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  • FIRST POST
    • rich81
    • By rich81 18th Mar 17, 7:58 AM
    • 15Posts
    • 15Thanks
    rich81
    Ocean finance
    • #1
    • 18th Mar 17, 7:58 AM
    Ocean finance 18th Mar 17 at 7:58 AM
    I've been accepted in principle for an ocean finance homeowner loan. Does anyone know anything about ocean or had any experience with them?
Page 1
    • sammyjammy
    • By sammyjammy 18th Mar 17, 8:02 AM
    • 4,115 Posts
    • 4,459 Thanks
    sammyjammy
    • #2
    • 18th Mar 17, 8:02 AM
    • #2
    • 18th Mar 17, 8:02 AM
    They kind of give the impression you are desperate to borrow money to be honest. Is it a fixed rate loan? More information would be good.
    "You've been reading SOS when it's just your clock reading 5:05 "
    • rich81
    • By rich81 18th Mar 17, 8:22 AM
    • 15 Posts
    • 15 Thanks
    rich81
    • #3
    • 18th Mar 17, 8:22 AM
    • #3
    • 18th Mar 17, 8:22 AM
    It's fixed at 7.5%. 30000 over 10 years. Not ideal but it'll get us out of s hole by reducing monthly payments massively
    • csgohan4
    • By csgohan4 18th Mar 17, 8:39 AM
    • 3,369 Posts
    • 2,077 Thanks
    csgohan4
    • #4
    • 18th Mar 17, 8:39 AM
    • #4
    • 18th Mar 17, 8:39 AM
    It's fixed at 7.5%. 30000 over 10 years. Not ideal but it'll get us out of s hole by reducing monthly payments massively
    Originally posted by rich81
    the debt free wannabee forums are also quite useful in helping you reduce your debt


    but overall you will pay a lot more in the long run with loans.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • amersall
    • By amersall 18th Mar 17, 9:34 AM
    • 16,590 Posts
    • 18,637 Thanks
    amersall
    • #5
    • 18th Mar 17, 9:34 AM
    • #5
    • 18th Mar 17, 9:34 AM
    Are you sure it is a fixed rate and who is the loan from?.
    Ocean are brokers and they want a fee payable on completion of 12.5%.
    Do you really need this?, think about it please.

    The debts you are consolidating could possibly be repaid in less than 10 years, all you will be doing is paying more interest again for these debts.

    Take it from one who has "been there and bought the t shirt" and still paying from FP.
    I doubt that this is fixed rate through Ocean.

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