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 Avoid Committing Mortgage Fraud

Avoid Committing Mortgage Fraud

How To Guard Against Mortgage Fraud

Following fresh warnings from the National Fraud Authority about the rising level of mortgage fraud in the UK, lenders want more done to protect their interests.

Mortgage fraud was a widespread problem before the financial meltdown and collapse of the property market back in 2007/8 due to the availability of self- certification mortgages with buyers, brokers and mortgage advisers able to ‘self-declare’ earnings with little, if any, proof required by an industry too busy to carry out proper rules and checks on applicants.

Mortgage fraud costs the industry around £1 Billion (GBP) a year, leading the Financial Conduct Authority to want to instruct mortgage lenders to better acquaint themselves with the solicitors they work with.

The new stricter mortgage rules introduced in the Mortgage Market Review in April 2014 are intended to reduce the number of people who attempt to make false claims and self-certification mortgages are now a thing of the past.

However, this won’t stop mortgage fraud or prevent homeowners and property investors from being a victim of identity or registration fraud.

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With the recent fraud articles published on the MyPropertyPowerTeam.co.uk website it has highlighted the growing numbers of landlords and property owners affected by identity theft.

The article Stop Fraudsters Selling Stolen Houses by Spike Reddington and Donna Jeavons revealed the lengths that some fraudsters will go to in order to rip off their unsuspecting victims and the unwarranted extra expense that it will take to sort out the fraud.

Fraudsters Target UK Rental Market revealed that One in seven tenants reported their post had been intercepted within the last 12 months and this has led to many cases of identity fraud after unscrupulous criminals exploited information and used it for financial gain.

If you are worried about protecting your identity please read these 2 great articles as they contain simple measures that can help you and your identity stay safe from fraudsters.

YOUR IDENTITY IS YOUR MOST IMPORTANT ASSET – PROTECT IT

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