Tower Street Finance and Bridging.com announce new partnership
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Tower Street Finance specialises in inheritance lending and offers accessible financial products for beneficiaries, executors and administrators of estates.
The team have a passion for helping customers at difficult times.
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Regulated by the Financial Conduct Authority (FCA), Tower Street Finance offers two flagship products – Inheritance Advance and IHT Loan (Inheritance Tax Loan) which already have a market leading reputation. They were developed after extensive research with probate practitioners and potential customers which fed into the design of these unique products.
The probate process can be long and complex, taking an average of 12 months before funds can be accessed.
Inheritance Advance can make things easier at what is a difficult and upsetting time. With one in three Brits relying on inheritance to improve their lives, the product means beneficiaries can receive funds earlier in the administration process. There are 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 helps 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 settle the bill. And taking into account that the executor is not always a beneficiary there is a potential danger the whole process is delayed to the detriment of all. Tower Street’s IHT loan has all the benefits of the Inheritance Advance and allows the executor to take out a loan to pay the tax up front. Tower Street settle the tax bill directly with HMRC and the estate funds are used to repay the loan after the Grant of Probate is received.
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
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.