You need to be a homeowner, as the loan is secured against your home.
Please note this calculator is a guide only. The actual rate offered will be based on your individual circumstances.
Representative Example: If you borrow £26,000 over 7 years, initially on a fixed rate for 5 years at 7.285% and for the remaining 2 years on the Lender's standard variable rate of 9.924%, you would make 60 monthly payments of £452.63 and 24 monthly payments of £464.81. The total amount of credit is £29,715 (this includes a Lender Fee of £595 and a Broker Fee of £3,120). The total repayable would be £38,408.24. (this includes a Lender Exit Fee of £95). The overall cost for comparison is 12.4% APRC representative. This means 51% or more of customers receive this rate or better.
12.4% APRC Representative (variable)
61.94% APR Representative (variable)
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 loan.
Homeowner loans are secured against your property.
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:
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 £500,000 with Ocean.
Lower monthly repayments: you can spread the repayments over a longer period (up to 30 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.
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.
You can learn more about Ocean on our about us page.
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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