Ocean Finance's Service
Ocean Finance does not have a 'typical' customer. Far from many peoples preconceptions, Ocean Finance's customers come from a range of backgrounds and income levels. This is increasingly so in recent years, as borrowing on a second mortgage has become more common, better known and more competitive. Second mortgages are often the best option for customers wishing to raise money, or for those wishing to consolidate existing debts. With secured lending there are sometimes less constraints on what the money can be used for and, for the larger amounts involved, a secured loan may be the only option available.

The average advance is now around £21,500 and therefore, given the substantial levels of money involved - a secured loan is necessary. In the majority of cases, the customer's home is the only asset they have which is of sufficient value to provide such security. Without having access to a secured loan, the alternative may be a financial struggle possibly leading to prosecution, the imposition of a County Court Judgement and a bad credit rating in cases of default.

When calls come in to Ocean Finance's headquarters each customer is screened to ensure that they are looking for the sort of products that Ocean Finance can supply. An information pack, and an application form are then sent to the customer or the customer may apply over the telephone. After considering the information, if the customer decides to apply for a loan they need to complete, sign and return the application form. Ocean Finance's team of underwriters then sources a lender, from the wide range on its panel, which best suits the customer's circumstances. Ocean Finance processes all the paperwork on behalf of the lender.

Ocean Finance's interests rates vary depending on the amount borrowed and the status of the customer. Ocean Finance have an extensive range of loan deals to cater for your individual circumstances

Ocean Finance currently acts on behalf of approximately 15 different lending companies. Ocean Finance also operates its own lending company (Ocean MoneyLimited) which accounts for around 10% of the loans arranged. By working through such recognised companies, Ocean Finance is ensuring that its customers pay reasonable rates and possibly avoid them going to less reputable companies.

Typically customers come to Ocean Finance when they need larger amounts of finance over periods longer than three years. Very often, high street lenders do not offer the option to borrow on that basis, especially for those without a perfect financial record.

Why choose a secured loan?
Secured loans may be the best option for customers, depending on their circumstances, for the following reasons:

• Unsecured loans are not available to many customers for larger sums.
• Unsecured loans are not available to many customers over longer periods.
• Secured loans are often the only option for those who are self employed or those with poor credit ratings such as CCJs, past defaults etc - High street lenders may not lend to them.
• Secured loans for larger amounts give people the ability to consolidate loans/credit cards, debt etc. with higher rates of interest.
• A loan over a longer period makes repayment more manageable, especially if debt consolidation is involved.

Ocean Finance does not place any restrictions on how the money it arranges is spent. Some may use the money to pay off higher rate credit, to consolidate other agreements or - and this is increasingly what the additional money is used for - to carry out home improvements, purchase a newer car or take a well deserved holiday.

Why choose a secured loan instead of a re-mortgage?
Ocean Finance considers that, whilst the interest rate offered on a re-mortgage is usually lower than that of a second mortgage (secured loan), in monetary terms it may be that the secured loan is the cheaper option if all the costs and interest paid over the term are taken into account.
The advantages of a second mortgage are:

• It can be quicker to arrange than a re-mortgage.
• Your main mortgage is not affected by a secured loan. You may have to pay penalties if you decide to pay off your current mortgage with a re-mortgage.
• The length of borrowing can be for a term as short as three years, if required, keeping the total repayable to an absolute minimum.
• "I am interested in a re-mortgage"

Looking after its customers
Customers intending to borrow through Ocean Finance have to prove that they can meet the lender's individual income criteria to ensure that no one takes a loan that they cannot afford. A credit search is always undertaken to enable both Ocean Finance and the lender to verify the other credit commitments the customers already have and to see how well they are managing their existing credit arrangements. Customers are always treated with integrity, honesty and in a professional manner.

Ocean Finance is a member of the Finance Industry Standards Association (FISA). FISA is the body which monitors the activity of both brokers and lenders. They have a set of clear guidelines by which Ocean Finance adheres. FISA also produces an information booklet which is sent to every one of Ocean Finance's potential customers to help them understand more about the type of finance Ocean Finance offers. FISA enforces its codes through responding to complaints and by practical monitoring of the activity of firms.

Ocean Finance prides itself on its good customer service and honesty, which has been achieved through recruiting and retaining excellent staff. Ocean Finance currently employs around 270 staff in its state-of-the-art offices. Staff retention is very high and many have been with the firm a long time. The loyal workforce is seen as part of Ocean Finance's success - incentives and good salary packages are part of the investment made. A regular newsletter ('Ocean's View') makes sure that everyone knows exactly what is happening with the company - both the serious and the more light-hearted news. Ocean Finance also tries to encourage staff involvement in charitable and community events.

All staff are trained in dealing with live telephone calls to ensure that customer service delivery is of the highest quality. All calls are recorded and are used in staff training. In addition, most of Ocean Finance's staff are FISA qualified, which means that they are aware of the rules and regulations in the financial services industry. The majority of Ocean Finances underwriters are fully CeMAP™ qualified and all of our mortgage advisers are CeMAP™ qualified.

A questionnaire is sent to all Ocean Finance's customers who take a loan. In this way, Ocean Finance communicates directly with all of its customers to make sure that customers receive the highest level of care possible, that they have understood all elements of the process and also to get feedback on ways in which the service can be improved. The vast majority of customers speak very highly of both Ocean Finance's products and services. All questionnaires are looked at by Ocean Finance's Complaints Department and any problems dealt with. If a complaint is made to us we reply in just seven days.

Ocean Finance Pacific House Relay Point Tamworth Staffordshire B77 5BR
Call Free	0800 916 9186**
Fax	0870 240 3094
E-mail	enquiry form
** (Please note: calls may be recorded for training purposes).

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* Source:CCB FastMAP (Independent Survey 2008)