Regulation  

Dissembling mortgage broker faces jail

Dissembling mortgage broker faces jail

A mortgage broker who lied about customers’ jobs and pay packets to boost their loans is facing jail.

Asim Hussain, 42, who owns Lifestyle Mortgages in Southall, West London, exaggerated his clients’ salaries to live up to his boast “every lender, every mortgage, every time”.

Hussain even helped his wife Saira Hussain get a £98,000 home loan on a flat in Slough, Southwark Crown Court heard.

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Many of his clients did not know Hussain was using false documents to process their applications.

His friend, solicitor Azhar Khan, 43, was accused of overstating his pay by £30,000 after turning to Hussain for help with his application.

The pair have been close friends since university and Mr Khan, who ran London-based firm City Law, initially represented Hussain at police interviews.

In 2004 Mr Khan applied for a mortgage for his home in Hillingdon, Middlesex, enlisting his friend for help.

Bogus payslips from his job with a solicitor’s firm were used to secure the deal with a salary boosted from £42,000 a year to £73,000 a year, the court was told.

John Price QC, for Mr Khan, said the case against his client was discriminatory and slammed the prosecution for choosing to “scrape the bottom of the barrel”.

“Is it one law for them and another for him?” he asked.

Lee Karu QC, for Hussain, insisted his client was a “very, very small cog in a very, very big machine”, and said banks were desperate to hand out cash in the pre-crash climate between 2004 and 2008.

Hussain, of Hillingdon, West London, was found guilty of six counts of furnishing false information, and will be sentenced on 25 June.

He was cleared of one count and another five charges were ordered to remain on the file after the jury failed to reach any verdict.

Khan, of Garrow, North West London, was cleared of a single count of furnishing false information about his pay after telling the jury how he was duped by his associate.