Greycoat Real Estate: Mortgage Fraud on the Rise in UK Real Estate Market

It is no secret that up to now, the United Kingdom´s real estate market has been turbulent this past year. And with this turbulence comes a sharp increase in mortgage fraud. The respectable and reputable Greycoat Real Estate would like to remind everyone to be on the lookout for these scams and work to avoid them. 

As experts in matters of housing and investment, development, and asset management, they know that vigilance and good sense will see us through these trying times. And Greycoat real estate is a team of expert advisors that will guide customers throughout the whole process.

England and Wales Hit Hard by Mortgage Fraud

There´s more on this. The mortgage fraud problem has hit England and Wales the hardest during the past years. Reports estimate that there has been a 32.8% increase in attempted mortgage fraud targeting both private lenders and financial institutions. Despite this, Greycoat adds, it still remains the second most rare form of banking and credit fraud.

The Rental Fraud Problem

Another whole and big contributor to this spike in fraudulent activity is rental fraud. Housing experts explain that this is when a would-be property owner tricks a potential renter into making an upfront fee on a property that isn’t available or doesn’t exist, Greycoat real estate comments. Rental fraud is the third most common form of advance fee fraud.

How to Spot Fraudulent Clients

According to Greycoat Real Estate, spotting a fraudulent client usually comes down to spotting a few behaviors that are abnormal; firstly, they may show undue urgency in completing the transaction. Also, a fraudulent client may not be able to answer basic questions or may try to avoid questions altogether. They may also be hesitant when it comes to sharing basic information.