Shruti Patel, 39, who had worked for Leicester-based Mortgage Deals 4 U, admitted a series of theft and fraud charges over the period 2006-07 when she appeared before Leicester Crown Court on September 16.
The court heard that on one occasion Patel had used a customer’s identity to obtain a £75,000 mortgage for herself as well as using customers’ names on other occasions to take out loans for herself.
Among these were a £23,000 car loan and a £28,000 loan from Northern Rock. The customers were then left to repay the debt.
Prosecutor Jonathan Eley told the court : “The pleas she has entered involve all the money obtained while she was acting as a mortgage adviser, by using the identity of customers – amounting to £169,500. She obtained loans in their names and left them to pay for them.”
In mitigation, it was said that Patel was of previous good character and had two teenage children to look after.
But Judge Sylvia De Bertodano told her: “This is a very serious matter involving a large amount of money.
“Your pleas have been accepted and you must come back to be sentenced. I do not want you to be under any illusion, as this is almost inevitably going to result in a custodial sentence of some length.”
Sentencing will take place on November 9.
A proceeds of crime hearing will follow which could involve confiscation of Patel’s assets to repay the debts.