Ever since their inception, secured loans or homeowner loans if you prefer, proved often to be the first choice of loan for homeowners.

As the two forms of the title suggests these loans are only available to homeowners in addition to obviously needing some type of security.

The security needed is the property of the applicant, and secured loans are recorded at the Land Registry behind the first charge which is of course the mortgage.

As these loan are secured the lender is taking little risk and homeowner loans have good interest rates and this is part of their appeal.

Another appealing feature about secured loans is that they have a wide variety of uses, and can be great ways of making large purchase, paying school and university fees, buying a home in the sun, etc.

Secured loans perform many of the same functions as remortgages but the former is faster to arrange, and for those in a hurry for the funds secured loans could well be preferable.

Pre credit crunch the self employed in particular favoured secured loans as there was no need to officially prove their net profit.

They declared their own income on something like a letter head and these were known as self certs.

There are at last self employed loans available from Link Loans who deal with intermediaries, and secured loans are available to people trading for a minimum of six months.

Now at last self employed loans are available to homeowners trading for only six months.

The recession put paid to self certs for all home loan products including secured loans and remortgages and an accountants certificate at least was needed.

What this meant was that self employed with no accounts could not obtain either secured loan or remortgages. for a period of about three years.

This meant that self employed loans for self employed people who could not fully prove their income simply did not exist any more.

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