| Taking Out A Secured Loan Or A Remortgage Can Buy Your Second Home In The Sun. |
| Articles - Mortgage |
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It is a very true saying that one man's loss is another man's gain. Probably it is more true now than at any other time in history.
It is a very true saying that one man's loss is another man's gain. Probably it is more true now than at any other time in history. 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. 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 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. 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 . Enjoy your home in the sun thanks to the secured loan or remortgage taken out on your first home. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Joomla 1.5 Templates by JoomlaShine.com
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