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Sunday, April 3, 2011

Tips Use a Remortgage Or Secured Loan To Buy A Foreign Property

Tips Use a Remortgage Or Secured Loan To Buy A Foreign Property : 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 credit crunch has been with us for over two years now, and it has caused many families to struggle with family income which has gone down due to various factors, including that most awful of human conditions, and that is redundancy.

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.

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 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 remortgages which can both help fund the foreign home purchase. These are both homeowner loans and both achieve pretty much the same things.

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 .

Enjoy your home in the sun thanks to the secured loan or remortgage taken out on your first 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. For the latest updates PRESS CTR + D or visit Stock Market news Today

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