The Financial Services Authority (FSA) has barred Asim Hussain for submitting applications to lenders on behalf of himself and customers.
Jonathan Phelan, Head of Retail Enforcement at the FSA, said: "Mr Hussain used his business to commit mortgage fraud, and his actions posed a risk both to lenders and to his customers, who were put at risk of receiving mortgages beyond their ability to finance, potentially leading to indebtedness and repossession of the property acquired."
The FSA received information earlier this year from a lender highlighting their concerns regarding discrepancies in relation to mortgage applications submitted by Mr Hussain, which suggested they were based on false and misleading information.
The FSA's follow-up investigation found that Mr Hussain had applied for a mortgage through the company he runs in Ealing, Lifestyle Mortgages, based on a heavily inflated declaration of the income he received from the firm.
He submitted 18 mortgage applications on behalf of individuals, which contained employment and income information for them that did not correspond with information they had reported to HM Revenue and Customs.
He also failed to carry out appropriate checks when verifying customer details for at least six applicants.
The FSA has also cancelled permission for Hussain to trade as Lifestyle Mortgages in Ealing.