What is mortgage fraud?
Mortgage fraud can be anything from a large scale conspiracy to an individual lying on their mortgage application to benefit from a larger loan. Both are taken very seriously by the authorities, and if you’ve been accused of mortgage fraud, you could be facing imprisonment and an unlimited fine.
If you’ve been accused of mortgage fraud, this can have an effect on both your personal and professional life, but it’s important to remain calm and seek legal advice as soon as possible.
The most common type of mortgage fraud is called ‘opportunistic mortgage fraud’, and takes place when a person gives false or misleading information to obtain a mortgage. Information that may be given falsely includes, but is not limited to:
- The person’s name
- The person’s income, job title and/or employment status
- The person’s other debt obligations (i.e. loans and credit cards)
- The person’s financial status (i.e. if they have other means of funding the purchase)
- The value of the property
What should I do if I’ve been accused of mortgage fraud?
If you’ve been accused of mortgage fraud, it’s essential that you seek legal advice from a professional. Here at DPP, we have years of experience in dealing with property fraud cases like yours, so call us directly on 0151 922 5525 or complete our contact form
to discuss your next steps.