Fraudulent mortgage applications increase for sixth year
The number of fraudulent mortgage applications increased to 38 in every 10,000 in 2012 - up from 35 in every 10,000 in 2011, research from Experian shows.
The majority (89 per cent) of attempted mortgage fraud in 2012 was down to individuals not telling the truth about their personal circumstances on application forms. Typically this involved falsifying employment status or financial information and " most commonly " attempting to hide a poor credit history. Mortgage fraud cases were highest amongst the predominantly middle aged, middle and skilled working class individuals.
Aaron Strutt, a broker at Trinity Financial, says: "If you are applying for a mortgage and you are not sure about your income, it is important you don't make up a figure or round it off. The lenders are particularly hot on financial details and will not be impressed with incorrect information."
April 12, 2013
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