Homeowner loans from £10,000 - £100,000

  • Check you’re eligible before you apply
  • Won't affect your credit score
  • Simple and straightforward

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We have arranged borrowing with rates from 2.10% to 25.34% APRC which has allowed us to help customers with a range of credit profiles.

Getting a quote won't affect your credit score
  1. Tell us how much you want to borrow and for how long
  2. Complete our simple application form
  3. We'll search 100s of loans from our panel of lenders to find the best loan you're eligible for
  1. Tell us how much you want to borrow and for how long
  2. Complete our simple application form
  3. We'll search 100s of loans from our panel of lenders to find the best loan you're eligible for

Of all the different types of credit you can apply for, a homeowner loan is probably the simplest to understand. After all, it’s exactly what the name suggests. With a homeowner loan, you’re able to borrow a large lump sum of cash as long as you own your home outright or you’ve taken out a mortgage on it.

The amount you need is ‘secured’ against the value of your property, which is why you might often hear it called a secured loan instead. You can use almost any type of property with a secured loan, whether it’s a house, bungalow, flat or cottage.

What can I use a homeowner loan for?

You can use your loan for almost anything. You can spend the full amount on a major expense or put it towards a handful of different purposes. We’re not here to tell you how to spend your money – we just want to make it easier for you to get the finance you need.

It could be a new kitchen, conservatory or loft conversion. Or perhaps you’d like to use it to simplify your debt payments? No matter what you’d like to use a loan for, we’ll do what we can to make it happen.

It’s not unusual to take out a loan on your home if you want to consolidate your debts either. In fact, it’s one of the most popular reasons why our customers do so. By paying off all your existing unsecured loans or credit cards, a debt consolidation loan can reduce your overall monthly outgoings.*

*Remember, even if your monthly payments are lower you could end up paying more in interest over the length of your loan. If you don’t stick to the repayments, your home could be at risk.

What is the difference between homeowner loans and personal loans?

In some ways, homeowner and personal loans are similar. There are, however, a couple of key differences. The most obvious, as you’d expect, is that you can’t get a homeowner loan without owning a home. If you’re a renter, you can only apply for a personal loan because you have no property that you can ‘secure’ the loan against.

The other things that set the loans apart are the amount you can borrow and the amount of time to pay it back.

Our homeowner loans range from £10,000 to £100,000 and can be paid back between 3 and 25 years. With personal loans, however, you’re unlikely to get this amount – and these loans are repaid over a shorter period of time. Unsecured personal loans are a bigger risk to lenders – that’s why the amount you can borrow with them is less than a secured loan.

Are homeowner loans safe?

They are indeed. As with all forms of borrowing, they are perfectly safe as long as you hold up your end of the agreement – making your repayments on time, every time. Bear in mind that failing to do so could put your home at risk.

It always pays to do your research before you apply for any loan, not least if using your house as security. If you’re sure you can keep to your repayments and you only ask for the amount you need, there’s no reason you’ll run into any issues.

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They are for homeowners with a mortgage who want a larger sum than a personal loan or credit card can offer.

It’s also a handy alternative to re-mortgaging if you want to use your home to raise money. For example, you could be in the middle of a long-term mortgage – and that’s something you won’t necessarily want to come out of early, whether it’s because you’re enjoying a low rate of interest or the exit fees are too expensive.

What if you need the money sooner rather than later? It could take a while to find out if you can remortgage your home. But our eligibility checker can tell you in 60 seconds if you’re likely to be pre-approved by one of our lenders – without harming your credit score in the process!

Debt consolidation

Are you making several debt repayments each month? Are you finding it hard to keep them all in check? With a little help, you could bring them all under control and even free up a little more money for yourself. A homeowner loan will let you pay off all those existing debts, so you only need to make one payment each month. Just remember, extending the term could mean you end up paying more interest in the long run.

It’s important to think about whether it makes sense to secure a previously unsecured loan. If you’re struggling to pay off your current loans and credit cards, it could be better to work out an arrangement with your lenders instead of taking out a secured loan.

Poor credit

Did you know that you could be accepted even if you have a less-than-ideal credit history? By securing a loan against the value of your home, the risks to the lender are lower – even if you’ve missed payments in the past. The reason? The lender can recover any money by repossessing your home if you fail to pay – that’s what their ‘security’ is.

It’s like having a guarantor who’ll promise to pay anything that you’re unable to. Please rest assured, however, that repossession is the worst-case scenario and a last resort for any lender.

What makes homeowner loans suited to people with bad credit histories is the chance to get your record back on track. Sticking to your repayments is a good way to build up your score. Not only that, but they are paid back over a longer period of time – usually at a lower rate than an unsecured loan. This means you get the finance you need at a lower cost.

Who are homeowner loans not for?

Don’t own your home? Then a homeowner loan is off the table, unfortunately.

For homeowners, bear in mind this type of loan isn’t always the answer. If you only need to borrow a smaller amount, for example, a personal loan could be a better option. It’s less risk to you as it’s not tied against your home, and you can pay off your loan quicker.

You might also find it hard to get a good deal – or a deal at all – if you haven’t paid off much of your mortgage yet or if you’re in negative equity.

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At Ocean Finance, we find the most common reason people take out a homeowner loan is to consolidate existing debts. The high cost of some major home improvements projects makes homeowner loans popular too. But it’s important not to forget that you can use your loan for almost anything – and our job is to find the best homeowner loans for you with that in mind.

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You should always think about the options open to you when borrowing money. There are situations where secured loans make perfect sense – and are much better than a personal loan or another credit card:

  • As a homeowner, you’re more likely to be accepted for a secured loan
  • You can borrow more – ranging from £10,000 to £100,000*
  • You can spread the cost over a long time – pay back your loan between 3 and 25 years*
  • You can borrow for debt consolidation, this means you can pay off your existing debts and then make one monthly repayment
  • Your home gives lenders extra security, so you can be approved even with bad credit

* The length and amount of your loan will depend on the amount of equity in your home.


One of the biggest disadvantages is that you have to offer your home as security. This means it’s technically at risk until you have repaid your loan in full.

  • Your lender can repossess your home to recover any money (as a last resort)
  • Spreading the loan over a longer period means you could pay a lot in interest
  • If you want to move home, you might have to pay off the loan before you do

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You’re borrowing money against the value of the equity in your home. Take away the amount you still have to pay on your mortgage from the value of your home and this is how much equity you have. This helps to decide how much you’ll be able to borrow – and the rate you’ll be offered.

The mortgage provider will also look at things like:

  • Your income
  • Your credit history
  • Your age
  • The loan period

The amount a lender can offer you is known as the maximum loan to value (LTV). So for example, if a mortgage offer has a maximum LTV of 90%, this means they’d lend you up to 90% of what your home is worth. So, if your home is worth £100,000 and you need £40,000 then the current LTV must be 50% or less.

Already paid off a chunk of your home? You’ll need to deduct your outstanding balance to work out your LTV. If your home was worth £100,000 and you’ve paid £20,000 off, you’re left with £80,000 on your mortgage. To get £40,000, the LTV would need to be 50% – got it?

How does equity affect my chances?

This will have a say in whether you can apply for a secured loan. If you haven’t paid much off yet, it’s going to be tough to get a good deal. Lenders like to make sure borrowers have as much equity as possible. This is because this is the pot from which they’ll claim back anything they’re owed if you don’t pay back your loan.

How much can I borrow?

Here at Ocean Finance, we can help find you a homeowner loan from £10,000 up to £100,000 – though the actual amount you can get will depend on your personal situation.

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What happens if I want to move home?

If you decide to move home, you have a number of options:

  • Your lender could let you transfer the loan so that it becomes secured against your new home. You’ll probably find that you’ll have to pay a fee, though.
  • If you already have enough cash to put down a deposit on your new home, you could use what you make from the sale of your old home to pay off what’s left on your loan.
  • You could borrow more to pay off the loan, although this could affect your offer.

How will it affect my mortgage?

Looking to take out a mortgage on a new home? It won’t affect your mortgage application in itself, but it can affect how much you are given. Part of anything you make from your house sale pays off your existing mortgage and any outstanding loan amount. The result is that you may have less equity in your home than you thought.

And what if your current deal has come to an end and you want to remortgage your home without moving? One option is to borrow enough so that you can clear the loan. This might be a useful option if you’ve been in your home for a while and built up your equity.

If this isn’t an option that works for you, however, you could keep paying off the loan and apply for a second mortgage separately. Bear in mind some providers may not be so keen to accept your application while a loan is still secured to your home, so it’s worth talking to them first to find out.

How will it affect my credit score?

Getting a quote with Ocean Finance won’t affect your credit score. We’ll tell you before you apply whether you’re likely to be successful or not – and that means there’s going to be no unnecessary marks left on your credit file.

Only once you go ahead and apply through our partner lender will anything be recorded on your credit file – and as long as you keep up to speed with your monthly repayments, you’ll start to improve your credit score. Stay on track and you’ll reap the benefits in the long run.

A homeowner loan is often seen as a great option for people with less-than-ideal credit. As the lender has the added reassurance of your home being offered as security, your chances of approval are higher than with other forms of lending.

How do I deal with any issues paying back my loan?

Talk to your lender straight away to see if there’s anything they can do for you. If you think it’s only a short-term problem, your lender may be able to give you extra time to make the payment – and could even hold off making a note of the late/missed payment on your credit file.

Life can take an unexpected twist when we least expect it. If a change in your situation means you’ll struggle to pay back your loan in the long run, your lender could still help. Don’t leave it to chance and hope for the best – especially when your home is at risk. You can also talk to:

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At Ocean Finance, our team specialises in getting the best loans for our customers. We don’t do one-size-fits-all. We’ll treat you as an individual, tailoring a loan to suit your exact needs – even if you don’t have the best credit score. Here’s a taste of what we we’re all about:

  • More than 25 years of experience
  • You can take or leave the quote we offer you
  • Know if you’ll be accepted before you apply
  • Large panel of trusted UK-based lenders
  • No matter what your credit score, we’ll try to find you a loan
  • Loans to suit your personal circumstances

We’re proud of the great service we provide to our satisfied customers. And with 250,000+ of them, we’d like to think we’re doing something right! You don’t just have to take our word for it, though – we’ve hundreds of brilliant reviews from people just like you.

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