A Mortgage, A Remortgage Or A Secured Loan Can Fund The Purchase Of Your Second Home.
Many people have really suferred over the last two years of the recession. Jobs have been lost and companies have collapsed. Cutting down on overheads has been the order of the day for many. People have had to cut down their outgoings in a number of different ways from such small simple things as opting to buy frozen foods instead of the fesh variety as frozen is less expensive to the more major issue of downgrading to a cheaper car and to the biggest cutback of all and that is the selling off of assets. For some this asset which they can no longer afford to hold onto is a second home both in the UK, and on foreign shores. These second homes are often being sold at well below their previous market value, and for those with ready cash available or who have confidence to borrow money, there are wonderful property bargains to be picked up in the holiday home market. Having decided that a second home is what you really want you must then reach a decision as the best way to raise the funds. You can obtain a mortgage on the property from a number of UK banks and building societies, even if the property is abroad, and there are specialist foreign property mortgage lenders as well. However they are all normally prepared to lend up to 70% of the value of the property which means that a sizeable 30% or more deposit is required.if you want to borrow up to 100% of the purchase price you can opt for a secured loan or a remortgage on your current UK property. Both of these homeowner loan products allows you to take out some of the equity in your current UK property, and both can be used for almost any purpose. Most secured loan lenders only grant loans to a maximum of £100,000 and so if you require more than this you will have to obtain a remortgage instead of the secured loan to purchase your second home.At the end of the day whether a remortgage, a secured loan or a foreign is used to buy your new property is actually a matter of individual choice.
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