Mortgage fraud increases 8pc

MORTGAGE fraud rose by eight per cent last year, according to research out yesterday from Experian.

Thirty-four out of every 10,000 mortgage applications were found to be fraudulent, double the overall rate of fraud across the UK’s financial services sector.

Most cases involved people providing false personal information on their application and in particular attempts to conceal a poor credit history.

Those most likely to misrepresent themselves on an application were young, poorly educated individuals living in small towns and middle-aged, middle-class individuals.

“This kind of fraud tends to originate from financially stressed segments of society,” said Experian’s Nick Mothershaw.