There is no doubt that secured lending has taken a battering in the credit crunch, with most lenders exiting the market thanks to a lack of funding and an overall aversion to risk – but there are alternatives.

Where once people could seek out a second mortgage to consolidate debt, for investment or even to reinvest back into their home, now they must face a choice of a few secured loan lenders who are offering just a handful of deals to only the best customers.

But if you need a lump sum to consolidate some of your debts, to maybe invest in a new business, to help your children or to even improve your home itself where can you turn?

One option is offset account mortgages. These are deals where essentially you are given a huge overdraft, secured on your property. So you pay off the overdraft as you would a bank overdraft, paying less in interest as you pay off more of the debt. You can also increase the overdraft past the initial figure, allowing you to pay of unsecured debt or to pay for repairs, renovations or extensions to your home also. This is a secure and sensible alternative to secured loans and one that will see you paying out a whole lot less than a personal loan.

You could also take out a remortgage, increasing your home loan. This a a very traditional way of raising cash, taking advantage of any rise in your home's worth. This has limited options in these tough mortgage times, but there are still some good remortgage products and a lot of equity in people's homes.

There is also, for older borrowers, equity release. One form of this is called home reversion; this is a form of secured borrowing where the lender takes a lump from your home and then owns that part of your home, until you die. There are also lifetime mortgages, where you take out a large mortgage for the rest of your life which then offers withdrawals like a bank account. These loans are not perfect for everyone, but they are a valid and safe form of secured lending.

If you need cash from your home, there are options. Talk to a mortgage adviser today to see what you can do with your home's equity today.

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