British lenders ‘lost’ €910m to fraud

BRITISH mortgage-lenders probably lost more than €910 million last year to organised fraud that inflated property prices, said Britain’s Association of Chief Police Officers.

Mortgage fraud for profit ranges from overvaluation of newly constructed homes to deliberate ramping of commercial property prices, often involving mortgage brokers, appraisers and solicitors.

Fraud for profit differs from fraud for property, where individuals inflate salaries or savings to qualify for loans.