Over 100 victims have been defrauded by Doust and his associates. They all paid the 1% application fee, but never got their mortgage.

Doust’s present modus operandi is to offer very attractive terms for mortgages and equity release schemes for which applicants are charged advance fees and excessive valuation fees. The reality is that there are no mortgage funds. The TMG Iberia.com mortgage application states ‘average completion time 30 (formerly 25) days. 98% success’. It also declares that ‘The Mortgage Group is a trading style of Sierra Property Holdings S.L.’.

Note the claim ‘With TMG there are absolutely no upfront or advance fees whatsoever. No mortgage offer – No fee’.

The fee charged by TMG of 1% of the requested mortgage advance becomes payable on the issue of a mortgage offer. Guess who makes the mortgage offer? Correct – TMG. The mortgage offer is not worth the paper it is written on, but the victim now owes Doust ONE PER CENT. Once paid this fee is non-refundable if the proposed mortgagor fails to take up the mortgage offer. You could die of old age waiting.

The Mortgage Group SA is not registered in Spain as one would have surmised where an 'SA' company costs 60,0000 euros but in the fly-blown banana republic of Dominica which pays considerably less attention to detail.

TMG is not arranging a mortgage for its victims with Halifax España, Norwich & Peterborough or BBV. TMG, Midas Fountain Inc. or one of the other spurious companies is the mortgage lender. What does the Bank of Spain think of Doust setting himself up as a bank in Spain?

If you have any information regarding this scam, please e-mail us with the details.