Buy A Property Abroad With A Remortgage Or A Secured Loan.
It is a sad fact of life, but often when one person suffers another person gains through this suffering.
The last two years have been devastating economically for many households who have seen the money coming in affected badly by the loss of a job, working fewer hours each week, etc.
It is not only the employed who have been affected over the course of the last two years. Even self employed people who ran lucrative business have been similarly affected.
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 a remortgage which can both help fund the foreign home purchase. These are both homeowner loans and both achieve pretty much the same things.
Secured loans , before the credit crunch, were available up to as much as 250,000. However now secured loans are restricted to a maximum of 100,000 which is still more than enough to give you a fair choice of properties.
If a secured loan does not release enough funds so that you can buy the property you want, you can go down the remortgage route which allows you the equity of 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.
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