Britain’s mortgage customers may find that they get a better deal over the coming years after it was revealed that lenders are managing to catch more fraudsters.
This has helped limit the damage to their bottom line, which is good news for legitimate customers, who might otherwise have been left to pick up the bill.
Data from the Experian Fraud Index shows a seven per cent quarterly increase in attempted mortgage fraud cases in the first three months of 2011, making it the second-busiest period in the record’s history.
According to the Council of Mortgage Lenders (CML), the rise in new cases is a positive step as it shows lenders are becoming more adept at catching criminals in the act.
CML spokesman Bernard Clarke said: “The encouraging thing is that, while it is interpreted as an increase in activity by criminals, in fact it is an increase in the number of cases that have been uncovered.
“It suggests that lenders are remaining vigilant about the problem and are encountering a significant number of fraudulent claims that are made to them, but they will need to continue to remain vigilant.”