It is a true expression that one individual’s loss is another person’s gain. Probably it rings more true now than at any other period in the past.
Since the start of the credit crunch many households have had their incomes seriously decreased by such things as a cut in working hours, the doing away with paid overtime, and in extreme circumstances by 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.
You can fund the purchase by organizing a foreign mortgage, and there are companies which specialise in them, but going down this route would mean that you would need a 30% deposit.
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.
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.
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.
Buying a dream home abroad to give you wonderful holidays forever is a great use of a secured loan or a remortgage. You can even use part of these home loans as debt consolidation loans and save more money You can have your new home and also have arranged debt consolidation.
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.