Why rental fraud is on the rise

With the incorporation of so much technology within our lives, it is much easier for fraudulent schemes to be played out by those who are preying on landlords and property owners. Most scammers tend to frequent local classified sites for the simple fact that these websites typically do not require full background checks in order for you to list property. Fraud in the real estate industry has cost over 900 million in UK currency, which has risen substantially in just the past year alone. Being on the lookout for scams such as these is important in ensuring that you and your home are not vulnerable.

Key Takeaways:

  • Rental fraud happens when would-be renters pay a fee for a house that doesn’t exist, doesn’t belong to the person advertising, or has been rented out to multiple “renters”
  • Victims put down a deposit and rent, or upfront fee, leaving them unable to put a payment on a genuine property.
  • Fraudsters prey on people’s desperation and short-term need for somewhere to live, and they exploit this vulnerability.

“Fortunately for Racheal, that’s where her story ended. Suspicious about whether the man even owned the property, she called round and spoke to the people living there – tenants who had only just renewed their rental agreement and who confirmed that the landlord was someone else entirely.”

Read more: https://www.independent.co.uk/money/spend-save/rental-fraud-increase-landlords-adverts-facebook-a8443831.html

Now that you've read this are you interested in talking to a mortgage adviser? Fill out the quick form below and you'll be contacted soon by an independent, regulated mortgage specialist for a free no obligation quote.

You can save between £6,000
and £15,000 on your Mortgage

Get a custom rate and see how much you will save
by filling out the quick form below.

Value of Property
Borrow How Much
Type of Mortgage:
Bad Credit History?
Yes No