Monday, April 30, 2012
The Financial Services Authority is warning about
'property hijacking' - the practice whereby fraudsters try to raise
mortgages on empty properties that they do not own.
The FSA says it has seen an increase in cases of property
Smaller mortgage broking firms have been warned, but agents
and landlords should also be aware of this potential for
In its smaller firms regulation round-up for April, the FSA
warns mortgage brokers: "There have been attempts by fraudsters to
raise mortgages on unencumbered properties which they do not own -
"This demonstrates the importance of undertaking appropriate
due diligence when engaging in new relationships, to ensure that
you know who you are dealing with and can identify any trends or
anomalies in the business being offered."