Secured loans up to £250k

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What is a secured loan?

A secured loan, also known as a homeowner loan or second charge mortgage, is specifically designed for homeowners. Your property is used as security and acts as a safety net for the lender. This means you’re likely to get approved – even if you have a less-than-ideal credit score.

You can usually borrow a larger amount of money with a secured loan than with an unsecured loan, making it perfect for large-scale projects.

Typical uses include:

  • consolidating existing debts
  • making home improvements
  • both of the above or other purposes 

Homeowner loans are secured against your property. Before you apply for a secured loan, be aware that your home is used as security. 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.

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.

How much can I borrow with a secured loan?

Ocean Secured Loans range from £10,000 to £250,000. How much you can borrow will depend on the lender’s criteria, your credit history, house value and equity in your property (i.e., the portion you own outright).

Our borrowing capability calculator can help you work out how much you may be able to borrow based on your home's value and your mortgage balance.

Then, our secured loan calculator below can estimate your monthly repayments, based on your chosen loan amount and term. 

Is a secured loan right for me?

Finding the right loan is important, and it depends on your individual circumstances. You need to weigh it up and remember that falling behind with repayments could put your home at risk. But there are several reasons why you might consider getting a secured loan: 

Borrow more

Here at Ocean, secured loans go up to £250,000.  

Lower interest rates  

Using your home as security may enable you to access more competitive interest rates. 

More time to repay the loan

You can spread your repayments over 3 to 25 years with Ocean. Longer loan terms can mean lower monthly repayments, but you may end up paying more interest in total. 

Good credit isn’t essential

You could get approved for a secured loan even if you don't have a good credit score, as your property balances out the risk from the lender’s point of view. 

Estimated monthly payments
Illustrative Rate 3.86%

£0
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No impact on your credit score

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.

Or are you looking to borrow less than £10,000? If so, a personal loan may be more suited to your needs.

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.

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.

Types of secured loan

Debt consolidation loan

This enables you to consolidate your existing debts into one, so you only need to make one monthly repayment to one lender. 

Homeowner loans

A homeowner loan is tied to your property. It can be used for debt consolidation, home improvements, or both. 

Home improvement loans

The main reason people take out a home improvement loan is to do up their home - from getting a new kitchen to adding an extension. 

What’s the difference between secured and unsecured loans?

Unsecured loans (also known as personal loans) and secured loans are both forms of borrowing that involve paying back a lump sum in monthly instalments, over a set period of time. However, there are differences you should consider:

Secured loans

Tied to an asset: you need to be confident that you can keep up with the repayments, so your home is not put at risk.

Wide-ranging loan amounts: from £10,000 to £250,000 with Ocean.

Lower monthly repayments: you can spread the repayments over a longer period (up to 25 years), potentially with lower interest rates. However, a longer loan term may lead to you paying more interest overall.

Easier to get accepted: lenders may see you as lower risk if you’re using your home as security, so you could get accepted even if you have a low credit score or a thin credit history.

Unsecured loans

No asset needed: if you fall behind with your repayments, your home won’t be at risk, but your credit score will be affected. This could make it more difficult to get finance in the future.

Smaller loan amounts: ranging from £1,000 to £15,000 with Ocean.

Higher monthly repayments: you may end up paying more each month, as there’s usually less time to repay the loan (up to 5 years).

More difficult to get accepted: as there’s no security for the lender, they may place more emphasis on your credit score. So, you could find it trickier to get approved for an unsecured loan if you’ve experienced financial difficulties.

What to consider when applying for a secured loan

Your financial situation

Use a loan calculator to work out what your monthly repayments will be, and make sure they’re realistic and manageable (both now and in the future). Only borrow what you can afford to repay. 

Your loan-to-value (LTV)

LTV is the percentage of what you owe on your mortgage (and any secured loans) in relation to the current value of your property. Lenders use LTV (among other things) to assess eligibility, rates, and lending limits when reviewing your secured loan application.

APRC

APRC* (annual percentage rate of charge) represents the total cost of the credit to the customer. It is shown as an annual percentage and takes into account all interest rates and charges applied over the full loan term.

*The overall cost for comparison is 9.1% APRC representative. This means 51% or more of customers receive this rate or better.

How to find an Ocean Secured Loan

We’ve been matching homeowners to the best deals for over 30 years. We work with a wide panel of lenders to find the best loan that you’re approved for - before you apply.

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No impact on your credit score

Just follow these simple steps: 

  1.  Click ‘Get a quote’ and fill in our easy online form
  2. We’ll check your eligibility and run a quick search of 100s of loans  
  3. See the real loan rate you’re approved for
  4. Discuss your options with one of our expert advisers and finalise your approved loan 
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No impact on your credit score