Tower Street Finance

Tower Street Finance is an inheritance lending specialist that offers financial products for inheritance beneficiaries, executors of estates and administrators.

Talk to Tower Street Finance

2019

Established

30m

Max term

5k - 5m

Min/Max Loan

1st

Charges

A Pre-Probate Finance Lender

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.

Meet the Team

Your key contacts at Tower Street Finance

Dicky Davies
Dicky Davies

Business Development Director

Sam Day
Sam Day

Business Development Manager

James Emery
James Emery

Business Development Manager

Rebecca Scherman
Rebecca Scherman

Operation Manager

Heather Pollard
Heather Pollard

Head of Credit and Underwriting

Neil Wright
Neil Wright

Business Development Manager

Jim Sisson
Jim Sisson

Financial Director

Andrew Bartle
Andrew Bartle

Managing Director

Latest news from Tower Street Finance

Contact Tower Street Finance

Tower Street Finance
46 Tower Street
Harrogate
HG1 1HS

+44 343 504 7100

towerstreetfinance.co.uk

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Frequently asked questions

What is the difference between an Inheritance Advance and an IHT Loan?

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.

Why take out an Inheritance Advance when I can wait for my inheritance?

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.

If I don’t take an Advance how long could the legal process take for me to receive my inheritance?

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.

What if the estate takes a long time to sort out?

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.

There wasn’t a Will left – does that matter?

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.

How do I pay the Advance back? I can’t afford to make repayments?

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.

Is there a minimum and maximum amount of Advance I can get?

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.

Is the Inheritance Advance a secured loan?

No, the Advance is linked to your inheritance, so it’s not secured on any property or land.

What are the interest/fees with Inheritance Advance/IHT Loan?

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.

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