What happens if there is no Will?
What if the estate takes a long time to sort out?
I’ve not got a great credit history/don’t have a job – can I still access your products?
Why take out an Inheritance Advance when I can wait for my inheritance?
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?
How quickly would I be able to receive my money?
There is no professional firm engaged to manage the estate – do I need one?
Who pays the money back to you, me or the firm managing the estate?
How do I make an application?
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.