House inheritance

My children have inherited their grandparents house, can they use this a capital on a mortgage application?

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  • Keep_pedalling
    Keep_pedalling Posts: 16,183
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    Has the house actually been transferred into their names? If the estate is still to be distributed then that should be avoided if the don’t want to lose their first time buyer status or have to pay the additional 3% second home tax.
  • MWT
    MWT Posts: 9,110
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    edited 3 October 2023 at 12:38PM
    My children have inherited their grandparents house, can they use this a capital on a mortgage application?
    If it is sold so they have the cash then yes, otherwise no, unless you are talking about raising a mortgage on the grandparents home?
    Is there currently a mortgage on the property that needs to be repaid?
    Unless there is a reason to keep the house they would probably be better off if the Executor sold the property and distributed the proceeds.

  • kingstreet
    kingstreet Posts: 38,604
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    What do they want to achieve? There isn't enough to answer with any degree of accuracy. What do you mean by "capital on a mortgage application?"
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • dimbo61
    dimbo61 Posts: 13,709
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    Sell the property ASAP and divide the money between the beneficiaries. 
    Keep it simple 
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