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50 something. Yeah he's in good nick. I suspect though that it'll come back to children in the long run through inheritance minus IHT.
He basically has a spare house. BiL wants to buy it. Couldn't at the time so FiL borrowed money to buy it and take it off the market. FiL doesn't want a mortgage on his own property so wants the 200k back in due course. Is relatively flexible about how long it takes but come October his interest only loan is going to double repayment price (introductory 2 year offer).
Trying to figure out what the most cost effective solution is for BiL. He can afford mortgage repayments but is struggling to get one in the first place and having a 'bad' year won't make that easier.
Can also, due to the lump sum nature of his work, probably afford IHT and CGT so that's not the problem, the issue is getting a mortgage.
Would owning a property worth 260k make it easier for someone to borrow 190k? And are there stipulations from lenders on what that money has to be spent on and do they check? :)
Magnets etc.
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CYOA
How old is FiL?
Because the series of smaller payments might be a better idea. Is he going to be alive long enough to spend £211,000, or is it going it come back to daughter minus a huge chunk of IHT?
Perhaps simply paying the FiL a monthly amount to cover repaying the house over an agreed timeframe. I'm sure some hoops would need to be jumped through to ensure the HM Revenue and Customs don't see this as rent payments and a blatant IHT dodge.