ITV is rumoured to be making a documentary exposing financial scams on the Spanish Costas, as industry experts warn the next big scandal could be looming.Tonight with Trevor McDonald is believed to be planning a visit to the Costa del Sol next month to look at the financial scandals afflicting the Spanish Costas. This news comes after reports that a British man scammed thousands of euros each month by supplying fake mortgages. Ron Howell, director of British Overseas Mortgage Company, says Brits often don’t carry out proper checks when buying abroad as they would in England because they feel in a holiday mood. He says: “There are a lot of scams in Spain but there needn’t be. There is no reason for anybody to get caught out. When people buy property abroad they forget they must carry out the same checks they do in the UK. People try to take short cuts to save money.” But he warns that the biggest problem facing borrowers buying homes abroad is being able to find tenants. He says: “There are thousands of empty apartments in Spain that have been bought off-plan. Buyers can’t find tenants to fill them to make their mortgage repayments.” Gwilym Rhys-Jones, adviser at the Costa del Sol Action Group, has been contacted by ITV and is looking for victims whose Marbella properties have been constructed on the basis of planning permission granted illegally and are therefore facing the prospect of demolition. ITV was unavailable for comment.
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Mortgages PLC has rubbished claims that there are currently difficulties in the securitisation market, and adds two divisions of securitisation lenders are emerging. Speaking at the Mortgage Summit in Jerez, Peter Beaumont, deputy chief executive officer at Mortgages PLC, says some of the lenders entering the securitisation market have been na and the knock-on impact […]
Networks’ distinguishing characteristics are becoming clear and this is making it easier for brokers to choose the principals that best suit their business needs, says Sally Laker
Residential 1s range of self-cert, adverse credit, buy-to-let and Right to Buy mortgages are now live and verified on Trigolds Prospector AAA mortgage sourcing system. Residential 1s approach to the specialist mortgage market offers a range of products from a select panel of lenders.Daniel Churchill, director of Residential 1, says: Creating innovative products is not […]
The Financial Services Authority is to follow up the work it did in the sub-prime market in 2005 with a second round of broker visits starting this September.Robin Gordon Walker, spokesman for the FSA, says: “We will be doing the next round of work into the sub-prime market later this summer, around September. We did […]
By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]
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