Some universities will accept OU credits in place of traditional entry requirements for Some courses, not all.
Some will accept the first level of OU study and allow you to transfer into second year of the degree, others will only accept it as entry to first year.
There are many people who have done it this way but it is not accepted everywhere and for every course.
I would suggest thinking about where and what you wanted to study and emailing those universities to see what their policy would be.
Funding is slightly complicated so it would depend on what award you were given. I think the easiest option is to register on the degree and not take an exit award in which case I believe your funding for full time would be untouched (not 100% sure on that though-it may be better for you to ask that question in the “ask SFE” forum.)