Private Loan Agreement
You may find that you need to obtain some money to help fund the deposit or part of the purchase price by borrowing some money from family or friends. Your family might want to secure their loan to you by way of a second charge on your property.
If you are taking out a mortgage and also borrowing some money from elsewhere you will need to:
- tell the lending institution
- if necessary obtain the lender’s consent to register a second charge
At Hart Brown our specialists can help with:
- the loan arrangements between you and your family or friends
- explain the implication of lending and borrowing money
- draft declarations of trust if appropriate
We will help you cut through the jargon and make the process easily understood.