Secured loan provider Selina Finance has increased its maximum second charge loan-to-value (LTV) to 85%.

2-year, 5-year and variable rate products at 85% LTV are now available, all with a rate of 6.3%.

The maximum loan or credit facility size is £500,000, in line with all Selina Finance’s products above 75% LTV.

The new products have no early repayment charges (ERCs).

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

The 85% product can be secured on a main residence or second home, and Hometrack automated valuation model (AVM) with confidence of six or more is accepted on properties valued up to £500,000.

Stacey Woods, key account manager at Selina Finance, 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.”