Secured Loans To Family Members

As the cost-of-living crisis continues and increased mortgage rates thrive, it is not unusual for an individual to require some financial assistance from a family member in order to purchase a property.

Why a secured loan?

When lending money, it is common practice for a lender to secure their loan against assets of the borrower, which then act as collateral if the loan cannot be repaid. A common example of this is securing money against a property by means of a mortgage. Accordingly, whether it be first time buyers getting onto the property ladder with help from the bank of mum and dad, or family members assisting with the purchase of a property following a divorce- a secured loan should always be considered.