While secured loan options dwindle there is always an opportunity to remortgage your home and reap some of the rewards from your existing equity.

It is true that house prices have, on average, fallen by as much as 16 per cent in a year, according to Halifax. But that’s just an average of houses that are on the books of that bank – there may be plenty of houses in the UK that have not reduced in value by nearly as much, and your home might be one of them.

And if it is, you have more options than you might think. The more equity you have in your home, the better deals you can get and the lower rates you will have to pay. You may find that by remortgaging, and freeing up a little equity, you save yourself a lot of money in the long run.

But any equity unlocked from your home cannot be spent frivolously. It’s a precious commodity in this housing market and should be treated as such. If you unlock any money from your home you must have a plan for every penny, and it must be a plan that will help reduce debts or improve your standing in the long run, making your life easier.

Talk to a mortgage broker about what options you have for remortgage. You may be limited in what you can secure and what you can unlock, or you may find that it is still beneficial to stick with your current rate for the time being. The only way you will be able to find out is by talking to a professional. Then, and only then should you be ready to go forward and get hold of a new loan and some new capital.

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.