Tower Street Finance is an inheritance lending specialist that offers financial products for inheritance beneficiaries, executors of estates and administrators.
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Tower Street Finance is an inheritance lending specialist that offers accessible financial products for inheritance beneficiaries, executors of estates and administrators. After extensive research and time spent with practitioners in the probate sector the team at Tower Street have developed and designed products that not only reflect their own passion for helping customers but have also incorporated all the feedback they received. With one in three Brits relying on inheritance to improve their lives and the probate process often long and complicated Tower Street’s product solutions have very quickly established a market leading reputation.
Regulated by the Financial Conduct Authority (FCA) Tower Street offer two principal products, their “Inheritance Advance” and “Inheritance Tax (IHT)” loans. The probate process can be lengthy with an average period of 12 months to access money from an inheritance, but these products allow money to be accessed much sooner. The Inheritance Advance product aims to make things a little easier at a difficult and upsetting time by enabling beneficiaries to receive funds earlier in the administration process. With no credit checks, no repayments, no personal liability and no charge over property the advance and interest are simply paid out of the proceeds of the estate. Money released can be used for anything.
The IHT Loan has been designed specifically to help executors with estates where there is an inheritance tax (IHT) liability to pay but no funds readily available. Many estates in the UK are “locked” because the executor, who in most cases is responsible for paying IHT, hasn’t got the funds to do so. It is a classic chicken and egg situation! Add to this the fact that the executor is by no means always a beneficiary and there is a very real danger the whole process is delayed to the detriment of all. Tower Street’s IHT loan has all the advantages of the Inheritance Advance loan and allows the executor to take out a speedy loan to pay the tax out of the estate proceeds. Not only this but Tower Street will, liaise with HMRC and settle the tax bill directly. Once the Grant of Probate is issued, estate funds can be used to repay the loan.
Your key contacts at Tower Street Finance
Business Development Director
Business Development Manager
Business Development Manager
Operation Manager
Head of Credit and Underwriting
Business Development Manager
Financial Director
Managing Director
Tower Street Finance
46 Tower Street
Harrogate
HG1 1HS
+44 343 504 7100
towerstreetfinance.co.uk
An Inheritance Advance is for beneficiaries of an estate who want to access a proportion of the inheritance earlier. IHT Loan is for executors (or a person applying to be a Personal Representative when there is no will) who need money to settle the IHT liability on an estate so that they are able to get a Grant of Probate.
Inheritance Advance is designed for beneficiaries who want to get hold of their inheritance sooner for any reason – this could be to pay off current debts, free up disposable income, make home improvements, pay for education/social care costs or to move to a new house.
It all depends on how complicated the estate is – and all cases are different. Based on our market research, the average time for an estate to be distributed is around 12 months.
Once we’ve given you the Advance, we take the risk if the estate takes longer to liquidate or the assets sell for less than expected. The interest rolls up on the outstanding Advance (only for the first 30 months) but the balance to be repaid out of the estate will never be more than the inheritance you will receive.
Not at all. There are rules that apply when there’s no Will – this is called intestacy and it sets out how much each beneficiary gets.
You don’t have to make any repayments. The Advance (plus all fees and interest) are repaid directly from your proceeds of the estate – there is no personal liability.
There is no set minimum for an Advance, but the maximum will be up to 60% of the net assets that can be valued and will be sold.
No, the Advance is linked to your inheritance, so it’s not secured on any property or land.
There is an origination fee (which covers our cost to underwrite the product) which is 2% of the size of the Advance/Loan (this is capped at £1,500 and can be added to the balance). There is also interest of 1.5% per month which rolls up and is added to the balance, which is repaid when the Advance/Loan is repaid. There are no other fees, e.g.for early repayment.