A mortgage adviser has been banned by the Financial Services Authority for deliberately submitting false information on application forms to lenders.
Ian Sanderson, who worked for Mortgage Master, based in Kilmarnock, Ayrshire, deliberately inflated clients’ income on application forms to enable them to get mortgages. He also misleadingly described people as employed, when they were unemployed or self-employed,
The FSA said that Sanderson admitted he had deliberately inflated salaries so applications would be dealt with under lenders’ fast-track processes. The FSA fined Mortgage Master £11,900 for failing adequately to supervise Sanderson.
The company now has to review all of his cases and inform lenders and clients if false information was included in mortgage applications.
Financial Times
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