There are many true sayings, but probably the truest in the current economic climate is 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.
For those among you who always wanted a second home but thought it was beyond your financial means, you really should reconsider, as prices of these second homes will not have such low values for ever. Therefore it is a case of striking while the iron is hot.
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.
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.
Enjoy your home in the sun thanks to the secured loan or remortgage taken out on your first home.
Looking to find the best deal on secured loans, then visit www.championfinance.com to find the best advice on remortgages.They are so friendly an efficient.
Tags: Debt Consolidation, loans, mortgage, mortgages, remortgage, remortgages, secured loan, secured loans
