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FAQs

Here are some frequently asked questions about our products. If your question isn’t answered here you can call us on 0343 504 7100 or email: info@towerstreetfinance.co.uk.

What happens if there is no Will?
When a person dies without leaving a valid Will, the rules of intestacy apply. This sets out how much each beneficiary gets.
What if the estate takes a long time to sort out?
Once we’ve given you the Inheritance Advance or the IHT Loan, Tower Street Finance takes the risk that the estate takes longer to liquidate or if the assets sell for less than expected. The interest rolls up on the outstanding Advance/Loan (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.
I’ve not got a great credit history/don’t have a job – can I still access your products?
Your credit history or income/affordability isn’t relevant because the Advance/Loan is repaid from the inheritance and is not related to your credit profile. Tower Street Finance will only check for (undischarged) bankruptcy.
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 move house. The average time it takes to receive money is around 12 months.

How do I pay the Advance back if 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.

Am I too old to get an Advance?

Because the Advance is repaid from your inheritance, we do not have an upper age limit.

What happens if another beneficiary or will comes to light and my Inheritance is reduced?

It won’t affect you. Once we have made an Advance, any changes to the distribution of the inheritance are our risk.

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

There’s 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.

As the executor I am liable for paying the IHT – do I have any liability with an IHT Loan?

No – an IHT Loan becomes a Testamentary Expense, which means that it becomes a liability of the estate, not a personal liability for you. There are no monthly repayments, no requirement to do a credit check on you or take a charge over any property.

Do I have to pay the IHT to HMRC?

No – we will settle the IHT liability with HMRC directly.

There is more than one executor – do I need permission from all of them to get an IHT Loan?

No – any one executor (or Personal Representative) is able to take out an IHT Loan.

Do I need the permission of the beneficiaries to get an IHT Loan?

No – payment of the IHT is the responsibility of the executor (or Personal Representative); however, the beneficiaries cannot get any of their inheritance until the IHT is paid.

I am the executor but not a beneficiary – can I still take out an IHT Loan?

Yes – as the Loan is repaid by the estate, it does not matter who the beneficiaries are.

What are the interest/fees with Inheritance Advance/IHT Loan?
There is an origination fee of 2% of the Advance/Loan (capped at £1,500 and can be added to the balance). There is also interest of 1.5% per month which is added to the balance, There are no other fees, e.g. for early repayment. Illustrations can be provided on request.
How quickly would I be able to receive my money?
Any loan less than £60,260 requires us to give the customer a ‘cooling off’ period of 14 days after the loan is agreed in case they wish to change their mind; loans that are greater than £60,260 can normally be released within 48 hours being approved. This also relies on the information required to underwrite the lending being provided swiftly by the solicitor
There is no professional firm engaged to manage the estate – do I need one?
We do require that there is a professional firm managing the estate. We can help you find a law firm specialising in Will management. Please get in touch with Tower Street Finance to find out more.
Who pays the money back to you, me or the firm managing the estate?
It is the firm managing the estate; they will pay us back the Advance/Loan (plus rolled up fees/interest) before any other money is paid out.
How do I make an application?

Give us a call on 0343 504 7100 and we will talk you through the process or email us at info@towerstreetfinance.co.uk. You can also fill in our Application form online.

Who are Tower Street Finance?

We’re a lender focused on designing innovative financial products for people who are inheriting money and we are passionate about our customers and their needs. We are authorised by the Financial Conduct Authority, FRN 912334.

How do I make a complaint?
Please find a copy of our complaints procedure here.