Homeowner Loans
£10k to £500k
- We compare 100s of loans
- We’ll get you the best rates
- See your results in minutes
What is a homeowner loan?
Homeowner loans (also known as secured loans) allow you to borrow money against your property.
This can make approval easier - even if you have a low credit score.
You may be able to borrow more, and at lower rates, compared to an unsecured loan.
They can be taken out in both sole (on your own) or joint names (with someone else).
What can I use this loan for?
Debt consolidation
Combine your debts into one monthly payment
Home improvements
Renovate or improve your home
Large purchases
Cover one-off expenses, like a wedding
Here’s a real customer’s story:
We helped Graham cut his monthly repayments from £876 to £285
Juggling credit payments, dodging demands, grocery checkout panic. When our car needed £480 we didn't have, it was the tipping point. Now one affordable monthly payment gives me back control.
HOMEOWNER LOANS
Try our loans calculator
to see your monthly payments
You need to be a homeowner, as the loan is secured against your home.
Please note this calculator is a guide only. We will search both personal and secured loans. The actual rate offered will be based on your individual circumstances.
Representative Example: If you borrow £34,000 over 10 years, initially on a fixed rate for 5 years at 5.89% and for the remaining 5 years on the Lender's standard variable rate of 10%, you would make 60 monthly payments of £428.34 and 60 monthly payments of £472.06. The total amount of credit is £38,775 (this includes a Lender Fee of £695 and a Broker Fee of £4,080). The total repayable would be £54,029.30. The overall cost for comparison is 10.2% APRC representative. This means 51% or more of customers receive this rate or better.
How do homeowner loans work?
- You borrow a lump sum against your home
- Repay it monthly with interest over an agreed number of years
- Your repayments will be separate to your mortgage
It’s important that you always pay on time and only borrow what you need.
Our trusted lenders
We work with a wide panel of lenders, comparing 100s of loans, so you don't have to.
Can I get a homeowner loan with bad credit?
Yes, you may still be approved for a homeowner loan, even if your credit history isn't perfect.
Our wide network of lenders gives you a better chance of finding a loan with bad credit that works for you.
Plus, by keeping up with your monthly repayments, you can gradually improve your credit score over time.
Will I be accepted?
You’re more likely to be accepted if you:
- Have a stable income
- Have more equity in your home
- Can comfortably afford repayments
This isn’t a guarantee, but it’s a good guide.
Homeowner vs.
Personal loans
| Homeowner loans | Personal loans | |
|---|---|---|
| Loan amount | £10k-£500k | £1k-£15k |
| Repayment period | up to 30y | up to 5y |
| Monthly repayments | Lower | Higher |
| Interest rates | Lower | Higher |
| Approval criteria | Property equity | Credit history |
| Must have a mortgage | Yes | No |
Why choose a homeowner loan?
Borrow more
Lower interest rates
More time to repay
Easier approval
Loans are secured against your home so it may be at risk if you fall behind with repayments. We’re a broker, not a lender, and arrange secured loans from a panel of lenders. We receive a commission upon completion. Fees may apply depending on your chosen product. The rate and any fees depend on your circumstances and will be confirmed before you proceed.
How do I get a homeowner loan?
Complete our online form
We'll check your eligibility and rate
One of our friendly advisers will call to discuss your loan
You'll finalise your application and receive your funds
Let's make
it a yes
Got questions?
How much does a homeowner loan cost?
The total cost (represented by the APRC) varies depending on the lender and your circumstances.
Interest rates are based on factors including your affordability, credit history, loan amount and term, plus your home's value and equity. Generally, more equity and longer terms can mean lower rates—though you may pay more interest overall.
Other costs may include lender fees (arrangement/exit fees) and broker fees.
Our Broker Fee covers advice, application processing, mortgage lender consent, and property valuation. You can pay this separately or add it to your loan (which increases total interest paid)
What credit score is needed for a homeowner loan?
There’s no specific credit score requirement for a homeowner loan. Because you are using your home as security, there is less of a focus on your credit history.
When applying for a loan, it’s important to use an eligibility checker first. This will show you how likely you are to be accepted before completing an application.
An eligibility checker uses a soft search, and will not impact your credit score. When you complete a full application, a hard search will be carried out, which can have a short-term affect to your credit score.
Paying your loan in full and on time can actually have a positive impact on your credit rating as it demonstrates your ability to borrow responsibly.
What is APRC?
APRC stands for annual percentage rate of charge. It shows the total cost of your loan as a yearly percentage - including all interest and fees, not just the interest rate alone. This makes it easier to compare different loans.
A 'representative APRC' means at least 51% of customers get that rate or better. Your actual rate depends on your circumstances.
At Ocean, we've arranged secured loans with APRCs from 7.0% to 17.6%, helping customers with different credit histories.
What is home equity?
Home equity is simply how much of your property you actually own, as opposed to what you still owe on your mortgage or secured loans.
Example: If your home is worth £300k and you've got £100k left to pay on your mortgage, you've got £200k in equity – that's around 67% of the property's value. The more equity you have, the better lenders tend to view you. Just remember that property values can go up or down over time.
You might also hear the term loan to value (LTV) – this is the opposite. It's the percentage of your property's value that you're borrowing. So borrowing £100k against that same £300k property would give you an LTV of roughly 33%.
How long will it take to receive a homeowner loan?
Homeowner loans are typically funded within 2 or 3 days after your loan offer has been issued by the lender.
Last updated
Reviewed by: Matt Waller
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