Fraudsters are targeting homebuyers with dodgy emails offering cheap mortgages

Action Fraud has issued a warning about an increase in mortgage scams at a time when rates are soaring.

The fraud reporting centre says it has received hundreds of reports of dodgy emails offering cheap mortgages to homebuyers and people remortgaging.

Read on to find out more about how this scam works and for advice on what to do if you're struggling to pay your mortgage. 

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Mortgage scams

Action Fraud says it has received 538 reports of fake emails purporting to be from mortgage lenders in the past two weeks alone.

These emails claim to offer low-rate mortgages on time-limited deals. Setting time limits is a tactic commonly used by scammers to rush you into making a decision quickly. 

The emails contain links to 'see if you're eligible' or 'get a personalised rate'. If you click on these links, you'll be taken to a website which is designed to steal your bank information. 

The image below from Action Fraud shows several examples of mortgage scams currently doing the rounds. 

What to do if you receive a dodgy email

If you receive an email out of the blue offering you a cheap deal, it's highly likely to be a scam. 

If you have any doubts about whether a message is genuine, contact the company in question directly using the details on its website. 

Dodgy emails can be reported to the Suspicious Email Reporting Service by forwarding them to report@phishing.gov.uk.

Scam websites can be reported to the National Cyber Security Centre.

Help if you're struggling to pay your mortgage

If you're worried about your mortgage repayments, the first thing to do is contact your bank. 

Last week, the government reached an agreement with banks about the support they can offer homeowners. 

Support options may include temporarily extending your mortgage term or switching to an interest-only mortgage to reduce your monthly payments.

See our guide on what to do if you can't pay your mortgage for more advice.