The global recession has had a number of impacts on our society from the collapse of the banking system to a spike in the real level of unemployment for the first time in a decade.

So you may be wondering how all of this has changed the secured loans market and what it means for you. Well if you were pulling together quotes last year for a loan to do some home improvements or consolidate debts then it's back to the drawing board. The number of products, terms on offer and criteria has tightened immensely over the last 12 months. In the past lenders would give up to 125% of the value of your home, now that figure is 100% and even that is being optimistic.

Competition has reduced as a large number of providers have withdrawn from the market and those remaining suffer from a real lack of funding. It's not going to return to normal overnight and it may never return to the days of 125% loans and cheap loan rates.

So can you compare secured loans today? 

The main deciding factor on the lenders willingness to give you a secured loan will be the home equity release options open to you.  In the past it was accepted that property prices would continue to rise and borrowers could continue to tap into this money. 

Times have changed. With property prices across the UK still falling it's important that you have the true value of your home checked out. Property prices nationally have dropped by around 17% in the last year, taking the value of most homes back to 2004 levels. To put this into context, a house valued at £200,000 in 2007 will today be worth around £166,000. It depends on the area of the UK where you live, some are worse affected than others.

You may not be aware but most secured loan providers will carry out a valuation on your property without cost or obligation so this is a good place to start. Dip a toe in the water compare secured loans and find out what your options are.