Shameless couple behind £2.4million mortgage fraud lose luxury family home

A shameless couple who paid back just £8000 of a £2.4million mortgage fraud have lost their luxury family home – after falling behind with payments.

Crooks Edwin, 56, and Lorraine McLaren, 55, lived in a palatial house in exclusive Quarriers Village in Bridge of Weir, near Glasgow, before police probed their dodgy dealings.

The pair were jailed in 2017 after vulnerable victims told cops how they had been conned into signing over their homes.

The five-bedroom pad in Bridge of Weir, near Glasgow

The McLarens have now lost their five-bedroom pad after it was seized and sold at a cut price.

Lorraine paid £762,000 for it in 2008.

The home – dubbed an “outstanding villa” by estate agents Allen & Harris – boasts a cinema, breakfast room and gated entrance.

The pad was put up for sale this month.

It is understood to have been bought for £150,000 less than Lorraine paid for it.

Crooks Edwin, 56, conned vulnerable people for money
Crooks Edwin, 56, conned vulnerable people for money

An insider said: “It was put on the market for offers over £520,000 with the home report valuing it at £550,000.

“In reality, it went for much more than that and the winning offer was just over £600,000. There is plenty of work to be done on it as it’s become quite dilapidated.”

The McLarens had previously appeared in court to moan that their home was about to be repossessed as the Crown battled to seize their assets as part of proceeds of crime.

Prosecutors calculated the pair had made £2.4million in their con.

Earlier this month, they were ordered to pay back just £8000 in court.

The pair swindled dozens of skint families in the aftermath of the 2008 credit crunch.

Mastermind Edwin put ads in the press before persuading victims to sign forms handing over title deeds.

The properties were then sold on to a third party and sale proceeds paid to others – leaving victims out of pocket or homeless.

Prosecutors have said despite getting just £8000 of the missing millions, they will continue to chase down their assets, including any proceeds of the house sale.

The Crown Office and Procurator Fiscal Service said: “If there are any free proceeds after the sale, the Crown has the option to seek a variation of the confiscation order.”

As well as their home, the brash pair spent their ill-gotten gains on a Bentley car, luxury Dubai holidays, private schooling for their kids and a ring worth £100,000.

Edwin, who is still in jail after being caged for 11 years, had whinged in court that they were owed £80,000 in missing rent after they got tenants in after their arrest.

Wife Lorraine was jailed for two-and-a-half years but was released from Cornton Vale after nine months.

At the confiscation hearings, Lorraine said they hadn’t done that much wrong.

She said: “We never killed anybody. We are not paedophiles. It was white-collar crime.”

On her release, she moved to a flat overlooking her home but is now thought to live in a small Glasgow flat.

A neighbour said: “Everyone is glad the McLarens have gone and hopefully won’t be back. But where has all the money gone they stole?

“The new owners have got a bargain, though.”

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