Mortgage fraud on the rise
Attempted mortgage fraud increased by 77% in the three months to September, compared to the same period last year, according to a report by Experian.
49 in every 10,000 mortgage applications were found to be fraudulent in quarter 3, up 53% on the previous quarter.
Nick Mothershaw, director of identity at Experian UK & Ireland, is quoted as saying: “More than 90% of mortgage fraud tends to originate from genuine individuals misrepresenting their financial situation attempting to buy property that would ordinarily be out of reach.â€
9 December 2011
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