No 'trust factor' with Cape Verde banks

Property investors have been advised not to deal with Cape Verde's own banks, as the mortgage market there is still in development.

According to Heather Chambers, director of International Mortgage Solutions, the banks in Cape Verde "don't behave as we expect banks here in the UK to behave" and the trust factor is "just not there".

She asserted that she had "given up trying" to deal with the banks as they had a tendency to change deals at the last minute.

Ms Chambers commented: "The [Cape Verde] banks don't behave as we expect banks here in the UK to behave. They will quite happily say one thing and then do something completely different - and it is often not until the notary stage, when the clients are obviously already committed to the purchase.

"The trust factor with the Cape Verde banks is just not there and I think it will be a long time before what you see is what you get."

Overseas Property News posted on 02/04/2008 09:54:16