Banned broker inflated income 1200% on application

A mortgage broker banned by the FSA inflated his declared £15,000 annual income to £188,000 on a mortgage application for himself.

London-based broker Andrew EmeLife's stated earnings were 1200% higher than the income he declared for tax purposes.

The FSA says, in all, Emelife, trading as Loans4Assets.com, submitted three mortgage applications - one for himself, his business and a customer - all of which contained inflated income figures.

It says he commissioned an accountant to provide false statements for himself and at least one customer in order to commit mortgage fraud.

The FSA concluded Emelife lacked honesty and integrity and should be prevented from working in regulated financial services.

"This prohibition, along with our previous and ongoing work, will make the mortgage market a safer place," FSA director of enforcement Margaret Cole says.

"Emelife acted in a wholly unacceptable manner and deserves to be banned from the industry.

"We will continue to remove the bad apples from the market to ensure that lending is based on reliable personal and financial information."

The FSA has now banned 78 mortgage brokers in three years.