Ocean finance

rich81

I've been accepted in principle for an ocean finance homeowner loan. Does anyone know anything about ocean or had any experience with them?

sammyjammy

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.

rich81

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

rich81 wrote: »

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

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.

amersall

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.