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 com

ing 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.

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 are a homeowner, a good way to buy a second home at home or away is by arranging a remortgage or secured loan on your current property. These are both forms of homeowner loans which release equity on your property which can be used for almost any purpose, including the purchase of a second home.

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.

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.