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The number of remortgages, mortgages and homeowner loans granted all greatly diminished over the past three years as these were three years of deep recession.

Many were uncertain how long they would be in their current position and this made them uncertain about either a mortgage ,a remortgage or a secured loan.

In addition to this it was to a large extent the very slack under writing criteria of mortgage lenders that had to a large extent caused the recession originally and as a result it made them restrict the underwriting to such a tight level that made many wanting a mortgage, a remortgage or a secured loan witness their application being declined.

The drop in the value of houses only served to detiorate the home loan position even more.

In the past many homeowners had decided on a remortgage not only as a means to save money by moving from one mortgage lender to another but also many homeowners used a remortgage for debt consolidation .

Secured loans similarly fell , and in fact secured loans or homeowner loans, suffered much worse than mortgages and remortgages

These secured loans can be used for the same reasons as remortgages including being used as debt consolidation loans.

Homeowner loans were even worse affected than remortgages and mortgages and the greatest per centage of secured loan lenders ceased trading.

Pre recession there was over twenty homeowner secured loan lenders offering these low cost loans and now there are less than a hand ful.

Many who really needed a secured loan, especially for debt consolidation were not now eligible.

Now thankfully one of the secured loan lenders who exited the market during the credit crunch due to lack of a backer prepared to grant funds, that is Link Loans, have just opened their doors again and are offering secured loans.

They are prepard to consider granting secured loans to people who have been self employed for at least six months.

This will come as very welcome news to those who can now make an application for a secured loan which they can use for almost any purpose. They can now even arrange the debt consolidation of which they are so badly in need and have the choice of either a secured loan or a remortgage.

Learn more about debt consolidation Stop by Champion Finance’s site where you can find out all about the best deals on remortgages for you.