The thought of owning a second home in the sun or a ski lodge or mountain retreat where we can escape whenever the mood takes us is of course a commonly held dream.
And with the simplification of re-mortgaging facilities, the affordability of home loans and the growth in underlying equity many of us have enjoyed on our principal residences, there couldnt be a better time to turn that dream into a reality than today.
Heres how to buy a holiday home abroad and avoid all the common traps and pitfalls that people can fall foul of.
First things first you need to decide whether it make sense for you to release the equity that has built up in your principal residence to buy a property overseas, to raise a mortgage on the overseas property or to pay for it in cash.
Unfortunately there is no straight answer to this dilemma! The answer will lie somewhere among your own personal circumstances, your ability to afford an extension on your home loan or an overseas mortgage, the country in which youre buying abroad and whether or not it offers good investment potential. However, there are two simple facts that the majority of financial advisers and mortgage...
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