It has just been announced that the UK recession is now officially over making it the last of the world's richest nations to come out of recession and to witness the start of new economic growth.

This news leads one to wonder what lies ahead for the secured loan, mortgage and remortgage sectors which have gone through unbelievable changes since the credit crunch started almost three years ago.

Secured loan lenders abounded and were making healthy profits and had many secured loan plans on offer.

Self declarations of income were available for the self employed without any back up proof, meaning that a self employed person could simply declare his net profit on a letter head or similar without any additional proof being required.

The recession changed this and self declarations of income stopped and secured loan lenders required an accountant's letter or even two or three years fully audited accounts.

Before the credit criss there was the famous 125% equity plan first intoduced by that household name, First Plus who specialised in lending up to 25% more than a property was valued at.

Equity margins were restricted to 65% or there abouts for the self employed and to 70% for those in employment.

Before the recession the Cardiff based secured loan lenders, Nemo, granted loans to the self employed without accounts but since 2007 they have not accepted applications from the self employed.

A number of secured loan brokers have gone out of business. Many previously successful secured loan brokers have stopped trading.

Secured loan approvals fell to under 20% of their precvious level.

Remortgages and mortagages have also become pale shadows of their former selves.

Equity margins have tightened during the last three years with 100% plans a thing of the past, let alone the 125% mortgages and remortgages which were granted by The Northern Rock, and just think about what happened to them.

Many mortgage lenders restricted their lending to between 75% to 80% making it difficult for first time buyers to get their foot on the first rung of the property ladder as such a large deposit was required.

Underwriting prior to the recession was too lax and during the credit crisis it was too strict, and as such, hopefully there will be a middle route now that the recession is over.

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