Posted by Justin on Nov 25, 2012 in Nelsons' Column | 1 comment
Often, the “bank of Mum and Dad” is used to fund first time buyers, due to the difficulty of getting mortgage loans from banks and building societies. In such cases, often all the lender wants is – a note signed by the borrower, agreeing to the terms of the loan and its repayment – “a promissory note” – and a mortgage (or charge) over the property being bought to ensure it cannot be sold...
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