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Lenders and HMRC crackdown on potential mortgage fraudsters
A recently launched initiative, known as the Mortgage Verification Scheme, will allow lenders to pass on potential borrowers’ details to HMRC for additional checking.
The scheme, which has been set up by the Council of Mortgage Lenders in conjunction with the Building Societies Association and HMRC, is part of the attempt to halt an estimated £1billion of mortgage application fraud which takes place throughout the UK every year.
Lenders can check applicants’ details against information provided in income tax and employment returns held by HM Revenue and Customs and if the information fails to match, they could face an investigation.
The scheme will “help HMRC to risk assess whether the information it has been given on applicants’ tax affairs is correct” a spokesperson for the Council of Mortgage Lenders said, the Telegraph reports.
For lenders, the system will help them pick out potentially fraudulent applications. CML director general Paul Smee said: “Lenders have found during the pilot that the scheme has been very useful in helping them to lend responsibly. It has helped them to avoid lending in some cases where there is a risk of fraud, at the same time as giving them confidence about the borrower’s credentials in some cases that they might otherwise have felt compelled to refuse.”
The voluntary scheme is meant to be limited to cases where lenders reasonably suspects that potential mortgage fraud may be taking place and costs £14 plus VAT to refer applicants to HMRC.
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