Leading probate and estate administrator Kings Court Trust has partnered with Tower Street Finance to offer financial products that make it easier and quicker to access inheritance.
Tower Street Finance offers two unique regulated loan products that have advantages over traditional lending products in that they benefit from no credit checks, no charge on property and no monthly payments.
The products are repaid from the proceeds of the estate and are available to beneficiaries, who want to receive some of their inheritance early, or executors and personal representatives who are responsible for paying an Inheritance Tax (IHT) bill.
Tower Street Finance business development director Dicky Davies said: “We know from our research with customers and partners that there is gap in the market for our products, and we’re delighted to be partnering with Kings Court Trust to make suitable financial products available for people in their hour of need.
“Every estate and family is different and our loans will help estate administrators go that extra mile for customers who need to either receive some of their money early or don’t have the immediate means to pay the IHT bill.
“The partnership also means that if customers come direct to us who are not using a professional administrator, we can refer them to Kings Court Trust.”
Simon Hancox, CEO of Kings Court Trust said: “We enjoy working with Tower Street Finance because through their two products they can help us solve specific issues with some of our Estates; that could be helping a Beneficiary access a proportion of their inheritance sooner as they have a real need for the money; or supporting Estates that are asset rich, but cash poor, to pay the Inheritance Tax to enable them to progress to the application for the Grant of Probate.”
Phil Leach, head of risk and compliance, continued: “We have worked closely with Tower Street Finance to ensure that the process is efficient and painless for our frontline staff, through product introduction, supply of information and updates on the account administration process; we know that our clients are in safe hands.”
Tower Street Finance offers two inheritance loan products, its award-winning (1) Inheritance Advance for beneficiaries and its IHT Loan, which is paid directly to HMRC to settle the tax bill, for executors and personal representatives.
Both products offer:
- No credit checks
- No charge over property
- No personal liability
- No monthly repayments
- Fixed monthly interest rate
- No requirement for there to be a will
The loan is repaid from the estate funds once the Grant of Probate has been issued and funds are available. There is a 2 per cent origination fee (capped at £1,500), which can be added to the loan, and a yearly interest rate of 19.6 per cent. Interest roll up is capped at 30 months.