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 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.
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.
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.
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 .
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. - 30462
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.
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.
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.
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 .
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. - 30462
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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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