House inheritance

Oldclodhopper

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

Keep_pedalling

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

Oldclodhopper said:

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

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?"

dimbo61

Sell the property ASAP and divide the money between the beneficiaries. 
Keep it simple