One of Spain's largest providers of non-resident mortgages has stopped accepting applications after police raided a mortgage broker accused of providing it with false documents.
Caja Mediterraneo (CAM Bank) has instructed its branches to ignore non-resident applications until the authorities finish investigating the actions of the Costa Blanca-based broker. The move presents new considerations for investors in property in Spain, particularly if the crackdown leads to stricter regulation. The unnamed broker, the proprieter of which has been arrested, is accused of providing false documentation to CAM Bank in a bid to sell mortgage products which may not exist. As it stands, there is no official regulation of the provision of mortgages in Spain. The Bank of Spain ...
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