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Can a loan from family be considered a mortgage
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We live in Scotland. A number of years ago we provided a loan for the full purchase cost of a flat to our daughter, who agreed to repay monies to us. This was done through solicitor and we have paperwork in place to in place to confirm this. Recently my daughter has decided she would like to take out a personal loan to cover some home improvements. The issue is that in the loan application it asks if you are a home owner and do you have a mortgage. When she has taken out various insurances previously she has stated that she has a mortgage. But now we are unsure whether this is correct. How should she answer this question?
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Is this debt secured against the property? What does it say on land registry, was this debt secured by the solicitor?"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0
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Yes the debt was secured against the property and is noted in the registry
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Then a private mortgage exists. Is the loan being applied for a secured one?0
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It would be an unsecured loan0
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