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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 69994
Experience:  Over 5 years in practice
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hi jo, i have asked this question before on justanswer but

Customer Question

hi jo,
i have asked this question before on justanswer but got different opinions so would like to ask you. Over the last 15 years i have got three residential mortgages but never told each lender about the other mortgage. i moved into my first place then just moved on and got another mortgage for my next place and then moved on and got a another mortgage. So i always lived in the property and then just rented them out when left - have i committed mortgage fraud.
thanks
H
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
Were you asked directly about whether you had other mortgages?
Customer: replied 2 years ago.

i honestly do not remember - if anything i would say yes - but just thought it was easier to not bother declaring them - what position does this leave me in ?

thanks

Customer: replied 2 years ago.

i now have consent to let on my mortgages for two properties - does that make a difference

Expert:  Jo C. replied 2 years ago.
That is mortgage fraud I am afraid in academic law.
If you were asked a question and you did not answer truthfully then that amounts to fraud. They are entitled to know about your other debt obligations.
That does not mean they will prosecute you. In fairness, I am realistic about the volume of people in the UK who have mortgages because they did not answer truthfully. As long as they pay there is no loss and so no real motivation to prosecute anybody.
I have seen some mortgage fraud prosecutions but they are usually people who have defaulted.
Can I clarify anything for you?
Jo
Customer: replied 2 years ago.

so i have never defaulted and don't think i will do - but i am alittle worried - whats the best thing to do - own up, cash mortgages in or move to a new lender with all questions answered truthfuly

thanks jo

Expert:  Jo C. replied 2 years ago.
I would just tell them the truth.
The worst they would do is put your interest rate up to reflect buy to let rates.
Customer: replied 2 years ago.

thanks Jo - i have already got consent to let on my two rental properties now - should that be enough ?

do i need to admit i might have not told the whole truth on the original mortgage applications

Expert:  Jo C. replied 2 years ago.
I would declare it to all of your lenders and put your affairs in order once and for all.
Customer: replied 2 years ago.

ok think we are nearly done- declaring everything sounds ok - but could that open a whole can of trouble for myself - fraud etc

Expert:  Jo C. replied 2 years ago.
Yes, it could. It is not likely but it could.
It is much more likely if they find out about this by other means.
Customer: replied 2 years ago.

last question on this now;

i think the best thing would be for me to move to a new lender and declare everything correctly - this should minimize any risk of investigation by the old lenders - is that a sensible plan;

thanks that's all my questions now

Expert:  Jo C. replied 2 years ago.
I wouldn't bother.
If the original lender finds out they can still report it whether you move or not.
Jo C., Barrister
Category: Law
Satisfied Customers: 69994
Experience: Over 5 years in practice
Jo C. and other Law Specialists are ready to help you
Customer: replied 2 years ago.

out of interest - i did mention this to one of my lenders but they were just not bothered - they said the only thing i should have done was to let them know i had other properties on rent and also let the lenders know the property was on rent - that's the only issue they had with it - that i should have got consent to let earlier

thanks

H

Expert:  Jo C. replied 2 years ago.
Then there is nothing to worry about.
You have disclosed and they are not interested.

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