Whether you fancy getting a new kitchen or converting your loft into a bedroom and bathroom, or you’re looking at debt consolidation as a way of making your monthly debt repayments more manageable, a homeowner loan may be something you’ve considered.
However, knowing where to look, wondering how you’ll find the best deals and worrying about your credit history being affected may have made you pause.
That’s where Ocean’s new service could be helpful. Launched this week, Smart Search compares hundreds of homeowner loans with rates starting at 5.4% APR* and then provides you with a smart quote that will not affect your credit history.
And because the quote it gives you is for a homeowner loan you’re eligible for, you have the confidence that if you apply you’re likely to be accepted.
If you borrow £25,000 over 10 years at an annual interest rate of 8.8% APR (variable) you would make 120 payments of £357.57 per month. The total amount repayable will be £42,908 (This includes an average Lender fee of £495 & Broker fee of £2975). The overall cost for comparison is 12.6% APR Representative.
Get Smart with Smart Search
Let’s take a look at how Smart Search works:
3 easy steps
You can kick off your Smart Search by using Ocean’s super-simple calculator. Select the loan amount you’re looking for (between £10,000 and £250,000) and the term you’d like (between three years and 30 years) and we’ll provide you with the best headline interest rates from a range of loans and calculate your monthly repayments.
And to make things even simpler, we provide results for customers with a ‘good’, ‘fair’ and ‘poor’ credit history. Just look at the results that are most suited to you depending on your own credit history.
Once you’ve used our quick loan calculator to see what you could get, you can get a quote using Smart Search. Simply fill in your details and answer some questions to help us find you the right homeowner loan for your needs, and then we’ll provide you with a personalised quote for a loan you’re eligible for.
And because we’ve searched through hundreds of loans to find the one that’s most suited to your needs based on the information you’ve provided, you’ll have a good idea of knowing whether you’ll be accepted before you apply. So no more worrying as you wait to find out whether you’ve been approved!
If you like the quote and want to proceed, we’ll just need to have a chat with you to finalise your application. It really couldn’t be easier.
Know whether you could be accepted before you’re credit checked
As we mentioned earlier in the article, one of the concerns you may have about applying for a homeowner loan is how this will affect your credit history. When you’re applying for credit, each application shows up on your credit history. The more applications there are close together, the wearier a lender might be about lending to you as they could view it as a sign you’re desperate to get hold of some money.
If you’re not sure whether you will be approved for a loan, you might worry that it’s not worth the risk to your credit history if you apply for a few only to be turned down. That’s where Smart Search is different – not only will it let you know whether you’re eligible for the loan you want but it will also have no impact on your credit history.
Once you’ve used the calculators to see what your loan could look like and started your Smart Search, a soft search of your credit history will take place. While you’ll be able to see this when you access your credit history, your lenders – and any lender you apply to – won’t, so it won’t impact on your credit history.
In fact, there will be no hard search of your credit history until you choose to accept the quote and proceed with your application – but when you do you’ll have the peace of mind that you’re eligible for this and have every chance of your application being accepted. So, that’s one less thing to worry about.
You can find out more about homeowner loans here, but if you’ve made up your mind that you want to apply for one, why not give Smart Search a whirl today?
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.