Low rate Spanish mortgages offering currency mortgages and apparently bucking all the trends in Spain by completing on an enormous amount of mortgages in 2009 making them a very successful company have for some reason despite this success decided to completely change their name.

Last year they state they completed on 700 mortgages! This is an astonishing amount of business. If each loan was an average of 150k and they earned 0.50% from the lender “Dominion Credit” this would have brought in an income of € 750k . Not bad for a two-person business giving as a pro rata cost against income BP a run for its money.

If I had a company as successful as they have pertained to be the last thing I would do in current environment is completely change my name. It is a conundrum as usually only companies who have damaged their brand by poor service or failure feel the need to change their name.

The new website called “Ubiquitous Mortgages” is pretty much a rewrite of the old website however, the spot the ball competition at € 25 an entry no longer exists under the new brand.

The old saying if it seems to good to be true does not apparently apply or does it!!!!

See latest feedback on Low Rate Spanish Mortgages below .
The comments from Clive Ballard are posted below.

As you say, Dominion Credit and Finance website is new, The name was only registered Jan/Feb 2009. Low Rate Spanish Mortgages were advertising the Yen mortgages in Oct 2008. The DC&F website, like the LRSM website is not very professional for the nature of what it is supposed to sell, and the office in Singapore is not an office but only a phone answering service. Like yourself I could not find any references to Henry Braithwaite in the banking world. I phoned/e-mailed him on a number of occasions in March 2009 requesting information on agents, other than LRSM for these mortgages.
I got no responce to the messages left.
Since DC&F were not contactable, and had no website until Jan 2009, I wonder how LRSM were able to offer their mortgages in Oct 2008, and purchased the domain name in May 2008.

Low Rate Spanish Mortgages charge a non refundable, 500 € to apply for a Yen mortgage.
I applied for a mortgage from them in Jan 2009, when there office was in Valencier. Approximatly 6 weeks later when I chased the mortgage, they had apparently moved to Bilbao, though were working through a UK phone answering service. When they rang back, I was told the morgage was not granted, due to the financial situation, but if I liked to apply again in 3 months (and pay another 500€) the situation might have changed.
It seems to me that the only ones making money out of this, are “Low Rate Spanish Mortgages”, a 1/2 man run business who as well as running lotteries*, also run a dating site under their other company name of Marverose S.L
They also have interests in an Estate Agents (wherepropertysells.com), though I think this may now, have closed.
N.B. The original UK company named Dominion Credit and Finance went bust in the 1990′ies.

*IMS would like to state there is no evidence that Mark Foreman runs lotteries which would which under the gaming act would be a criminal offence. A lottery has very different regulations to a competition.
Brian McKenzie says:
January 25, 2010 at 12:17 pm

Hi.
Similar story as clive only this time they said the mortgage was not approved because the valuation was wrong,which made no sense as no valuation had been made on the property. This email stating the above information was sent to me only after repeated attempts to contact them and also they said that they had sent me an email stating this a month previous which was total rubbish. Further attempts to contact them to clarify this has been ignored. I am now quite sure after reading Clives letter that I have been well and truly scamed..
B.Mckenzie

G F Crudgington says:
February 22, 2010 at 4:46 pm

Like Bryan & Clive I have also had similar experience with Low Rate Spanish Mortgages and paid £228 for survey only to find that the survey was never done and the mortgage was refused on the basis of an “In House Valuation” made by a company Dominion Credit and Finance located in Singapore, thousand of miles away from my property in France and that the loan was below the Dominion Credit and Finance funding level. Communications have not been good. I doubt whether they will refund the money paid for a survey which was never carried out. I had hope that it was all above board but I am now convinced that it is a scam and it is highly unlikely that I will get the survey fee back.

Matt Onel says:
June 5, 2010 at 1:30 am

I was approached by ubiquitous mortgages and offered a multi currency mortgage for property in Turkey. They want me to pay the in-house valuation fee upfront as well.
These people have no idea how the buying process works in Turkey as UK nationals require to go through a military clearance process which usually takes about 3 months before a property can be registered in their name (and therefore be mortgageable!).
Also, if the property is ‘valued’ on a desktop from Singapore how can they be sure of the risk factor for the lender’s / underwriter’s capital is tied to? in other words, how do they know the property is really worth the amount of credit they’re offering?
This all sounds a bit too suspicious in the way that they gave me an agreement in principle within hours.

Is there anyone out there who actually DID receive their mortgage through Dominion in Singapore? Can anyone please come forward and do us AND Dominion a huge favour and testify?

However we have received this positive comment from a Mrs Barbara Gosling in Mexico

I read your warning with interest!

While I cannot comment on Clive’s own application, all I can say is that I found the service provided by LRSM to be of an extremely high standard. Indeed, thanks to them I am happily residing in my new property soaking up the sun.

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