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lend a friend £90k, for property deposit
Comments
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Trust is not an issue hereFor our peace of mind, what can a solicitor do to make the loan legally binding? What kind of price? Or could we knock up a bit of a4 and have it witnessed?
The fact you feel the need for a signed agreement suggests that trust is an issue after all.
Another vote for DON'T DO IT0 -
Giving 90k to someone. Why not, what could possibly go wrong.0
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Like others have said, literally gift him the £90K, because then you wont be upset if he stiffs you, which I would put at 50%.The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
:D0 -
I loaned my brother a much smaller amount to buy a house in 1998.
I even borrowed it for him because I'd just bought my own house.
I am still waiting for it back0 -
Ever heard "neither a borrower nor a lender be". There is a good reason for it. If you don't lend the money you may lose a friend, if you do lend the money you will lose a friend & a lot of money! Well odds are you will anyway.0
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Ever heard "neither a borrower nor a lender be". There is a good reason for it. If you don't lend the money you may lose a friend, if you do lend the money you will lose a friend & a lot of money! Well odds are you will anyway.
My brother always said 'never a borrower or lender be...'
He recently lost his job at the library.0 -
Lend him £90k and you'll get a couple of grand as thanks? So you're going to lose money on this deal given that you should be able to get at least double that in a year investing it? That is assuming he pays it back. You say he can afford it but that is now and basically you getting your money back not only depends on him selling the property but selling it at a profit. Have you seen what is happening to property prices at the moment?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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If I lent money to a friend in need i would always consider it as a gift - i would not expect repayment if i valued the friendship.0
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You would lend someone 90 grand and not expect repayment? Sure you would.0
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Do not do it, its a disaster waiting to happen, if your expecting it back it could be.
Lemd it to him on the premise you wont get it back.0
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