subject: Buy A Second Property With No Deposit With A Secured Loan Or A Remortgage [print this page] If a person comes to the conclusion that he needs some extra cash one of the first considerations is as to what way is best for him
One form of borrowing that most people need frequently is finance to purchase a car. As most people have one or more cars at any given time, and change vehicles pretty often, loans for cars are applied for on a frequent basis. There are not many people who can pay for the vehicle out right.
It is far from uncommon these days for people to own a second home or a holiday home, and many people managed to obtain a second property at a low price, as many owners had to get rid of their holiday homes due to hard ship during the credit crunch.
Many people in the last few years were forced to sell their second homes leading to the luckier ones buying a home at a cheap price.
Yet again finance in some shape of form is needed to buy the holiday home.
There are also times when people need to borrow, not for the purpose of buying something, but to save money by debt consolidation, but people do not know how to go about this.
For the person buying a car, there are of course loans that can be obtained from the dealer ship.
The problem with these loans is. that the interest rates are not always the best, and this applies particularly to cars that are not new.
In addition a deposit is needed and this can be difficult if there is no trade in car, or the trade in is not of sufficient value ,and this means that the buyer will have to provide a deposit of thousands by himself.
Buying a second property and paying for it with a mortgage would require the buyer to have a deposit of at least 25%.
The need for a deposit can be eliminated by remortgages and secured loans which pay for the complete cost of the car or the property. A remortgage and a secured loan also are great when used as consolidation loans.
by: Yolanda Sardini
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