As you may be aware the Credit Crunch is impacting everybody at the moment. You may wish to borrow money due to having equity within your home but are currently tied into your mortgage with Early Repayment Charges. There are other options available that may be the solution like a Secured Loan.

A lot of homeowners look into the possibility of remortgaging their home to release equity within their home but then realise they are in a tie-in period. These fees, which vary from one product to the other may be high if you settle before the end of the period. To get access therefore to this equity a secured loan may be the answer.

Secured Loans used to have a three month interest early settlement fee but with recent regulation changes this has changed to one months interest. Therefore if you have early fees on your mortgage, it could be a viable option to take out a secured loan now to get access to the funds. Following your tie-in period, if you like everything being under the one payment you could then remortgage the property and then pay off the secured loan, only paying the one month interest as a early settlement fee. The same broker that you used to find the secured loan will be able to organise this remortgage.

Even though it is more dificult to get credit at the moment there are still options open to home owners that may be able to facilitate this. There are financial brokers out there that could show you the options available to you. They can look around for you and find a good deal, often having access to deals not available on the high street.