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Interest free loans - Regulated or not
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mermaidsandducks
Posts: 2 Newbie
in Loans
In the fortunate position to be able to borrow money from family interest free to repay my mortgage. Getting a loan agreement for repayment over 15 years drawn up but it's really unclear whether it's regulated by CCA or not. Any experts out there? TIA
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Comments
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Only if your family has a lending licence, which is unlikely.0
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Thank you, are you saying they need one?0
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They just need to put in place a simple agreement that states how much you are borrowing and the terms of repayment.0
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