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CML report significant rise in mortgage application fraud

The Council of Mortgage Lenders (CML) has today confirmed a significant increase in mortgage application fraud across the UK. Even though the CML admits there are no definitive figures with regards to mortgage application fraud, anecdotal evidence from their members has confirmed their worst fears. The situation has become much worse since the onset of UK recession amid signs that more and more people are looking to rush through their mortgage applications in order to try and take advantage of relatively low property prices.

The most popular element of an application which seems open to "interpretation" by customers is their overall income. By simply inflating their income figures many people hope they can increase the maximum mortgage available to them and therefore move to within touching distance of their dream home. Mortgage fraud alone has forced many mortgage providers in the UK to tighten their criteria and favour large deposits and high credit scores when considering new mortgage applications.

While this is a situation which has been ongoing for some time now, perhaps to some extent it does explain why mortgage providers across the UK appear to have been more cautious than ever over the last couple of years. It may well be that mortgage fraud is preventing genuine home buyers from accessing new funds.

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