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Local News -Lie to Buy sentenced :P

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neas
neas Posts: 3,801 Forumite
in Debate House Prices & the Economy
http://www.thisisplymouth.co.uk/news/Woman-lied-obtain-mortgage/article-699707-detail/article.html
A YOUNG Plymouth woman lied about her income to obtain a mortgage, a court has heard.
Zoe Stephens, then 23, told the Abbey Bank in 2007 that she had a business designing websites, and claimed earnings of £90,000 over three years.
In fact, she worked part-time in various jobs including shelf-stacking, bar work and nursery-nursing, and had never earned more than £13,000 in any one year.
Plymouth Crown Court heard that Stephens, of Cambridge Road, Ford, also made no mention of her debts and credit card bills when applying for a £105,000 mortgage on a £124,000 house.
She also claimed she had saved the £19,000 deposit, which had actually come from her mother mortgaging her own flat.
%3Cbody%3E%3Cdiv%20id%3D%22adDiv%22%3E%3CA%20HREF%3D%22http%3A//ads.anm.co.uk/ADCLICK/CID%3D0000b139bb3f965200000000/AAMSZ%3D452x118/SITE%3DTHISISPLYM/AREA%3DNEWS/SUBAREA%3DHOMEPAGE/ARTICLE%3D699707/acc_random%3D8208881689/pageid%3D/RS%3D10177.10257.10289.10297.10307.10330.10424.10474.%22%20target%3D%22_new%22%3E%3CIMG%20SRC%3D%22http%3A//iad.anm.co.uk/house/1x1.gif%22%20ALT%3D%22Click%20here%21%22%20border%3D0%20style%3D%22margin-bottom%3A%200px%3B%22%3E%3C/A%3E%3C/div%3E
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Andrew Maitland, prosecuting, said Stephens' father worked as an introducer to Tailored Mortgage Solutions, and she obtained an agreement in principle from Abbey.
She told them she had been a graphic designer in 2004 and expected to earn £40,000 in the coming year as a self-employed web designer.
In fact, she earned just £200 from the fledgling enterprise and promptly went back to nursery nursing.
Kelly Scrivener, for Stephens, 25, said she had pleaded guilty to two counts of fraud, but had never intended Abbey to suffer loss and had made all her mortgage and insurance payments.
Judge Francis Gilbert QC said Stephens, who changed her plea to guilty on the morning of her trial, had been "thoroughly dishonest", adding: "Dishonesty is to be deterred and deplored."
He said her offences must be marked by custody, imposing two concurrent eight-month prison sentences suspended for two years
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Comments

  • space_rider
    space_rider Posts: 1,741 Forumite
    Oh dear! I`m sure there are many that have lied to buy. I can`t see how a custodial sentance will help anyone. Would be another waste of tax payers money.
  • Max_Headroom_3
    Max_Headroom_3 Posts: 1,597 Forumite
    Mortgage-free Glee!
    Why did she end up in court? She can't be the first to grossly exaggerate her income, thousands and thousands of people have done it and I've never heard of anyone being taken to court for it before.

    If this is the beginning of a trend then it's potentially the thin end of a very big wedge...! :eek:
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • CHR15
    CHR15 Posts: 5,193 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Stephens' father worked as an introducer to Tailored Mortgage Solutions,

    Sounds like her father was pulling the strings
  • FraudBuster
    FraudBuster Posts: 931 Forumite
    Thanks for the link.
    I like the readers comments.
  • dopester
    dopester Posts: 4,890 Forumite
    My best friend worked a mortgage-fraud case last year which resulted in a custodial sentence handed down. A lot more serious than this little case. I only know the basics of what was involved, but was enough to make me realise just how the liar-loans have helped shoot up wider property prices.

    I was told, but can not be sure, there were 36 cases for mortgage-fraud last year which resulted in custodial sentences handed down.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    dopester wrote: »
    My best friend worked a mortgage-fraud case last year which resulted in a custodial sentence handed down. A lot more serious than this little case. I only know the basics of what was involved, but was enough to make me realise just how the liar-loans have helped shoot up wider property prices.

    I was told, but can not be sure, there were 36 cases for mortgage-fraud last year which resulted in custodial sentences handed down.

    i'm surprised that there are these cases - i would have thought that tightening up the criteria and application procedure would be a better cost benefit than this type of case.

    on the other hand it sends a good message.
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    chucky wrote: »
    i'm surprised that there are these cases - i would have thought that tightening up the criteria and application procedure would be a better cost benefit than this type of case.

    on the other hand it sends a good message.

    Agreed. And perhaps sending a message is what's important for the future? :confused: Perhaps its this type of case we need to gather the data and examples of common frauds to combat them, no idea whether thats how it works.:o :confused:
  • MissMoneypenny
    MissMoneypenny Posts: 5,324 Forumite
    "and had made all her mortgage and insurance payments."

    Yet we see posters say to others on this site - "Don't worry, as long as you make all your mortgage payments you will be fine."

    It will not be fine if you are caught.
    RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
    Read the sticky on the House Buying, Renting & Selling board.


  • Robert_Sterling_3
    Robert_Sterling_3 Posts: 7,112 Forumite
    space_rider wrote: »
    Oh dear! I`m sure there are many that have lied to buy. I can`t see how a custodial sentance will help anyone. Would be another waste of tax payers money.

    She will not be in custody the sentence was suspended.
    ...............................I have put my clock back....... Kcolc ym
  • Robert_Sterling_3
    Robert_Sterling_3 Posts: 7,112 Forumite
    CHR15 wrote: »
    Sounds like her father was pulling the strings

    This looks like libel to me.
    ...............................I have put my clock back....... Kcolc ym
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