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.
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 directors were so well heeled that they owned second homes abroad in Europe.Due to the down turn in their incomes many have been forced to give up their homes in the sun and sell them at prices well below their market value.Those who fell behind with their foreign mortgage payments have had their properties repossessed, and the mortgage lenders are selling them even more cheaply than the second home owners were.
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.
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 enable you to buy the foreign property you want you can always seek a remortgage instead.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.
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.