Remortgages or secured loans can help buy a holiday home
Oct 20, 2006
Homeowners could save enough money by remortgaging to pay for the up front costs of a holiday home abroad, new research claims.
The research for New Skys found that canny homeowners could save themselves as much as £3,700 over two years if they get themselves the best deal. This is enough for the up front costs on a holiday home in emerging markets such as Egypt, the company said, with house prices starting from as little as £30,000 in some countries.
Moving from a variable rate mortgage at 6.75 per cent on a typical loan of £107,000 to a fixed-rate or tracker mortgage deal at 4.99 per cent or less could reduce repayments from £607 a month to £451 a month. For buyers unable to remortgage, securing a loan on their existing property is often a simple option to provide cash at low interest rates.
New Skys marketing manager suggested that getting onto the overseas property ladder can be much more affordable than buying a second home in the UK, while providing a similar return on your investment. Emerging markets growing in popularity are also Turkey and Bulgaria.
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