International mortgage solutions announced today they are finally raising the white flag and surrendering on mortgages for people buying in Morocco and Cape Verde.
Heather Chambers said today.
Cape Verde banks are volatile, unreliable and have no set criteria’s. What you are expecting bears no resemblance to what finally is offered and there is no rationale ever given as to why certain rates have been provided, why retention of mortgage funds on deposit is being requested or why it has taken 12 months to get to this point.
As a credible business who wants to deal in facts and make sure clients are fully informed before proceeding with an applications we can no longer sustain this situation said Heather.
Morocco IMS are withdrawing from because of lack of product. There have only ever been a handful of lenders and that handful of lenders is about to get smaller with the planned withdrawal of non-resident lender WAFA. Of the banks remaining which include Banque Populaire getting any applications approved is almost impossible. All information must be officially translated into French and again what the product finally ends up looking like is potluck.
To make any sort of profit from either country as a broker is impossible. We have, says Heather, maintained the service at a loss for many months and cannot continue to do so.
To even cover our costs the fee we would have to charge clients for relatively small loans would be too high and not only would we have to charge very high fees but because of the service obtained from the banks in these countries are unable ourselves to provide a service which is commensurate with the fee we would need to take.