Find homeowner and personal loans with Ocean.
How could a joint loan help?
By applying for a loan with someone, you might increase your eligibility for loans, access higher loan amounts, and potentially secure better interest rates.
Below are some common uses of joint loans:
Below are some common uses of joint loans:
Debt consolidation
Use a loan to repay existing debts and have one single monthly payment to manage instead.
Remember that consolidating debt may mean extending the term of your borrowing and paying more interest overall.
Home renovations
You can use a home improvement loan to pay for renovating your property – you might even increase your home’s value in the process.
Other large purchases
Loans can be used for multiple purposes, including large or unexpected purchases.
It’s important to remember that any agreed payments need to be maintained throughout the course of the loan.
Debt consolidation
Use a loan to repay existing debts and have one single monthly payment to manage instead.
Remember that consolidating debt may mean extending the term of your borrowing and paying more interest overall.
Home renovations
You can use a home improvement loan to pay for renovating your property – you might even increase your home’s value in the process.
Other large purchases
Loans can be used for multiple purposes, including large or unexpected purchases.
It’s important to remember that any agreed payments need to be maintained throughout the course of the loan.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your payments. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Fees may be payable depending on your choice of financial product. The rate you're offered and the fees will depend on your circumstances and will be discussed prior to you proceeding with your loan. 11.0% APRC Representative.
Personal loans are unsecured. Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan. We receive commission upon completion. A Broker Fee is not payable. 59.9% APR Representative (fixed).
Who can apply for a joint loan?
In order to apply, you must:
• Be aged 18 or over
• Have been a UK resident for the last 3 years
• Have consent from the other co-borrower
For joint secured loans, at least one of you must be the homeowner, and both must reside in the property used to secure the loan. Remember, your home is at risk if you do not keep up with the repayments.
Here’s How We Helped
Mr & Mrs Smith...
Monthly outgoings were £1,138. They consolidated their credit cards and other credit commitments into one affordable monthly payment with a secured loan, and now only pay £264.
Monthly payments before
£1,138
Reduction in outgoings
£874
New affordable monthly payment
£264
Won’t harm your credit score
No harm on your credit score
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
Customer names have been changed to protect their confidentiality. Average reduction in outgoings of more than £800 per month for customers taking a loan for debt consolidation in the last 12 months.
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
Customer names have been changed to protect their confidentiality. Average reduction in outgoings of more than £800 per month for customers taking a loan for debt consolidation in the last 12 months.
How to apply for a joint loan
Fill out our simple form with both applicants’ basic details
Get online approval in seconds
Complete application and receive funds
What type of joint loans do we offer?
When checking your eligibility, we'll search for all joint loan types available depending on your individual circumstances.
Joint secured loans
- Borrow from £10,000 to £500,000
- Spread payments over 3 to 30 years
- Make overpayments or pay off early (Subject to lender - Fees may apply)
Joint personal loans
- Borrow from £1,000 to £15,000
- Spread payments over 1 to 5 years
- Make overpayments or pay off early (Subject to lender - Fees may apply)
Joint mortgages
- We compare 100s of mortgage deals
- Get free, no-obligation expert advice over the phone
- Borrow additional money for other purposes
See what our customers say
Need help with debt?
Life can take an unexpected twist when we least expect it. If you're struggling with debt, talk to your lender straight away to see if there’s anything they can do to help. For more information and free, impartial advice, get in touch with:
Citizens Advice MoneyHelper National Debtline StepChange MoneyWellness
How could we help you?
Ocean has provided access to loans, credit cards and mortgages to people across the UK since 1991. In this time, we’ve pre-approved more than a million people, offering products and advice to suit their circumstances.
- All credit histories considered
- Check your eligibility without affecting your credit score
- Save time finding the right loan deal
You can learn more about Ocean on our about us page.
Got Questions?
When you apply for a joint loan, you will need to provide:
- your completed online application form
- proof of address for the previous three years
- proof of income and outgoings, e.g. bank statements
- proof of homeownership (if a joint secured loan)
This will depend on the type of loan applied for.
Personal loans tend to have a quicker turnaround, and you can have your money in a matter of days.
Secured loans can take longer due to the valuation required for your property.
Both parties are equally responsible for a joint loan, and it is not possible to remove an individual once the loan is in place.
Yes, you can have multiple purposes for a joint loan, provided they meet the lender’s criteria.
There may be options for you to pay off your loan early if the terms and conditions allow, but there might be early repayment charges and fees incurred if you do so.
Yes, there are brokers, such as ourselves, who specialise in providing loans to those with bad credit. Be sure to use eligibility checkers first, as they will only conduct soft searches and not affect your report negatively.
Depending on the borrowing purpose of the loan and length of time required to pay it back, there may be more suitable solutions available to you, such as:
- Sole loans
- Credit cards
- Overdrafts
Despite the name, a personal loan can still be joint with another party. It is an unsecured loan (as opposed to being secured against property). As it is unsecured, acceptance is more dependent on your credit history.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your secured loan or mortgage repayments.
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
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