OVERSEAS MORTGAGE ALLIANCE

A recent report by the Bank of Spain stated that real estate spending by foreigners totalled 4.9 billion euros in 1996. At the same time, the rate of mortgage lending has increased by 20.50% over the past five years. Against this economic background it is no surprise to find that there has also been a huge increase in the number of Mortgage Advisory Businesses setting up - particularly throughout the popular expatriate "Costa's". And yet mortgages and the giving of mortgage advice remains an unregulated activity in Spain.

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 that is 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, "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 client's interest. When you use a qualified broker you get the right mortgage for your needs."

Unfortunately, Spain does not impose any regulations on Mortgage Advisers - 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.

"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 members", Barker continued. "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."

Members are based throughout mainland Spain and its associated Islands and membership is made up from:

Individual Mortgage Advisers trading independently or as limited companies outside of the U.K.

U.K. Mortgage Advisers registered with The Financial Services Authority

Corporate members e.g. Banks, Building Societies & Insurance Companies

Representatives of Government Bodies

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.

Our Mission Statement: "Business Conducted in a Professional and Ethical Manner"

Contacts

Main Contact Alison Barker Address Plaza Juan Macias - Edif. Profesional - Levante - Oficina 1 29670 San Pedro Málaga España

E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it. Telephone +34952781819 Fax +34952860392 Webpage http://www.overseasmortgagealliance.com

Secondary Contacts