Mis-sold Mortgage Claims > Mortgage News
UK Mortgage Fraud is Increasing
Mon, 12 Dec 2011
Experian, a global credit information group, has just produced a report which highlights that the level of UK mortgage fraud went up in the summer of 2011.

Out of every 10,000 mortgage applications there were 49 fraudulent ones, which constitute a 53 per cent increase on Q2 2011 and a 77 per cent increase on 12 months ago.

An Experian spokesperson confirmed that 90 per cent plus of mortgage fraud is usually a result of genuine individuals misrepresenting their financial situations when trying to buy a property which would otherwise be out of their reach.

Moreover, Experian stated that there is good news; loan fraud is the least targeted of all financial products.

The Experian figures are based on statistics from the two fraud prevention systems, National Hunter and Insurance Hunter which enable banks and insurance companies to compare and analyse applications at intermittent times and pinpoint inconsistencies.
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