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.

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.

It is not only the employed who have been affected over the course of the last two years. Even self employed people who ran lucrative business have been similarly 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.

If you have always wanted a second home but thought that it was outwith your financial comfort zone you should think again. Property bargains will not last forever, and if you have always wanted a foreign property you should no longer put your plans on hold.

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.

An excellent way to buy a second home is by releasing equity tied up on your primary residence by taking out a secured loan or a remortgage which can both help fund the foreign home purchase. These are both homeowner loans and both achieve pretty much the same things.

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.

However if you want to buy a more expensive property a remortgage could be the way forward. Currently remortgages are available up to 90% LTV.

Enjoy your home in the sun thanks to the secured loan or remortgage taken out on your first home.