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Equifax: Mortgage fraud 'will continue'

Tuesday, 10 August 2010 6:00 PM

Depressed property prices make it more likely that mortgage fraud will go on in the future, according to credit report firm Equifax.

KPMG's Fraud Barometer suggests that mortgage fraud has nearly quadrupled in value during the first six months of 2010, with 21 cases reported with a value of £96 million.

This is a significant jump from the same period last year, which saw 18 cases worth a combined £24 million.

Mortgage fraud takes many forms, but generally the intention is to obtain a home loan under false pretences, by overstating income, failing to disclose liabilities or even through identity theft.

Neil Munroe, a spokesperson for Equifax, said more of these cases will keep coming to court the longer property prices continue to languish at low levels.

"In terms of identifying it, there is obviously a greater willingness now with the regulation being where it is," he commented.

"Hopefully, the ability to be able to prosecute for fraud more than we've had in previous years, will certainly help to reduce it by deterring people from committing it in the first place."

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