What would you do if you could have your inheritance sooner?
Inheritance Advance is a new product from Tower Street Finance which enables beneficiaries to get some of their inheritance earlier.
Inheritance Advance key benefits
- No credit checks
- No repayments
- No charge over property
- Advance up to 60% of your inheritance
- Get your money quickly
- 1-in-3 UK adults are relying on an inheritance
- 12 months is the average time it takes to access your inheritance
How do I get my inheritance earlier?
Form completion and ID checks
Underwriting of Advance
Release of funds
Estate repays Advance
We talked to people who told us why they like Inheritance Advance.
- “An inheritance loan is a great idea. I’m out of work and it’s taken 15 months so far and I really need to get the money out of the house.”
- “I’d appreciate the cash to cover day-to-day expenses. An estate loan would really help.”
- “I wish I’d known I could get my inheritance early. I would have done anything as it’s 14 months since she died.”
- “If the process takes much longer I’ll need an inheritance release immediately.”
- “It’s like a bridging loan while you wait for probate but without a charge on my house.”
- “I can’t get a loan due to my credit history – this would really help.”
If you took out an advance of £50,000 (the total amount of credit) and the advance was repaid by a single payment out of your inheritance after 1 year, the total amount payable would be £60,977. This is made up of repayment of the advance, interest of £9,977 and origination fee of £1,000. The annual interest rate is 19.6% fixed. Representative 22.0% APR.
The Inheritance Advance product is a credit agreement which provides you with access to credit which is secured by an assignment of the inheritance monies you are due to receive from the estate (which does not create a charge over any land or property). Access to the product does not rely on your personal credit rating (unless you are an undischarged bankrupt) and, other than in cases of fraud/breach of terms & conditions, repayment of the advance together with accrued interest/fees, is made out of your entitlement to the estate. There is an upfront origination fee (2% of the advance, maximum £1,500) which can be added to the advance. The estate must be administered by a recognised administrator.
Are you an intermediary?
We work with administrators, solicitors, lawyers, IFAs and will writers to help their clients release their inheritance. Get in touch to find out how we can help.