Mortgage fraudbusters to check wages with the taxman and stop borrowers bumping up income
Originally posted by 5corpio
A scheme designed to stop potential borrowers fraudulently bumping up their earnings on mortgage applications has been launched. Aimed at halting an estimated £1 billion of mortgage application fraud committed in the UK each year, it will allow lenders to become probe borrowers much more closely.

The Mortgage Verification Scheme will enable lenders to check income details declared in application forms against information provided in income tax and employment returns held by HM Revenue & Customs (HMRC).

It represents a combined bid to slash the number of liar loans, where borrowers falsely inflate their earnings, and also cut back on applications where fraudsters deliberately target mortgage lenders and make off with the....Read more on this story----> Lenders to check income with taxman to beat mortgage fraud