Increase on mortgage fraud in the UK
A new report by the Financial Services Authority has said that mortgage fraud has increased in the UK over the last 12 months.
£302,445 worth of fines have been charged to mortgage fraudsters by the FSA during 2009, which is the entire total for 2008.
The most common type of mortgage fraud involves fake pay slips which shows the lending company that they can afford to pay the monthly repayments and also to receive a much bigger loan.
Jonathan Phelan, from the FSA commented: “The crackdown on mortgage fraud was a credible deterrent and the offence is a heinous crime”.
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