Last week Barclays announced that it was to stop selling new loans through its Firstplus brand.
Firstplus were the UK's largest supplier of homeowner loans and the decision to stop lending is undoubtedly a major blow to the secured loans industry.
A second charge mortgage is supplied to those consumers that already have a mortgage, allowing homeowners to borrow based on the equity held in their property.
A reason for taking a secured loan over a remortgage could be due to having excessive redemption penalties on your first charge or consolidating any unsecured credit.
The demise of Firstplus does leave a void in the market but there are still lenders out there.