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14 May 2009

Arranging a secured loan privately with another individual?

If I could find a suitable investor could I come to an agreement with them to lend me some money? Or are there laws (FSA?) preventing this? I get the impression that there are lots of people out there who are very unhappy with their savings rates. I am quite unhappy with my borrowing rates. I think we could agree on a rate higher than their savings rate and lower than my loan rate. I have clean credit history and can secure the loan on property and presume a solicitor could draw up the agreement. I'm talking about more than the £15k Zopa limit.

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