PIL helping to pay off mortgage - what

[Swacademic]

Hi all
We have a small amount left on our mortgage and our current loan is due to expire at the end of this year.

We don't have the capital to pay it off but my PIL have very kindly offered to give us the money to pay it, which is amazing for us and we are incredibly grateful. They have offered it as a gift but we have said we would like to pay them back on a regular monthly basis. For context, they are late 70s/early 80s, currently in good health (touch wood). We don't have any other debts.

My question is, are there any financial consequences/repercussions of making this arrangement that we need to be aware of collectively?

My understanding of deprivation of assets re care is that the local authority can go back much further than seven years. It might be worth checking, just in case the unforeseen happens.

Yes I think that would be a good plan.

How about opening a bank account in your names but giving all the paperwork and passwords to PIL. You could then pay it back into the account.
the money would stay in your name for IT purposes but you would not be able to access it or ‘dip into it’

This is the best way to do it.

I’d accept the money - but maybe save what you’d repay just incase of any care costs etc in the future. I will certainly help my DC if I can when i’m alive rather than wait until i’m gone. My mum hasn’t offered to help my brother and I, and to be honest we could both use it, but totally her call. But I’d want to give to my DC when they need it so on my retirement once i’ve paid off any remaining mortgage I will gift my 3 DC some money from my generous lump sum. I know some people feel odd about accepting it, but I know as a parent it will make me feel good to see them use that money.

I would accept it as a gift, but pledge you will give it back if they need it (and put money aside so you can do this)… but does your husband have other siblings? It needs to be fair so everyone can feel comfortable.

He does have one sibling but they have already been helped financially in equivalent ways so I don't think it will be an issue.
I think the consensus from.you all is that we save back the money for PIL if they need it and I think that's a really sensible idea.