Broker banned by FSA inflated mortgage applicant's income by over £130,000

Broker banned by FSA inflated mortgage applicant's income by over £130,000



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The FSA has banned a mortgage broker for submitting four mortgage applications for himself and one for a close relative all supported by false and misleading income information.

Essex-based Daniel Esqulant submitted a mortgage application for one of his relatives, stating that she was the self-employed proprietor of a pub with an income of £138,500 in 2007. However, according to HM Revenue and Customs records, her income for the 2006/07 tax year was just £8,000.

For himself, Mr Esqulant applied for two residential mortgages and two buy-to-let mortgages through Lifetime Value Financial Services, where he was partner. He stated that his income ranged from £210,723 in 2004 to £338,750 in 2006 and £301,920 in 2008 while HMRC records showed an income range from £75,702 in 2004 to £61,198 in 2006 and £55,786 in 2007.

The FSA added that Mr Esqulant’s explanation about the income on the mortgage applications “stretched credibility and was unacceptable.”

 

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