Can I borrow 60K from my mother

[Jerseygirl64]

Thanks @Brendan for your advice - I'm aiming to repay it in 4 years - having all of the cash upfront to buy the house is what's making me try go this route

 

[Bronte]

Thanks and I value all opinions - sibling is not being told as that is my mum's decision - sibling will also look for a loan, substantially larger and going on previous performance, he's not good at repaying family loans - he still owes me 3k and I've been waiting a couple of years for it now
- yes, I agree just getting the small mortgage will be simpler and avoid any of the potential issues that @Bronte is flagging with me - the advantage with the family loan though is that it would make us 100% cash buyer and in todays competitive market, I need any advantage I can get

Thanks for the further information. I think you should borrow from your mother and just do up a simple agreement in writing with her. No need for a solicitor. Or to tell your sibling.

You should arrange with your brother that he pays you off at €100 monthly as long as it's by standing order, which I assume he can set up on his phone banking quickly. I wouldn't let him away with that or he will just never learn.

 

[Brian McD]

This is all very achievable. My parents needed c. €200k to clear a loan, my partner & I borrowed this from a non bank lender & lent this sum to my parents who pay us the principal portion of the loan repayment each month. Parents give one lump sum as gift each year under small gift exemption too. All legally documented & we have a mortgage over one of the parents properties as security. 10 year loan term. Important to get legal advice but I have to say legal people never came across this scenario before.