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Published 05 December 2023

Selina Secured Loan Review: Pros, Cons & Features

Specialist secured loans lender Selina loans may be an option if you want to use the equity in your home to finance a large purchase, like home improvements, a buy-to-let property or a new vehicle.

Many or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.

Selina secured loans: At a glance

Offering secured – or also known as homeowner – loans of up to £500,000 over a maximum term of 30 years, Selina could be an option to consider if you’re looking to borrow a larger amount.

You may be able to borrow up to 85% of the current value of your home with a Selina homeowner loan. However, your outstanding mortgage balance and any other loans secured against your property are also factored into this calculation. Variable and fixed-rate homeowner loans are available.

Homeowner loans are a type of secured loan. With these loans, borrowers use their homes as security for the loan they want to take out. This type of loan is also known as a  second charge mortgage. Importantly, using your home as security means it could be repossessed by the lender if you fail to make loan repayments when you should.  

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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay. This secured loans comparison and quote service is presented via our partnership with Norton Finance. Data provided is submitted directly to Norton Finance. Nerdwallet Ltd does not form part of the service beyond this introduction.

Selina Finance Secured Loan

Selina Finance Secured Loan
  • Available Terms
    5 to 30 years
  • Available amounts
    £10,000 to £500,000
  • Maximum LTV
  • Rate Options
    Fixed and Variable
Get quote from Norton Finance

This secured loan provider is one of a panel of lenders available via a comparison and quote service provided via our partnership with Norton Finance. Data provided is submitted directly to Norton Finance. Nerdwallet Ltd does not form part of the service beyond this introduction.

Eligibility Criteria
  • Minimum property value of £100,000
  • Must be a permanent UK resident with at least 3 years of address history
  • Must have a personal income of at least: £22,500 per year for individual applications, £30,000 per year for joint applications
  • Must have a good credit history. Each applicant must individually meet our credit history requirements

Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.

Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. 

Important information: Neither our review nor star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Always check and compare a lender’s rates against others on the market when considering a secured loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.

Selina homeowner loan pros & cons


  • Selina offers a maximum repayment term of up to 30 years.
  • You may be able to borrow up to £500,000.
  • Fixed and variable rates are available.


  • The minimum loan term is five years, whereas you could pay back your loan over three years with some lenders we’ve reviewed.
  • Selina asks for a minimum property value of £100,000.

Selina loans overview

Selina is a UK-based homeowner loan provider that only offers secured loans. In addition to its homeowner loan, Selina offers a home equity line of credit (HELOC) loan, which allows borrowers to access funds as they need them (rather than in one go).

Selina offers both variable and fixed-rate loans. Unlike some lenders we’ve reviewed, you can apply for a homeowner loan directly via its website, instead of needing to apply through a broker.

Loan amounts£10,000 to £500,000 
Term lengthFive to 30 years
Maximum loan-to-value (LTV)85% LTV 
Customer supportPhone, email
Trustpilot rating*4.5 stars (28 November 2023)

* Rating relates to Selina Finance’s brand and its whole product range rather than just its homeowner loan.

Where Selina homeowner loans stand out

Higher maximum loan term

Selina’s range of repayment terms goes up to 30 years, whereas some lenders we’ve reviewed go no higher than 25 years. This gives borrowers the option to choose a longer term and keep their monthly payments low, though it’s important to remember that the longer it takes to repay a loan the more you’ll pay in interest overall.

You could borrow up to £500,000

The higher maximum loan size of up to £500,000 with Selina means that it could be worth considering if you need to fund a larger spend.

Selina offers fixed and variable interest rates 

Unlike some secured lenders we’ve reviewed, Selina gives upfront information about the fixed and variable rates it offers, with the minimum rates described in its FAQs. However, keep in mind that the rate you receive will depend on your personal circumstances.

Where Selina homeowner loans fall short

High minimum loan term

While the maximum loan term is 30 years, Selina’s minimum homeowner loan term is five years. Other lenders we’ve reviewed offer three years or lower.

High minimum property value

Selina asks for a minimum property value of £100,000, whereas some lenders we’ve reviewed don’t ask for a minimum property value.

What type of loans does Selina offer?

Secured homeowner loan

Selina only offers secured loans, but it has two different products.

The Selina loan that this review covers is its homeowner loan. If you apply and you’re eligible for a homeowner loan, then the funds should be paid out to you in one go. You then repay the loan in the agreed instalments over the length of the term.

Home equity line of credit (HELOC)

The other secured loan product that Selina offers is a home equity line of credit loan. Using this option, you’re given a balance against the equity in your home, which you can withdraw funds from when needed. This review doesn’t cover this product.

» MORE: What is a secured loan?

What can I use a Selina secured loan for?

Selina says its homeowner loan can be used for a number of purposes, including to:

  • consolidate debt
  • cover the cost of home improvements
  • cover the cost of making improvements to a rental property
  • pay for school fees
  • pay for a holiday or wedding 
  • buy a car

» MORE: Secured vs unsecured debt consolidation

Why do people take out secured loans?

Some people might look for a secured loan because their chances of getting an unsecured loan might be reduced, possibly due to a bad credit score or self-employment.

It’s also possible to access larger loan sizes when compared with unsecured personal loans. This means that secured loans can fund larger purchases, such as vehicles or home improvements. 

» MORE: What are the differences between secured and unsecured loans?

Selina secured loan eligibility criteria

Selina lists some of its eligibility criteria in the FAQs section of its website. You’ll need to be:

  •  A UK homeowner.
  • A UK resident with at least three years of address history. 
  • Have a minimum income of at least £22,500 a year for individual applications and £30,000 a year for joint applications. 

In addition, your property needs to: 

  • Have a value of at least £100,000. 
  • Be owned by you (and your joint applicant, if applicable) for at least six months.

Selina also says that your credit history must be good and that you need to meet its credit history requirements.

» MORE: Should you take out a loan against your house? 

Selina secured loan features


Selina offers variable and fixed-rate homeowner loans. Taking a fixed-rate loan means that the interest that you pay will remain the same over the fixed-rate period. This helps give you certainty over your monthly repayments. 

At the end of your fixed-rate period, you might be switched to a variable rate, unless you apply for another fixed rate. A variable rate means that your monthly repayment could rise and fall. 

While Selina lists minimum rates that may apply, bear in mind that the rate you receive will be down to your own circumstances.

» MORE: How are fixed and variable mortgages different? 

Loan-to-value ratios

You can currently borrow up to 85% of the equity in your home with Selina. This is a combined loan-to-value ratio, meaning that your outstanding mortgage plus your Selina secured loan and any other debt you have secured against your property can’t exceed 85% of its value.

Making overpayments and paying off a loan early

You can make overpayments and repay your loan early, but you may incur early repayment charges.

Selina offers a 10% overpayment allowance, allowing you to pay an extra 10% of your remaining balance before being charged. This allowance is recalculated annually based on your outstanding balance.

If you want to make an overpayment or repay your loan early, it’s best to speak to Selina and check your loan agreement for information about charges.

Customer support

You can get in touch with Selina by phone and by email. Selina also lists its address if you’d rather write to it.

There are separate phone lines listed for queries about applications and repayments.

Customer ratings

Selina has an overall rating of 4.5 stars out of five from more than 100 reviews on Trustpilot – a score that the review site equates to ‘Excellent’. Selina has been awarded five stars by 90% of reviewers, but keep in mind that this is out of a relatively small number of reviews.  

While the score reflects the entire Selina Finance brand, including its other loan option, an average rating of 4.5 stars suggests that customers have had positive experiences with the business. 

This information was correct as of 28 November 2023.

How can I apply to Selina?

You can apply for a Selina homeowner loan directly via its website. Selina says that you can get a quote in two minutes, at which point it will carry out a soft credit check.

You’ll then need to complete a full application, which someone at Selina can help you with. 

What information do I need?

When applying for a homeowner loan you should usually be prepared to share:  

  • proof of your address and identity (a utility bill or bank statement and/or your driving licence or passport will usually suffice) 
  • recent payslips or a P60 if you’re employed
  • self-assessment forms or SA302s if you’re self-employed
  • proof of any other income you receive from pensions or benefits
  • your latest annual mortgage statement
  • information relating to any outstanding debts
  • recent bank statements showing your income and expenditure

How long does it take to apply?

Selina can give you a quick quote, and provided it’s satisfied with your application, it says that you could receive the funds “easily and promptly”. If you’re wondering how long it might take, it’s best to contact the lender directly.

Selina FAQs

Who is Selina owned by?

London-based Selina Finance Limited is the company that operates Selina homeowner loans.

How safe is Selina?

Selina is regulated and authorised by the Financial Conduct Authority, the financial services regulator in the UK.

Help if you’re struggling with debt

Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing 

If you are struggling with debt, you can seek advice from a debt advice service, such as:

Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.

Late repayments can cause you serious money problems.

Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

You can view our full review methodology here.

    About the Author

    Sam Bromley

    Sam is a lead writer at NerdWallet. He’s been writing about financial topics for more than a decade, with experience across lending, investments, tax and insurance. Previously, he was a…

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