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30/10/2008
Experts warn mortgage fraudsters will target unoccupied property |
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Mortgage fraudsters are more likely to target unoccupied property as they don’t have an owner living at the residence and will therefore often not have a mortgage attached to the property.
That is the warning from the Land Registry, which has suggested that buy-to-let owners could be more at risk as could those in residential care and foreign nationals.
Heather Edwards, PR executive for the Land Registry explained why those with unoccupied property were most likely to be a victim of mortgage fraud.
She said: "If people don’t keep their contact address up to date we can't contact them so they wouldn’t know what was happening. It is much more complex than that, but they are the typical victims."
According to a recent investigation into the problem by Channel 4, mortgage fraud has increased 100 per cent since last year and this has led to the Land Registry paying out over £4 million to both lenders and homeowners. |
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