The credit crunch affected the home loan sectors of remortgages, mortgages and secured homeowner loans to an enormous extent.

Secured loans fell by more than 80% of the level at which they stood at the end of 2006, and these once so popular loans fell to a shadow of their former self.

Homeowner loans were on of the most popular ways of homeowners to obtain a low interest loan which they could use to do or buy just about anything their little heart desired.

These secured loans were often taken out to buy a car for example enabling the borrower to have cash in hand to buy the car fom a private person or a car auction saving up to a third or more on the purchase price.Instead of a Ford the secured loan borrower could perhaps buy a Mercedes Benz privately at the same cost as a Ford from a car dealer ship.

Mortgages which almost every consumer needs to buy a property declined as people were inclined to stay put at their current address during the recession, and as such there was not the same need for mortgages. The decline in property prices further had an adverse affect on the mortgage market.

Most homeowners are tied to their mortgage for anything from twelve to sixty months after which many used to change their mortgage lender.

The changing of mortgage from one provider to another is what is called a remortgage and remortgages were normally sought to obtain a lower rate of interest, as rates vary greatly between one mortgage provider and the other.

Remortgages can also be taken out for a greater amount to raise funds for almost any purpose just like secured loans

The rates available for remortgages is linked to good equity in the property to be remortgaged, and the fall in the value of property lead to a great decline in remortgages.

It was believed that the end of the recession would see secured loans, mortgages and remortgages returning to something of their former glory but this hope has been false.

Homeowners are no more popular since the end of the recession while remortgages are at their lowest for ten years with mortgages at the lowest ebb since the Spring of 2001.

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