Although sales of properties in Spain have slowed down due to the economical uncertainties, it is documented that 66% of British People wishing to purchase a second/holiday home would choose Spain.
It is no surprise that with an increase of mortgage lending of some 20.5% during the prosperous 1998 to 2004, there had also been a huge increase in the number of Mortgage Advisory Businesses setting up Â– particularly throughout the popular expatriate Â‘CostaÂ’s. And yet mortgages and the giving of mortgage advice remains an unregulated activity in Spain.
Now with the Banks imposing stricter lending criteria and Interest Rates increased it has become even more important to choose your Mortgage Adviser carefully. It is with this in mind that we are pleased to announce the formation of the Overseas Mortgage Alliance (O.M.A.).
The O.M.A. is a non-profit making organisation made up of mortgage professionals who provide their clients with the reassurance that they are dealing with members that are fully qualified and who submit mortgage business in line with a strict code of conduct.
Alison Barker, President of the O.M.A. stated, Â“Members agree that they will adhere to the principles of the O.M.A. mortgage code and its self-regulation process and will promote ethical, professional and transparent advice which is in their clientÂ’s interest. When you use a qualified broker you get the right mortgage for your needs.Â”
Unfortunately, Spain does not impose any regulations on Mortgage Advisers Â– anybody can decide to become a mortgage adviser regardless of his/her career history, qualifications or ethics. The O.M.A. is dedicated to upholding the highest possible standards of mortgage advice in territories, which have no existing official Regulation.
Members must be FPC/CeMap qualified and must supply copies of their qualifications along with the names of two independent referees prior to applying for membership. The O.M.A. will then begin its comprehensive due diligence process prior to accepting the new member.
Â“The Board of the O.M.A. has a responsibility to develop the Association into one which members aspire to belong to. It should also be noted that we have a process for disciplining membersÂ”, Barker continued. Â“There are now over 1 million British owners of Spanish properties, and Spain still remains the No. 1 choice for foreign property ownership. Prospective buyers can now be reassured that, like in the UK, they can expect the same professional standards from their mortgage advisor.Â”
Members are based throughout mainland Spain and its associated Islands and membership is made up from: -
Anybody dealing with a member of OMA can be assured that they are receiving advice from a fully qualified person who will submit their mortgage application adhering to a strict code of conduct.
For further information please contact Alison Barker, President on 952860392, or Marc Elliott, Secretary on 600413396, or Colin Gower, Public Relations Officer on 952885670. We can be contacted by E-Mail at email@example.com by visiting our web site at www.overseasmortgagealliance.com
In southern Spain they are all just crooks. Landsbanki is probably the worst taking millions from the elderly home owners in Southern Spain and isn't it wonderful that they have gone belly up. Conning with an Equity Release program that locks in the bank and cannot and does not work for the customer....literally stealing with fees, foreign currency equations and a Fund that can be manipulated by bank to lose or gain at their will so the fund goes up and down causing total confusion to the elderly who are set up in the first place with only gain to the bank. Here's you prime example of greed and lawlessness ripping off the elderly land owners because they have no one to go to....easy pickings for a criminal bank.
Rated: 5/5 (12th October 2008)
This is not what it seems, you will find many so called "professional advisers" in OMA but most are NOT. Having been conned myself by its members I would be very carefull when dealing with any one from OMA, especially one or two of the committe members.
Rated: 1/5 (28th September 2008)
Editor's comments: Thank you for the information which I have now placed online. I do suspect now that their only aim was to get the article published because I have not been able to get any further responses to my enquiries with them. Therefore yes, CAUTION IS ADVISED!!!