Consolidate your existing debts with one loan.
Debt consolidation loans
Borrow from £10,000 up to £500,000
- Get a decision online
- Know your rate before you apply
- Comparing won't harm your credit score
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.
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Here’s how we helped
Ms Smith...
Ms Smith was paying £1,250 per month towards her credit cards, loans, overdraft and mail order account. By using a homeowner loan to consolidate these into one affordable monthly payment, she now only pays £416 per month.
Monthly payments before
£1,250
Reduction after consolidation
£834
New affordable monthly payment
£416
Won’t harm 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 name has been changed to protect their privacy. Average reduction in outgoings of more than £800 per month for customers taking a loan for debt consolidation in the last 12 months.
What type of debt can you pay off with a debt consolidation loan?
Who can apply?
Each lender will have their own criteria, but common requirements include that you must be:
- Aged 18 years or older
- A resident of the UK
If you’re a homeowner, you may be eligible for a secured loan, which typically comes with lower interest rates.
4 reasons to choose Ocean
- Flexible loan options
- Solutions tailored to your needs
- Over 30 years' experience
- Exceptional Feefo rating
What to consider when applying for a debt consolidation loan
Which debts to pay off
When deciding which debts to consolidate, you may want to prioritise those with the highest interest rates, as this might save you the most money over time.
What type of loan would work best for you
You may find a secured homeowner loan offers you lower rates, and more time to pay the money back.
Alternatively, an unsecured personal loan could suit you better if you do not have property to use as security, or you require a smaller loan amount.
Your financial situation
Use a loan calculator to work out what your monthly repayments will be, and make sure they’re manageable (both now and in the future).
Only borrow what you can afford to repay.
Can you get a debt consolidation loan with bad credit?
Yes, it's possible to get a debt consolidation loan with a bad credit history. Even if you've previously had a CCJ or used a form of debt management, we may be able to help.
You can use an eligibility checker to see how likely you are to be accepted, before you apply.
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:
Our homeowner loan lenders
We search 100s of loans from our panel of trusted lenders to find the best deal for you.
Got Questions?
The cost of taking out a debt consolidation loan will vary based on several factors, including the amount borrowed, the term of loan, and the provider. There is often a fee for these types of loan, so make sure you factor this into the overall cost when assessing your options.
The answer to this depends on which type you choose:
With a secured loan through us, you could borrow between £10,000 and £500,000 over 3 to 30 years.
With an unsecured (personal loan) through us, you could borrow between £1,000 to £15,000 over 1 to 5 years.
At Ocean, there are two types of debt consolidation loan available:
Personal loans
These are unsecured, meaning you can apply to borrow without being a homeowner or providing collateral. Eligibility is considered based on your creditworthiness and ability to repay the loan.
Homeowner loans
These are secured against your property and therefore require you to be a homeowner. They allow you borrow larger sums of money and typically offer lower interest rates.
A hard credit check is only done when you submit your final application, not when checking your eligibility online.
You can check your eligibility for a loan with a soft credit check, which doesn’t impact your credit score and is only visible to you. This allows you to see offers you’re likely to be accepted for before even applying.
Yes, as with all types of lending, when you first take out a loan it’s likely to cause a temporary dip in your credit score. That's because a hard credit check will be recorded on your credit report when you apply, plus you'll be increasing your outstanding credit.
However, this impact’s only short-term, and if you stick to your loan repayments on time and in full, a debt consolidation loan could eventually serve to boost your credit score
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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