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The Financial Services Authority (FSA) have warned landlords and homeowners about ‘property hijacking’, the practice whereby fraudsters attempt to raise mortgages on empty properties that they do not own.

The FSA says it has observed a notable increase in cases of UK property hijacking.

The warning has gone out to all UK mortgage brokers, but agents and landlords should also be aware of the potential for fraud.

In its smaller firms regulation round-up for April 2012, the FSA warned UK mortgage brokers that: “There have been attempts by fraudsters to raise mortgages on unencumbered properties which they do not own – property hijacking. This demonstrates the importance of undertaking appropriate due diligence when engaging in new relationships, to ensure that you know who you are dealing with and can identify any trends or anomalies in the business being offered.”

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