Why choose Ocean?
Better rates for homeowners
Compared with unsecured loans
Borrow from £10,000
And repay over 3–25 years
Consolidate your balances
And reduce your expenses by £700 a month*
Are you a homeowner? Better rates could be waiting...
If you’re currently paying off debt, a homeowner loan could put you on the path to clearing some or all it.
If you have a good credit history, homeowner loans are usually cheaper than unsecured loans. So you could consolidate your debt into a single monthly payment and make a big saving.
Unlock more choice today
A homeowner loan could help you move closer to your goals. Whether that’s consolidating and paying off debt, making home improvements, or covering a costly repair. It’s up to you!
Borrow from £10,000
All credit scores welcome
Repay over 3–25 years
How it works
Fill out Ocean’s easy form
Check which loans you’re approved for
Complete the application — you should get your funds in 3 – 4 weeks
Need to know
A homeowner loan is secured against your property. Make sure you can afford the repayments for the duration of the loan. YOUR HOME MAY BE REPOSSESSED IF YOU DON’T KEEP UP WITH YOUR PAYMENTS. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. You may be able to apply for credit that doesn’t need to be secured against your home. Don’t borrow more than you can afford. It’s a good idea to set up a direct debit so never miss a repayment. Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
* According to Ocean, this is based on the average reduction in outgoings on debt consolidation loans on a rolling 12 month basis.
Representative Example: If you borrow £34,480 over 10 years, initially on a fixed rate for 5 years at 7.60% and for the remaining 5 years on the Lender's standard variable rate of 8.10%, you would make 60 monthly payments of £467.50 and 60 monthly payments of £473.06. The total amount of credit is £39,212.00 (this includes a Lender Fee of £595 and a Broker Fee of £4,137). The total repayable would be £56,528.60 (this includes a Lender Exit Fee of £95). The overall cost for comparison is 11.3% APRC representative. This means 51% or more of customers receive this rate or better.
If you’re struggling with debt or repayments, find out the next steps to take.
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Rated 4.8 by customers on Feefo
Winner of Trusted Service Award 2023
Support from start to finish
See what you could get with Ocean
Unlock more choice and cheaper rates with a homeowner loan
Ocean and Ocean Finance are trading styles of Intelligent lending Ltd. They’ve been helping people get the money they need, for the things they want since 1991. They are a broker – not a lender, representing a wide panel of lenders offering a range of homeowner loans from £10,000 to £250,000. They’ve been awarded the Platinum Feefo Trusted Service Award 3 years running for their commitment to providing a trusted service to all their customers, regardless of their situation.
To be eligible for a homeowner loan with Ocean, you must be a homeowner. All credit profiles are considered. Loan amounts from £10,000–£250,000. Must be a UK resident. Must be at least 25 years old. Must be employed.
You could be eligible for a homeowner loan even if you’ve been refused credit in the past. Ocean’s panel of lenders cater for all circumstances, offering products and advice to suit your personal circumstances.
Ocean’s eligibility checker means you can see if you’re accepted in under five minutes, without affecting your credit score. When you decide to go ahead, Ocean’s advisers will call to discuss your loan. Once approved, the homeowner loan process usually takes between three to four weeks, but this can vary from lender to lender.
Ocean’s online portal means you can upload the information the lender requires, quickly and easily. Once approved, you could have your loan is as little as three weeks.
An adviser will discuss your loan amount and repayment period when they call. Ocean offer terms from three to twenty five years, based on your circumstances.
Mortgage arrears are a ‘priority debt’ and should be paid before other debts like credit cards, as you could lose your home if you fall behind on payments.
If you’re struggling to pay back the loan you should contact the lender as soon as possible to discuss your options. They may be able to restructure your debt to make it more affordable or give you a short repayment holiday if this sort of temporary measure is likely to help.
Before changing the secured loan, you should understand how the change may affect you by getting independent mortgage advice.