This is coming up in the Supreme Court in May, and it looks interesting for this group. I seem to recall it being mentioned before here, but a search doesn't turn up anything.
Has it been mentioned before?
You might like to read an article on my website (written last Summer) which discusses the decision in the Court of Appeal regarding Waya, and other recent cases.
That must be where I saw it. With all the hectic (shall we say) mortgage activity over the last few years, this one could be of great significance.
It would be more interestingh - and in my view more just - if instead of the buyers, they went after the brokers who actively "pushed" self certification and encouraged customers to deliberately exagerate their earnings.
You might be interested in the case of Yasmin Choudhary. She was herself a mortgage adviser who applied for mortgages for herself in relation to 9 separate buy-to-let properties between 2003 and 2007. In total she obtained £1.8 million.
She did not overstate her income on her mortgage applications. However, although she was in fact a self-employed mortgage adviser, on most of the mortgage applications she claimed to be an employee. On occasion she provided false payslips to 'prove' her employment income. Where she admitted to being self-employed she claimed that she had an accountant. That was not true.
This is perhaps not the worst type of mortgage fraud. Ms Choudhary pleaded guilty to the offences.
She was sentenced to 3 years imprisonment. This month her appeal against sentence was turned down by the Court of Appeal.
(I should also note that she pleaded guilty also to a benefit fraud for which she received a concurrent sentence. On the other hand she had no previous convictions and there were personal mitigating factors.)
Clearly Ms Choudhary and her legal advisers thought there was a reasonable chance that the Court of Appeal would have considered the 3 year sentence too severe.
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