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Buy-to-Let Watch: Tackling tenant fraud
['Jeni Browne']
Mortgage Strategy
Tenancy fraud is costing UK landlords an estimated £266m a month, with most unable to recover their losses.
Doctored bank statements are the most common tacticSome 94% of fraud cases involve fake documents, with doctored bank statements the most common tactic.
Within that, filings relating to tenant referencing increased by 263 cases — a notable rise that reflects growing awareness among referencing professionals of fraud attempts at the application stage.
A conversation about lender requirements and rental income verification naturally connects to a wider discussion about how that rental income is established and protected.
Professional tenant referencing from an established provider is essentialTenant fraud is not a niche risk.