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As the credit crunch firmly takes hold, house prices have been plummeting and first-time buys in the UK are lower than they have been for a long, long time.

But don’t get too down in the dumps about the whole situation because it’s not all doom and gloom! 

In fact, a lot of people are cottoning onto the fact that, in order to raise some extra cash, it’s now cheaper to get a secured loan than it is to remortgage your property.

An accepted.co.uk spokesman commented on the situation, saying, “Traditionally the remortgage has been the cheaper option but that’s just not the case at the moment, and we’re seeing a lot of people starting to take advantage of the great rates available.”