Mortgages Uncovered

A British drugs deal along with his girlfriend managed to get mortgages from 3 separate lenders worth £300,000 by lying about their employment.

Mandy Blair, 26, informed the Abbey that she had been an acting company secretary for 8 years at a Diving Centre in Tyneside, earning £35,000 a year she had held down a £35,000 even though it meant that at the tender age of 18 years old she claimed she was holding a lucrative and very responsible position within the company. Abbey still accepted her claim.

The girl was given a mortgage of £120K which was towards the cost of her £125,000 detached bungalow and conservatory in Gateshead.

Her boyfriend Barry Hogan a known drugs dealer lied on various applications blatantly to Northern Rock bank and Cheltenham & Gloucester so he could make lavish purchases for two houses for his two sisters and their 10 children.

After Hogan, 31, was later arrested for dealing cocaine dealing the whole mortgage scam was revealed.

Steven Orange, prosecuting was clear that the lenders who agreed all the mortgage applications had not considered the information clearly or checked anything.

Hogan had reportedly told Cheltenham & Gloucester that he was earning £35,000 as an office manager to secure £76,000 towards £80,000 needed to buy one of the houses in Darlington.

Hogan told Northern Rock that he worked as a painter for a local company so he could obtain £73,625 towards the £77,500 he needed for his third property in Darlington.

Mr Orange told the court,

“despite his claims to have regular employment, Hogan’s job record was patchy, to say the least.”

The court was told all three properties had been repossessed, but because of the downturn in the housing market, the lenders are likely to lose out.

Judge John Evans told Blair and Hogan:

“The building societies have lost out and are going to lose out. Many people apply for mortgages by legitimate means and this sort of activity has a detrimental impact on these trying to obtain mortgages by legitimate means.”

Hogan was sentenced to 21 months in jail to run concurrently to the sentence he is currently serving. Blair was sentenced to 51 weeks in jail, suspended for two years, and ordered to carry out 250 hours unpaid work.

More mortgage information:
graduate jobs
accidentadvicebureau
attrezzatura sub
for Company Formation service visit www.companyformations123.co.uk