Hi Julia

Thanks for all the above information.

The information that is most valid in whether you are able to look at obtaining a better deal on your secured loan is your mortgage balance and the value of your property.

You state that your property was valued in February last year at £91,000 and you have a outstanding mortgage balance of aprox £75,000.

Due to the current market conditions, the fact that property prices continue to fall mortgage and secured lenders have increasingly restrictive criteria regarding percentage of your property they will allow you to secure against.

Based on the figures that you have provided me with in your last email, the secured loan with First Plus (£34,610.43) and the mortgage balance (£75,220) the total exceeds the value of your property.

Previously First Plus would allow customers to borrow upto 125% of their property value but in recent months lenders have reduced this to a maximum of 85% for secured loans.

This information unfortunately limits your options as you will be unable to move this to a better deal at this time.

Hopefully by the time your mortgage come up for renewal in 2010 the situation may be brighter as you will have a smaller balance on the loan and hopefully more products may have returned to the market.

Many thanks