The home loans ,mortgages, remortgages and homeowner loans all diminished at an alarming rate in the course of the 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 all this, mortgage providers tightened their under writing criteria so strictly that many could no longer obtain a mortgage or a remortgage even if they both needed and wanted one. After all it was the reckless criteria that had originally lead to the recession in the first place..

The fact that the worth of properties crashed only caused additional worries about home loans.

Before the credit crisis remortgages were a popular way for homeowners to move from one mortgage lender to a new one sometimes to only obtain a lower rate of interest and at other times to raise additional funds to be used for debt consolidation.

The next of the home loan products, namely the secured loan or homeowner loan, if you wish,went down in the same fashion as mortgages and remortgages , and the reasons were the same.

Secured loans have all the same uses as remortgages and can be used for almost anything including debt consolidation.

The most badly affected financial product was the secured loan. Many lenders were forced to shut up shop as a result of the slump.

At the end of 2006 there were about twenty homeowner loan lenders but by the beginning of 2010 the number stood at only four

This meant that many homeowners who would have really received an advantage from a secured loan and especially as a debt consolidation loan to offer economies were refused the chance.

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.

Their backers are now RBS instead and they are giving homeowner loans to individuals who have only been working for themselves for a minimum of a six month period.

This means that the self employed can now apply for a much needed debt consolidation loan.This will be very glad tidings as self employed have recently been finding it almost impossible to obtain remortgages, mortgages and secured loans.

Want to find out more about debt consolidation, then visit Champion Finance’s site on how to choose the best remortgage for you.