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Remortgage Advice - Loans from Family Overseas
Desichap
Posts: 1 Newbie
Hi,
Me and my wife have been a resident in UK for a while now. I am currently on a Mortgage on a home that is on negative equity and it is coming for Remortgage.
Just when I was giving up hopes on a better rate for remortgage, My parents have decided to lend some money to help us out. The problem is they are not residents in UK and are from India.
They are quite well off and are insisting I borrow a sizeable chunk running into several tens of thousand pounds. My question is would my bank ask me details on the deposits into my account coming through wire transfer from their accounts, especially given we share the same Family name.
I am planning to get a letter of lending from them, although it will be in Indian Rupee details on the letter. Does this letter have to be formal or just an informal note?
Where can I get further advice? Any one done something similar in the past? Kindly share.
Me and my wife have been a resident in UK for a while now. I am currently on a Mortgage on a home that is on negative equity and it is coming for Remortgage.
Just when I was giving up hopes on a better rate for remortgage, My parents have decided to lend some money to help us out. The problem is they are not residents in UK and are from India.
They are quite well off and are insisting I borrow a sizeable chunk running into several tens of thousand pounds. My question is would my bank ask me details on the deposits into my account coming through wire transfer from their accounts, especially given we share the same Family name.
I am planning to get a letter of lending from them, although it will be in Indian Rupee details on the letter. Does this letter have to be formal or just an informal note?
Where can I get further advice? Any one done something similar in the past? Kindly share.
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