Use A Remortgage Or Secured Loan To Fund The Purchase Of Your Foreign Property.
It is a very true saying that one man’s loss is another man’s gain. Probably it is more true now than at any other time in history.
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.
Self employed individuals often owned properties abroad both in European resorts, and also in further flung destinations. Through earning much less now than before the credit crunch or even worse through the total closure of their companies, many can no longer afford the luxury of a second home, and have been forced to sell them at reduced prices. Th properties repossessed by the building societies are selling for 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.
If you own your own home in the UK. you can organise a secured loan or a remortgage on your residence to raise funds to buy your second home. Secured loans and remortgages are both forms of homeowner loans secured on the equity of your property.
Before the credit crunch secured loans were available up to 250,000, but now the maximum available secured loan, depending on equity, income, etc. is 100,000. However you can buy a nice little flat in Benidorm and many other resorts in Spain for that.
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.
Learn more about mortgages. Stop by Champion Finance’s site where you can find out all about remortgages and what it can do for you.They offer excellent friendly service.
