A dream common to many people is that of owning a second property either in their own country and sometimes abroad.
There is not many things more pleasurable than having a second comfortable little nest to call your own.
However it is very wise, before taking the plunge, to think if you really do want to own a second home, or is as a result of the happy holiday that you have only just returned from and the affects of the sun, good food and especially simply too much of the cheap wine and spirits you enjoyed so very much. when you were there.?
How many people, particularly when we are talking about Spain, have holidays there year after year, and when they retire they cannot wait to buy a property and live there for the rest of thier lives to only a few months later, apparently having managed to achieve their dream, start complaining bitterly that their Spanish neighbours in the idyllic village do not speak English? British people when abroad are often not keen on the food. this is common in popular beach resorts in Spain. Then where are the Irish bars and the morning noon and night karaoke?
Life in the real Spain, France and Italy, etc.may well be very different from the country you enjoyed so much on holiday, when the hotel owners, waiters, bar staff and so on did all have a very good grasp of English, but when you go to the places that do not have many tourists, it is like being in great Britain where not many ordinary waiters, shop assistants, etc. speak any other European language, or at least not at all fluently.
The average restaurant in a remote little town in these countries is not going to serve up sausage and mash, pies and beans and fish and chips, as these are only available in the resorts flooded by The Brits .
However for those wanting to own a second home in the real Italy, Spain, etc. there is nothing much better in life, and if you are one of these people, the first important step is to think of the ways of financing the purchase before even looking for a property.
It is possible to obtain a foreign mortgage, but you will be required to put down a deposit of at least 30%.
Secured loans and remortgages are better options of paying for a property abroad.
If someone has lived at their property for some time, they should have a fair amount of equity to use as collateral for a secured loan or a remortgage.
The maximum secured loan is normally £100,000, but that can buy a nice beach front flat for example in Calabria in Southern Italy or for that amount there are a number of areas in France where a little three bedroom house can be yours for that amount.
There is no limit to the amount that can be borrowed for remortgages as long as the applicant has enough equity and income.
With secured loans available with interest rates from 7.9% ,and remortgages from under 2%, they are low cost ways of paying 100% of the purchase price for your home in the sun.
Author Resource:
When you want a remortgage, mortgage, secured loan or are seeking debt advice look no further than Champion Finance. They have been arranging secured loans since 1985 and also provide whole of the market mortgages and remortgages. Helpful friendly debt solutions are available including debt consolidation., debt management , etc.
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