Steep rise in detected mortgage application fraud

22 August 2012

jail

As we all know, times are tough right now, but it seems that some of us are prepared to commit fraud in order to get a house that we possibly can’t really afford.

According to a report from Experian, fraudulent mortgage applications are up by 23% year on year, with 39 in every 10,000 applications detected as being laced with lies. While it’s not a huge number, there’s probably a more significant number of applicants who are gently massaging the figures on their applications and getting away with it.

As we all know, the mortgage providers aren’t helping matters, tightening the lending criteria, insisting on larger deposits and refusing to lend to people with funny eyes. Perhaps it’s the funny-eyed ones who are fraudulently applying for mortgages, who knows?

James Jones, head of consumer affairs at Experian, said: "The increase certainly reflects the fact that many households are increasingly cash-strapped and resorting to ever more desperate measures. Nearly a quarter of mortgage fraud is due to people inflating their incomes."

In addition, there’s also been an increase in naughty applications where people have said they planned to live in the house themselves only to actually rent it out once the application has been approved and the house purchased.

Are you in jail for a naughty mortgage application? Maybe you’ve done one and gotten away with it. Tell us how it all makes you feel. Also, describe your eyes to us. Thank you.

TOPICS:   Scams   Mortgages   Gadgets

1 comment

  • Sicknote
    Excellent news.

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