Inheritance Advance

 

What would you do if you could have your inheritance sooner?

Inheritance Advance is a unique product from Tower Street Finance. Sometimes referred to as an inheritance loan or a probate loan, it enables beneficiaries to get some of their inheritance earlier. Get your money quickly!

  • No credit checks
  • No repayments
  • No charge over property
  • Advance up to 60% of your inheritance
  • Available pre Grant of Probate
  • No requirement for a Will

How does Inheritance Advance work? ​

When you borrow against your inheritance with Tower Street Finance, you can get an advance of up to 60% of the money that is due to come to you from the estate. There is no need for you to make any repayments, as these will be made directly from the estate, including the rolled -up fees and interest.

Who is Inheritance Advance aimed at? ​

An inheritance loan can be useful for beneficiaries of an estate where there will be a distribution of cash. If you can provide proof of ID and residence, you could be considered for a probate advance.

We estimate that around 450,000 people could qualify every year, and there are not the same strict lending criteria you may face when dealing with more traditional types of funding. That’s because Inheritance Advance is secured against the money you’re entitled to from the estate. So, you won’t have to meet any requirements regarding your age, employment status or credit history.

The facts about Inheritance Advance in the UK

  • 1 in 3 UK adults are relying on an inheritance
  • 12 months is the average time it takes to access your inheritance
  • 8 out of 10 people expect to leave an inheritance
  • Average inheritance is around £160,000 per beneficiary
  • Only 1 in 2 people in the UK have a Will

What can inheritance funding be used for?​

If you’re waiting for inheritance to come through, it can sometimes be a long, drawn-out process. On average it takes a year to gain access, and in some situations that may be too long to wait – especially if you need to deal with pressing financial concerns. An advance gives you the option to receive some of your inheritance early, and the funds can be used to help with all manner of things, such as:

  • Paying off your mortgage
  • Clearing your debts
  • Financing home improvement projects
  • Going on holiday
  • Purchasing a new car
  • Putting down a deposit on a new home
  • Covering medical, veterinary or education costs

How does Inheritance Advance work? ​

When you borrow against your inheritance with Tower Street Finance, you can get an advance of up to 60% of the money that is due to come to you from the estate. There is no need for you to make any repayments, as these will be made directly from the estate, including the rolled -up fees and interest.

Who is Inheritance Advance aimed at? ​

An inheritance loan can be useful for beneficiaries of an estate where there will be a distribution of cash. If you can provide proof of ID and residence, you could be considered for a probate advance.

We estimate that around 450,000 people could qualify every year, and there are not the same strict lending criteria you may face when dealing with more traditional types of funding. That’s because Inheritance Advance is secured against the money you’re entitled to from the estate. So, you won’t have to meet any requirements regarding your age, employment status or credit history.

The facts about Inheritance Advance in the UK

  • 1 in 3 UK adults are relying on an inheritance
  • 12 months is the average time it takes to access your inheritance
  • 8 out of 10 people expect to leave an inheritance
  • Average inheritance is around £160,000 per beneficiary
  • Only 1 in 2 people in the UK have a Will

How do I get my inheritance early?

Application
Short online form or speak to our team

Information
We help you request and review the estate information

Offer
We provide you with the advance details​

Advance
We provide the funds

Repay
The estate repays the advance at distribution

Why choose Tower Street Finance?​

Here are just a few reasons to choose Tower Street Finance for inheritance loans in the UK:

  • Inheritance Advance is a unique product, with nothing else like it on the market
  • We are fully regulated and authorised by the Financial Conduct Authority
  • Our management team has over 100 years of experience in financial services, credit management and risk
  • We are passionate about using data to provide a product and service that benefits you
  • We are rated ‘Excellent’ on the independent review site Trustpilot. You can see from the quotes below how a probate loan has helped some of our customers

Hear from those who’ve benefitted from 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 can’t get a loan due to my credit history – this would really help.”

Inheritance Advance FAQs

We understand you might want to know more about getting your inheritance early through an advance. That is why we have put together some of these frequently asked questions to provide the information you need.

How much does Inheritance Advance cost?

If you are approved for inheritance funding, there will be an origination fee of 2%, which is capped at £1,500. There is also interest, which is charged at 1.5% per month. All this is added to the balance, and you can see a representative example below of how this would work in practice.

What happens if my inheritance is reduced?

If your inheritance is reduced – in the event of another beneficiary coming to light, for example – it will have no impact on you. Once you have received the advance, any subsequent changes to the inheritance are at our risk.

Can I get a probate loan with a poor credit history?

Yes. Your credit rating is not related to your ability to get some of your inheritance early. The advance is secured against the money you are due to receive from the estate. The only thing we will check for when you apply is an undischarged bankruptcy.

How quickly will I receive my inheritance loan?

That depends on the size of the advance. For anything greater than £60,260 you will normally receive the funds within 48 hours of being approved. If the amount is less than that, however, there will be a 14-day cooling-off period to make sure you still want to go ahead.

Get in touch about an inheritance loan

Our professional customer service team are here to help you with any queries you may have about Inheritance Advance. They can also take your application over the phone or you can apply online below.

Representative 22.0% APR

Representative example
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.

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 to distribution by a recognised administrator.