Mortgage application fraud on rise

Fraudulent mortgage applications rose 8PC year on year in 2011, as "financially stressed" consumers trying to hide their bad credit and lied about their job, a study has suggested.
Key resting on mortgage agreement
Mortgage fraud has increased for the fifth year in a row Photo: Alamy

April 18, 2012 3:56 p.m. BST

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A record 34 on the 10,000 applications for mortgages were fraudulent in 2011, more than double the 15 in 10,000 cases in 2006, when the figures began, Experian said.

There was a 4pc rise in financial services the whole purpose of fraud, which was also driven by growth in the insurance and the current account fraud, the study said.

The last digit is the fifth annual mortgage fraud increase in a row, with 93pc of such a scam by people "misrepresenting" their personal information on applications, usually by trying to cover a bad credit history, or making false claims about their employment status or state of their finances.

Those who seem particularly to be succumbing to this type of fraud were young, educated professionals, young, less educated people in small towns and middle-aged skilled workers, the report suggested.

Mortgage availability is expected to dip in coming months as lenders tighten their lending amid the weak economy. Several mortgage lenders have already announced increases, which more than one million people in total.


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