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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
A new type of secured loan has been launched offering borrowers the option to drawdown funds as and when they need them rather than having to take a full lump sum. This new loan, the ‘FlexiLoan’ is the first of its type in the UK and is the creation of Selina Finance, a fintech lender.
The FlexiLoan allows borrowers to access funds secured against their home up to a pre-approved credit limit. Once approved, they can take what they need when they need it and are only charged interest on funds taken. This is a significant difference to other types of secured loans that only offer borrowers a single lump sum. The ability to drawdown funds as needed rather than taking a lump sum could save some borrowers money as they will only be charged interest on when the money is taken.
Borrowers must make the minimum repayments every month and can even pay back the loan in full without incurring early repayment changes. The minimum monthly repayment is based on the funds outstanding over the remaining term. This can increase or decrease as funds are drawn down or repaid.
Borrowers can choose loan terms of up to 30 years, with the first five of these offering the flexible loan features. After five years any money borrowed that is not paid back reverts to a traditional secured loan with a fixed monthly repayment. The borrower can choose to pay this until the term ends or pay off the loan in full.
The FlexiLoan is available up to 75% LTV, with a minimum loan of £25,000 up to £1,000,000 and a minimum term of three years up to 30 years. The loan can be used for several reasons including home renovations where the borrower needs to access funds gradually as the renovation progresses or to pay for private school fees and repaying these across each term.
Darvish Heshejin, VP of Growth comments on the new FlexiLoan "Selina's home equity line of credit is a new type of flexible secured loan, which addresses a wide range of consumer borrowing needs. It was designed around the principle that homeowners should have easy access to the wealth they've built up in their home."
Matt Tristam, Managing Director at our preferred secured loans broker Loans Warehouse, said “Selina has brought new innovation and more choice to the secured loans market, thanks to its new FlexiLoan. This is good news for those borrowers looking for flexible finance. The pre-approved facility gives them assurance that the funds are they there if needed, while only incurring interest costs as they drawdown funds.”
Speak to our preferred secured loans broker on 01923 660 296 or arrange a call back.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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