvantages

Higher income requirements. The £22,500 minimum income (£30,000 for joint applications) is higher than some competitors, which excludes some part-time workers and lower earners.

Good credit required. Selina isn't a specialist adverse credit lender. Defaults, arrangements or a thin credit file are likely to result in a decline.

Minimum property value. The £100,000 minimum excludes some properties, particularly in regions where house prices are lower.

5-year minimum term. Some lenders offer terms from 3 years. A 5-year minimum could mean paying more interest overall if you only need to borrow short-term.

Fees can be significant. Arrangement fees of up to £3,000, plus product fees, add to the total cost. You can add these to the loan, but you'll then pay interest on them.

Variable rate only for the HELOC. If you want the HELOC's flexibility, you have to accept a variable rate. There's no fixed-rate HELOC option.

Understanding how Selina stacks up against other secured loan providers can help you decide whether to apply through them or consider an alternative.

Selina Finance vs Pepper Money

• Loan amounts: Selina lends £10,000 to £500,000; Pepper Money lends £5,000 to £1 million.
• Maximum LTV: Selina's maximum is 85%; Pepper Money goes up to 95%.
• Minimum property value: £100,000 at Selina versus £75,000 at Pepper Money.
• Credit types: Selina requires good credit; Pepper Money accepts adverse credit.
• Minimum term: 5 years at Selina versus 3 years at Pepper Money.

Choose Pepper Money if you have adverse credit, need to borrow against a lower-value property, want a higher LTV, or need a shorter loan term. Choose Selina if you have good credit, want the flexibility of a HELOC, value no early repayment charges, or prefer a faster, more digital process.

Selina Finance vs United Trust Bank

• Loan amounts: both lend £10,000 to £500,000.
• Maximum LTV: both cap at 85%.
• Minimum property value: £100,000 at Selina versus £90,000 at United Trust Bank.
• Credit types: Selina requires good credit; United Trust Bank will consider some adverse credit.
• Specialist products: Selina offers a HELOC; United Trust Bank offers green and eco home improvement products.

Choose United Trust Bank if you're funding eco-friendly home improvements, have minor credit issues, or are an older borrower approaching other lenders' age limits. Choose Selina if you want a HELOC's flexibility, value no early repayment charges, or prefer a more technology-focused application.

Selina Finance vs Together Money

• Loan amounts: both lend £10,000 to £500,000.
• Minimum property value: £100,000 at Selina versus £70,000 at Together Money.
• Experience: Selina was founded in 2018; Together Money has been lending since 1974.
• Credit types: Selina requires good credit; Together Money takes a flexible, case-by-case approach.
• Specialist features: Selina offers a HELOC; Together Money specialises in complex property types.

Choose Together Money if you have unusual circumstances (self-employed with limited accounts, a complex property, or some credit issues), need a lower property value threshold, or want a lender with decades of specialist lending experience. Choose Selina if your circumstances are straightforward, you want HELOC flexibility, or you prefer a modern digital process.

Market position

Selina occupies a specific niche: good-credit borrowers who want flexibility and a modern lending experience. They aren't trying to compete with specialist adverse credit lenders or those focused on complex cases. If you have good credit, a decent income, and a property worth over £100,000, Selina is worth considering alongside other lenders. If your circumstances are more complicated, you may find more flexibility elsewhere.

Based on their products, criteria and positioning, here's who Selina tends to suit and who might be better served elsewhere.

Good fit

• Homeowners planning phased projects. If you're renovating in stages and don't know the exact final cost, the HELOC's draw-as-you-go model could save money versus borrowing a lump sum and paying interest on unused funds.
• Parents paying school fees. You can draw each term's fees as needed, only paying interest on what you've used, and repay during holidays or when your circumstances allow.
• Those who might repay early. If you're planning to sell your home, expecting an inheritance, or hoping for a bonus, the HELOC's lack of early repayment charges is valuable.
• Good-credit borrowers. If you have a strong credit profile, Selina's individually assessed pricing can work in your favour.
• Tech-comfortable applicants. If you prefer digital processes, online document uploads and e-signatures over paperwork and branch visits, Selina's approach will suit you.

Poor fit

• Those with adverse credit. Recent defaults, missed payments, debt arrangements or a very low credit score will likely result in a decline. Consider Pepper Money, Together Money or another specialist lender instead.
• Lower-income borrowers. If you earn less than £22,500 (or £30,000 for joint applications), you won't meet Selina's minimum threshold.
• Owners of lower-value properties. Properties worth less than £100,000 don't qualify. Together Money (£70,000) or Pepper Money (£75,000) have lower thresholds.
• Those needing short-term borrowing. With a 5-year minimum term, Selina isn't suited to short-term needs.
• Borrowers wanting a fixed-rate HELOC. The HELOC only comes with a variable rate, so you can't get both flexibility and rate certainty from Selina.

Decision checklist

Selina could be a good fit if:

• You have good credit
• Your property is worth £100,000 or more
• You earn £22,500 or more (£30,000 for joint applications)
• You want flexible drawdown through the HELOC
• You might repay early
• You prefer digital processes

Consider alternatives if:

• You have adverse credit history
• Your property is worth less than £100,000
• You earn below the income thresholds
• You need a loan term shorter than 5 years
• You need a very high LTV, above 85%

Selina Finance has carved out a genuine niche in the UK secured lending market. Their HELOC product offers flexibility that isn't available elsewhere, and their focus on customer service shows in both industry awards and customer reviews.

What Selina does well

• Providing genuine flexibility through the UK's only HELOC
• Delivering award-winning customer service
• Running a smooth, digital-first application process
• Offering no early repayment charges on HELOC products

Where Selina could improve

• Lower income thresholds, to help more borrowers qualify
• Options for those with imperfect credit
• A fixed-rate HELOC product
• Shorter minimum terms

If you're a good-credit homeowner with a property worth £100,000 or more and you want flexible access to your equity, Selina is worth putting on your shortlist. The HELOC is genuinely innovative, and the customer experience is consistently praised.

If you have credit issues, a lower-value property, or income below their thresholds, a specialist lender such as Pepper Money, Together Money or Norton Finance may be a better fit.

Overall, we rate Selina Finance 4.2 out of 5 for secured loans.

At Money Saving Advisors, we compare Selina Finance against a wide range of other secured loan lenders to help you find options that suit your circumstances.

Three ways to proceed

1. Check your eligibility. Use our eligibility checker to see whether you qualify for Selina or other secured loans. It takes a couple of minutes and won't affect your credit score.
2. Compare your options. We'll look across our lender panel to find products that match your circumstances, whether that's Selina or an alternative.
3. Speak to an advisor. Talk through your situation with an experienced secured loan advisor who can explain your realistic options.

When you get in touch, we'll assess your needs, check whether Selina is suitable alongside other lenders, and support you through the application if you decide to proceed. There's no pressure to proceed at any stage.