Home Improvement Loans
Looking to make some changes to your home? We can help you find the best home improvement loans to cover the cost, even if you have a poor credit rating. Get a quote today.
- Personal and Homeowner loans
- No up-front fees
- Borrow £1,000 to £250,000
Personal loans: APR Representative (variable) Secured loans: 8.6% APRC Representative. You must be a homeowner to apply.
Need a loan for home improvements?
Renovating your home can be a great way to add value to it, and it’s a much cheaper option than moving house. If you’re planning on improving, or even extending your home, an Ocean home improvement loan could help.
There are lots of ways you could fund your renovations, but if you haven’t had chance to save up, a home improvement loan could help, and with us you can easily gain access to competitive home improvement loan rates. We offer two different types of loan – homeowner and personal.
You’ll only be eligible for a homeowner loan if you own your own property. They range from £10,000 to £250,000 and can be repaid over 3 to 25 years. You can use our SmartSearch to find home improvement loans that you’re likely to be accepted for before you apply.
Personal loans are different because you don’t have to own your own home to apply. These range from £1,000 to £15,000 and can be repaid over 12 to 60 months.
Alternatively, why not use our home improvement loan calculator? It's a great tool that allows you to input a loan amount and an interest rate so you can see what your monthly repayments could be.
Try our loan calculator to see what your payments could be
The amount we show you is just an estimate. To get a personalised quote, we’ll ask for a few more details.
Estimated monthly payments:
Illustrative Rate 3.86%£0
Based on your loan request, you could be suitable for anApply today
Representative Example: If you borrow £21,700 over 10 years, initially on a fixed rate for 5 years at 4.94% and for the remaining 5 years on the Lender's standard variable rate of 5.74%, you would make 60 monthly payments of £263.41 and 60 monthly payments of £268.56. The total amount of credit is £24,899 (this includes a Lender Fee of £595 and a Broker Fee of £2,604). The total repayable would be £32,013.20 (this includes a Lender Exit Fee of £95). The overall cost for comparison is 8.6% APRC representative. This means 51% or more of customers receive this rate or better.
Representative Example: If you borrow £1,500 over 24 months at an annual interest rate of 41.0% (fixed), Representative 49.7% APR (variable), you would pay £92.62 per month. The total amount repayable will be £2,222.88. We have arranged loans with rates from 9.8% to 99.9% APR which has allowed us to help customers with a range of credit profiles.
Representative Example: If you borrow £3,204 over 36 months at an annual interest rate of 51.8% (fixed), Representative 66% APR (variable), you would pay £176.89 per month. The total amount repayable will be £6,368.04. We have arranged loans with rates from 9.8% to 99.9% APR which has allowed us to help customers with a range of credit profiles.
Representative Example: If you borrow £5,000 over 36 months at an annual interest rate of 34.1% (fixed), Representative 39.9% APR (variable), you would pay £223.50 per month. The total amount repayable will be £8,046.00. We have arranged loans with rates from 9.8% to 99.9% APR which has allowed us to help customers with a range of credit profiles.
The amount we show is an estimate based on an Illustrative Rate excluding fees. You can choose to pay the Broker Fee separately or have it added to the total amount of credit, which would increase the amount of interest you pay overall. Arranged rates between 3.86% to 24.84% APRC. Repayment terms between 3 and 25 years.
Why use Ocean Finance?
At Ocean Finance, we know that everyone’s circumstances are different, so we’ll look at each application on a case-by-case basis and if we can help you, we will. Even if your credit rating isn’t perfect, we could still help.
What’s the difference between a homeowner and a personal loan?
To be eligible for a homeowner loan, you must own your own home or have a mortgage. They are usually for large amounts (£10,000 to £250,000) and can be repaid over 3 to 25 years.
Homeowner loans are secured against your property. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Any quote is inclusive of the Broker Fee and all associated costs which is calculated as 12% of the net loan amount, capped at a maximum of £3,995. Loans are subject to status, and the rate you are offered may change based on your individual circumstances.
Personal loans are usually for smaller amounts (12 to £15,000) and need to repaid over a shorter term – 12 to 60 months. You don’t need to own your own home to be eligible to apply for one of these loans.
Unsecured loans: Ocean, a trading style of Intelligent Lending limited. We are a broker, not a lender. To find you a loan, we work with a preferred lender panel as well as panels operated by other brokers. We will search the lenders in order of who offers the best representative APR, first from our preferred panel and then from the panels of other brokers.
If you’re a homeowner, you may be more likely to be accepted for a homeowner loan, especially if your credit rating isn’t perfect. This is because homeowner loans offer lenders more security as it’s secured against your home. Please remember that your home could be at risk if you don’t meet your monthly repayments.
Can I apply for a home improvement loan if I have poor credit?
If you have a poor credit rating due to missed payments in the past, CCJs, or any other reasons, it can make it more difficult to find a good deal on a loan.
But that doesn’t mean it’s impossible. We have loans designed for people with bad credit ratings. We look at each application individually and we’ll do our best to find you the best home improvement loan rates.
However, the loan may carry a higher interest rate compared to a loan for someone with a perfect credit history.