The world economy was in turmoil for almost three years, and in fact it seemed longer than that.

All financial products went through highs and lows.

It is a bit of a wrong term to use the word up and down as it was in reality a situation of constant downs.

Such financial products as secured loans, mortgages and remortgages took a huge tumble.

It was really understandable the mortgage lending decreased as a mortgage is a requirement for anyone wanting to buy a property, and with the fall in what properties were worth, no one was interested in changing from one address to another.

Yet another reason for the decrease in mortgage applications was the fact that no worker really knew from one day to the next whether their employment was safe or other wise.

Remortgages, which is the replacing of a mortgage from one lender to a new provider decreased ,as people uncertain about everything, choose to remain with their current provider rather than to remortgage.

Secured loans which can be used for almost any purpose, including debt consolidation suffered an even worse fate and fell by more than 80%.

Lenders so restricted their underwriting for these home loans that those who were eligible to apply before the credit crunch no longer were.

Self employed people needing self employed loans found it impossible to get either a mortgage or a remortgage unless they had several years full accounts, as self declarations of income was now totally unacceptable.

The self employed were hardest hit as self certs. were done away with and full accounts became a requisite when making an application for a remortgage or a mortgage, all making it impossible for those who could not provide concrete proof of their net profit to either remortgage or obtain a mortgage.

The self employed were hardest hit due to the abolition of self declarations of income rendering those with no proper accounts incapable of obtaining a remortgage or a mortgage.

It can only be hoped that this is only the start of brighter times for secured loans, remortgages and mortgages

Want to find out more about secured loans, then visit Champion Finance’s site on how to choose the best remortgages for you.

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