Loans & mortgages
Loans usually allow you to borrow more in one go than you would using a credit card and they’re paid back over a pre-agreed period of time.
There are a range of different loans. For example, if you’re thinking of carrying out some home improvements or maybe building an extension, you could consider a homeowner loan to fund the work. This loan is secured against your property, so it’s important you keep up with your repayments or your home could be at risk of repossession. At ocean, we offer homeowner loans from £10,000 to £100,000.
Another option is a personal loan. This is unsecured, which means your home will not be at risk if you don’t meet the repayments, although your credit rating will be. And because it’s unsecured, the interest charged is often higher than on a secured loan, while the amount you can borrow may be less. Ocean offers personal loans from £100 to £10,000.
A mortgage is a type of loan used to buy property. It’s secured against the property you purchase, so if you don’t keep up with your monthly mortgage payments you could face losing your home.