Should we clear an inheritance tax bill with a mortgage or in instalments?

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My brother and I have a further £131,000 to pay after parents’ house was left to us

Photograph: John Morrison/Alamy Stock PhotoPhotograph: John Morrison/Alamy Stock PhotoI wonder if you can help me. My brother and I have inherited my late parents’ house and due to the size of the estate we’re left with an inheritance tax bill of £242,000. We have paid £101,000 of it but still have a further £131,000 to pay and have no liquid cash to pay it. We do plan to rent the house out for £2,000 a month.

 

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