We need to do a complete renovation on our house which we think is going to cost in the region of £70k. Our plan was to extend our mortgage to pay for this but my husband's parents have said they would like to help us with the finances. His parents are in their 70s and not in the best health although nothing life-threatening. They have a sizeable estate which would be over the inheritance tax threshold. They have 3 children, including my husband.
Is there a tax efficient way of them helping us out with our renovation costs?
Could they give us some or all of the money we need? Could they lend us some or all of the money we need? Could they pay our contractors directly?
Any advice would be greatly appreciated.
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