| Industry News |
|
| News » Residential Property Law » Fraud warning over mortgage applications |
|
14/07/2009
Fraud warning over mortgage applications |
|
Those exaggerating their financial means in mortgage applications are increasingly likely to be found out, it has been warned.
External affairs director at Equifax Neil Munroe commented that periods of economic difficulty often see a rise in fraudulent applications for mortgages and other kinds of credit.
He said those undertaking such actions "probably don't realise that there is independent checking going on of the information", adding that as data is shared this will be picked up on by other credit providers.
A consequence of this is that it will negatively impact on future applications for credit, Mr Munroe noted.
Those wishing to ensure all aspects of a home purchase go smoothly may benefit from seeing a property lawyer to ensure everything is done correctly and all information is accurate.
A report earlier this year from accountancy firm KPMG revealed that there was court action in 25 mortgage fraud cases in 2008, compared with ten in 2007.
Written by Anna Norton
 |
| |
| Related Articles |
13/01/2010
Residential property prices show new rise
The price of residential property in the UK has continued to increase, according to new figures from the Department for Communities and Local Government (DCLG).
|
06/01/2010
Prime property supply 'set to rise'
The supply of prime properties is set to increase after the general election this year, it has been predicted.
|
04/01/2010
Opportunities to invest in new build properties 'to rise'
Those looking to invest in new build property will get more opportunities to do so in 2010, it has been suggested.
|
31/12/2009
London property investment demonstrates resilience
The residential property sector in London has demonstrated greater resilience compared with other regions over the course of the past 12 months, Land Registry figures have revealed.
|
30/12/2009
Mortgage market competition 'to increase'
Those investing in property will be able to enjoy an easing of finance in the property market in 2010, it has been predicted.
|
News Archive