Hello, thanks for your question.
My name is Tony.
If you're borrowing the money personally, then you don't need a personal guarantee - it wouldn't add anything as you would be personally liable to repay the money anyway. What the relative might be asking for is security over the property, like a second mortgage, which you could do, but only with the main (or first) lender's consent.
Ultimately, though, your relative is in a pretty decent position if it's a personal loan to you, as he/she could sue you personally anyway to get the money back if you default on the terms of your agreement.
No, my relative simply wants a legally binding document to represent the terms of the loan and the fact I have agreed to pay it back.
Oh, then yes, this is something a solicitor could draw up easily for you.
All it would need to do is refer to the loan, set out the terms of which you've agreed to (i.e. when it has to be paid back and how, and in what amounts), then you both sign it.
It's nothing too special to be honest.
You could get a high-street solicitor to do this for you probably for abour £150 plus VAT.
so this isn't something i could do online?
It's best not to. It's important that you both get this right, and it's useful to be able to see a solicitor in person to do it, and be able to sue somebody later if they get it wrong. You're very unlikely to be able to do that online in all honesty.
If you want to do it online - then you can, I'm onyl suggesting you dont.
Here are loan template documents: http://wikidownload.com/simple-loan-agreement-template-pdf-ms-word/
Or here, http://www.formsmax.com/loan-agreement-template.html
ok i don't think this is worth £33 though
Were you expecting me to draw up a loan agreement for you?