Scotland bucks trend for mortgage fraud
Mortgage fraud in the UK quadrupled in the first six months of 2010 although it appears that the trend may be very different in Scotland. Figures from KPMG indicate that only six cases were brought before the Scottish courts, with a combined value of £3 million, against 12 cases with a value of £19.5 million in the first half of 2009. So is Scotland bucking the trend?
While there's no doubt that the current situation in Scotland is very different to that of the overall UK it is very dangerous to become complacent and suggest that the threat is over. Despite the fact that we have been in difficult economic times for nearly 3 years now it does take some time for mortgage fraud, and other types of fraud, to be uncovered. There is every chance that fraudulent activity instigated at the height of the recession may well come to the fore over the next 12 months and could actually see an increase in convictions in Scotland and around the UK.
Unfortunately fraud is very often associated with difficult economic situations, such as that seen in the UK over the last three years, as companies and individuals struggle to make ends meet and become more and more desperate.
Share this..
Related stories
One in five sub-prime mortgage holders are struggling
A survey by the housing charity Shelter has revealed that one in five sub-prime mortgage holders are struggling to keep their payments up to date with a significant 5% (37,000 borrowers) expecting to have their homes repossessed over the next six months. However, it was also revealed that up to one third of the 260,000 sub-prime mortgage holders questioned expect to fall behind with their payments...
Read MoreRoyal Bank of Scotland goes on the offensive in its homeland
It has been reported that the Royal Bank of Scotland will be offering Scottish homebuyers mortgage incentives in the region £1.7 billion to help them acquire homes during 2009. This additional funding consists of a £500 million payment from the Treasury's asset protection scheme and other government support measures which have been introduced over the last few weeks. The move is sure to catch th...
Read MoreIs It Time For The Government To Bail Out Banks Again?
News that mortgage approvals are down 32% for the year ended June 2008 has prompted calls for more assistance from the authorities as the situation in the housing market continues to worsen. The Council of Mortgage Lenders (CML) has also voiced fears that a rise in interest rates to try and subdue inflation would literally kill the UK mortgage market overnight.
The true problems in...
Mortgage set up fees
Purchasing a home is always costly, but the prices between providers and products can vary greatly. Your mortgage adviser will give you a Key Facts Illustration (KFI) and a Key Features Document (KFD), which will summarise the contract and all the fees you must pay. These should be in an easy-to-understand format. However there is much more to consider in the cost of setting up a mortgage th...
Read MoreHow to get the best mortgage deals
While the UK mortgage market is by no means as competitive as it has been in the past there is no doubt that if you shop around you will improve your chances of being successful. However, there are a number of factors which many people seem to ignore when looking to grab the best deals in the UK mortgage market. So how can you improve your chances? One issue which should be top of your agenda w...
Read More