It is a sad fact of life, but often when one person suffers another person gains through this suffering.

Since the start of the credit crunch many households have had their incomes seriously decreased by such things as a cut in working hours, the doing away with paid overtime, and in extreme circumstances by redundancy.

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.

Some of these individuals owned second homes abroad in such areas as Spain, Italy and France. Tragically through no fault of their own, they can no longer afford these properties and have been forced to put them on the market for sale at low prices. The even more unfortunate have had their homes repossessed by the mortgage lender, and when this is the case the price of the property for sale will be 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 happily advance mortgages for the purpose of of buying a property abroad but the subsantial deposit of 30% is a requisite of these mortgages.

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.

The maximum secured available is at the moment 100,000, although up until two years ago secured loans of up to 250,000 were available, all of course subject to equity, income and status.However in numerous areas of Europe nice properties can be purchased for that amount.

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.

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.