View more on these topics

Would you be more cautious when buying property abroad?

It has been estimated that more than a quarter of the properties in Marbella have been built illegally and it could cost up to 4.5bn to compensate those caught up in property scams. But will this scandal put people off buying property abroad or will it simply make them more careful?

So, this week Mortgage Strategy asks…

Darren Banks, 30, sales manager
I have trouble investing in this country so I wouldn’t think about doing it abroad. Investing abroad is risky as you’re not always there to oversee things. I would probably sort the finance part out over here as there are too many barriers involved with dealing with financial matters abroad.

John Puntrella, 44, caterer and butcher
I wouldn’t invest in Spain, so the Marbella issue doesn’t surprise or affect me. But I would invest in property in other countries. I would look for a property abroad myself then deal with the financial side here as it would be easier. I’m no more worried about buying property abroad than I am about buying property in this country.

Michael Jaiyeola, 29, media sales executive
Buying a property abroad would worry me. The Marbella scandal would make me check the legal process wherever I was considering buying a property rather than just take up a ‘too good to be true’ offer. I would sort out the financial details with a bank or adviser in this country.

Kevin Narrainen, 32, TV producer
I’d make sure I’d checked out the place and had good references before I bought a property abroad. I imagine the people caught in the Marbella scandal went into things lightly. I would speak to someone here who knows the about the law in the country in question.

Richard Mott, 38, engineer
I would be more wary since this scam but I would not buy in Spain – that craze is over. I’d look to Morocco. I would be as cautious buying a property abroad as I would here.


GMAC-RFC portfolio sale

GMAC-RFC has completed its second portfolio sale to Oakwood Homeloans. The 330m deal comprised a pool of prime, buy-to-let and self-cert deals.

Pitt and Aitken join Kensington Group

Brian Pitt and Stuart Aitken have joined Kensington Group to investigate key strategic opportunities presented by the specialist lending sector.Pitt was previously director at Beacon Homeloans and Aitken was director of credit at South Pacific Mortgages Limited.John Maltby, group chief executive at Kensington, says: Kensington Mortgages pioneered the specialist lending market in 1995 and earlier […]

Timescales are important to clients

Interest rate, drawdown flexibility, LTVs and early repayment charges are the big ticket items for product selection in the equity release market. But thought must also be given to service standards.

West Brom provides online DIPs via Trigold

West Brom for Intermediaries is now providing brokers with access to Decision in Principles via Trigolds E-Trading Centre. Mortgage intermediaries can use Trigold to source any West Brom for Intermediaries mortgage product, which include prime, sub-prime and buy-to-let mortgages, and complete an intelligent DIP form via the Trigold E-Trading Centre. Data is then transferred to […]

What the huge rebound in sterling means for the UK's inflation outlook

The world’s strongest currency in November was not the US dollar, despite the greenback rallying 3.5% against the euro, 8.7% against the Japanese yen and over 8.6% versus the Mexican peso and the Turkish lira up to yesterday’s close. The strongest currency last month was sterling, which had strengthened 2.2% versus even the mighty US […]


News and expert analysis straight to your inbox

Sign up