Use A Remortgage Or Secured Loan To Buy A Foreign Property.

There are sayings that really do ring of the truth but probably the best of all in the current statemof the economy is the expression that one man\’s loss is another man\’s gain.

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.

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.

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.

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.

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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