View more on these topics

Bradford & Bingley admits it can do little to combat self-cert fraud

Bradford & Bingley can do little to tackle self-cert mortgage fraud in which borrowers lie about their income.

This admission emerged came during a grilling of the nationalised lender’s chief executive Richard Pym and chairman Rod Kent at a Parliamentary Treasury Select Committee session held on November 18.

Pym said: “Most of our fraud analysis work is focused on buy-to-let, where there are false valuations. With self-cert mortgages, it is hard to go back in time to see where borrowers have lied about their income.”

Recommended

Rate cut is good but tough times are ahead

Buy-to-let broker Mortgages for Business is warning that while the drop in Bank of England base rate is good news there are still tough times ahead in 2009.

Newsletter

News and expert analysis straight to your inbox

Sign up