Watchdog warns of growth in property hijacking

Monday 30th April 2012
Written by Rosalind Renshaw

The Financial Services Authority has sent out a 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 hijacking.

The warning has gone out to smaller mortgage broking firms, but agents and landlords should also be aware of the potential for fraud.

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 – property hijacking.

“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.”

(0) Comments

Related News Stories

Demand for property soars as sales stock diminishes
Wednesday 22nd January 2014

Estate Agency Foundation gets new chairman
Wednesday 22nd January 2014

Website developed to drive business to agents
Wednesday 22nd January 2014

'UK now operating two housing markets'
Wednesday 22nd January 2014

Positive growth or house price bubble?
Wednesday 22nd January 2014

Most Read News Stories