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.
Many people dream of owning a second home in the sun, but usually it stays in their heads as an unobtainable dream that they cannot afford. It may surprise many of them to realize that there are so many great foreign property buys and it is worth moving on this now.
There are mortgage lenders who lend on properties abroad, and in fact it is what they specialise in.The drawback is that the maximum mortgage available is 70% LTV.
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.
Buying a dream home abroad to give you wonderful holidays forever is a great use of a secured loan or a remortgage.
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.
categories: remortgage, remortgages, secured loan, secured loans, mortgage, mortgages, loans