There are sayings that really do ring of the truth but probably the best of all in the current statemof the economy is the expression that one man’s loss is another man’s gain.
The credit crunch has been with us for over two years now, and it has caused many families to struggle with family income which has gone down due to various factors, including that most awful of human conditions, and that is redundancy.
Even those who were well off up until 2007 and ran successful businesses, and enjoyed the lifestyle that high earnings bring have been severely affected by the credit crunch.
Some of these individuals owned second homes abroad in such areas as Spain, Italy and France. Tragically through no fault of their own, they can no longer afford these properties and have been forced to put them on the market for sale at low prices. The even more unfortunate have had their homes repossessed by the mortgage lender, and when this is the case the price of the property for sale will be even less.
If you have always wanted a second home but thought that it was outwith your financial comfort zone you should think again. Property bargains will not last forever, and if you have always wanted a foreign property you should no longer put your plans on hold.
There are mortgage lenders who happily advance mortgages for the purpose of of buying a property abroad but the subsantial deposit of 30% is a requisite of these mortgages.
An excellent way to buy a second home is by releasing equity tied up on your primary residence by taking out a secured loan or remortgages which can both help fund the foreign home purchase. These are both homeowner loans and both achieve pretty much the same things.
The maximum secured available is at the moment 100,000, although up until two years ago secured loans of up to 250,000 were available, all of course subject to equity, income and status.However in numerous areas of Europe nice properties can be purchased for that amount.
However if you want to buy a more expensive property a remortgage could be the way forward. Currently remortgages are available up to 90% LTV.
There cannot be any nicer way of using the equity on your own property than to arrange a secured loan or remortgage to buy your dream second home.
Contact Champion Finance to obtain information on great interest rate secured loans and whole of market mortgages and remortgages. They offer free no obligation quotations.
categories: remortgage,remortgages,secured loan,secured loans,mortgage,mortgages,loans
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