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.
The credit crunch started well over two years now and it not only those who work for someone else who have started to struggle financially, but also those who ran their own business have been affected.
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.
You can fund the purchase by organizing a foreign mortgage, and there are companies which specialise in them, but going down this route would mean that you would need a 30% deposit.
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.
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 .
Buying a dream home abroad to give you wonderful holidays forever is a great use of a secured loan or a remortgage.
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.
The credit crunch started well over two years now and it not only those who work for someone else who have started to struggle financially, but also those who ran their own business have been affected.
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.
You can fund the purchase by organizing a foreign mortgage, and there are companies which specialise in them, but going down this route would mean that you would need a 30% deposit.
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.
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 .
Buying a dream home abroad to give you wonderful holidays forever is a great use of a secured loan or a remortgage.
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