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- Homeowner loans from £10,000 - £250,000
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If you borrow £25,000 over 10 years at an annual interest rate of 9.4% (variable) you would make 120 payments of £366.22 per month. The total amount repayable will be £43,946 (This includes an average Lender fee of £495 & Broker fee of £2,975). The overall cost for comparison is 13.3% APR Representative.
Subject to status, the rate we offer you will depend on your circumstances.
If you’ve a good credit history, a homeowner loan should be cheaper compared to other types of loan. If you’ve a bad credit history, a homeowner loan could be easier to obtain. That’s because your property is used as security, giving lenders extra confidence.
Ocean’s homeowner loans range from £10,000 to £250,000, making them a good option if you’re looking to borrow a large amount of money.
As you’ll be borrowing a large amount of money, your loan term can often be more flexible, letting your pay it back over a longer time period at a rate you can afford.
If you’ve been rejected for a personal loan (also known as an unsecured loan), and you own your property, a homeowner loan may be easier to get because your home acts as security for the lenders.
Ocean homeowner loans range from £10,000 to £250,000. The amount you can borrow, the term and the interest rate depends on the amount of equity you have in your home. Your personal circumstances will affect these too.
Please remember, if you’re unable to meet your repayments, your home may be at risk. All loans are subject to status
“Staff were lovely at all times. I've been to this company before many many years ago and I think the service has massively improved.” Mrs Julie FelvusIndependent customer feedback
If you’ve multiple debt repayments each month and you’re finding meeting them a struggle, but feel you could get them under control if you had a little help, we offer a number of debt consolidation loans for homeowners.
Apply for a debt consolidation loan with Ocean today and see how much smaller your monthly payments could be. Please bear in mind that by repaying your debts over a longer period of time, you could increase the amount of interest you pay overall.
Secured loan rates start from 5.7% APR. We also offer a range of products with rates up to 26.1% APR, which allows us to help people with a range of credit profiles. We arrange secured loans from a panel of lenders. Ocean is part of Intelligent Lending Limited. We are a broker and we will receive a commission from the lender upon completion. A fee of 12.5% of the net loan amount, capped at £2,975, is payable upon completion. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
In some ways, yes, they’re similar. However, the main difference between the two is that you must be a homeowner to apply for a homeowner loan.
Homeowner loans are usually for a larger amount of money compared to a personal loan – around £10,000 to £250,000. They can also be repaid over a longer time period – from 3 to 30 years.
Plus, lenders can be more flexible with homeowner loans as they’re secured against property. So, even if your credit rating isn’t 100%, you may still be eligible for one.
Applying for a homeowner loan and paying it back works in much the same way as with any other kind of loan.
Once the loan is agreed and you have your money, you’ll make monthly payments to the lender until it’s been paid off.
You can use our calculator to see what your repayments will look like before you apply to make sure they’re a good fit with your budget.
No, a homeowner loan isn’t bad for your credit rating.
In fact, it’s often an option for people who struggle to get other types of loan because their credit history is less than perfect. A homeowner loan may be easier to get hold of, since the lender has the added comfort of having property offered as security.
What’s more, keeping up with your repayments could help to improve your credit rating over time.
You can use your loan for almost anything you like – whether it’s just for one thing, or for a number of different purposes.
Popular uses for homeowner loans include: home improvements, a new car and debt consolidation (using the loan to repay existing unsecured loans and credit cards to reduce overall monthly outgoings).
Secured loans are often known as homeowner loans simply because they're only available to homeowners.
You can secure a homeowner loan against your home, or even a different property that you own. We also have loans you can secure against buy-to-let properties.
Since they're secured, you're more likely to be accepted, as lenders are generally prepared to be more flexible.Calculate your loan
You may have heard that a secured loan is a more suitable option if you have a history of bad credit. We take a look in this blog.
Thinking of applying for a personal loan and want to know how long it will take the money to arrive? Find out here.
If you’re planning to move house but have a homeowner loan secured to your current property, how will your mortgage application and offer be affected? Find out here.