By Legal Futures’ Associates Tower Street Finance
If you haven’t heard of us, we’re an inheritance lending specialist that offers innovative, no risk, accessible financial products for beneficiaries and executors of estates.
We currently have two unique products that were designed after extensive customer research, and in the last ten months we’ve worked with many solicitors to help them solve their customers’ inheritance problems.
The Inheritance Tax (IHT) Loan was launched to help the thousands of families each year who are denied access to their loved-one’s legacy because they can’t afford the tax bill.
Each year around 2,000 families can’t afford the average up front IHT bill of around £200k, which needs to be paid before the Grant of Probate issued and the inheritance can be released.
The IHT Loan solves the problem by providing a loan, which is paid directly to the Inland Revenue, allowing families to start the legal process and receive their inheritance.
The loan is repaid from the estate funds once the Grant of Probate has been issued.
Tower Street Finance business development director Richard (Dicky) Davies said: “Our IHT Loan provides a lifeline for people who are facing a huge tax bill when a loved one dies.
“It’s a catch-22 for thousands of families each year, they can’t access their legacy until the tax bill has been paid, but they don’t have the money to pay it until they’ve received their inheritance.”
With one in three Brits relying on inheritance to boost their finances, the length of the probate process can be a real barrier when, in many cases, they ‘need’ the money sooner.
Inheritance Advance is the first product of its kind that enables beneficiaries to access a large proportion of their inheritance much sooner than they’d normally be able to – and the proceeds can be used for any reason.
Dicky Davies said: “It’s not a bridging loan or personal loan which is why it’s unique and unlike any other product in the probate sector. And there really is no risk – even if there’s a shortfall on the amount the beneficiary is ultimately entitled to, we take that risk.
“We know the probate process can be lengthy and frustrating for beneficiaries that want access to their inheritance sooner. We also know the current challenges faced by the sector resulting from the Covid-19 crisis mean it could take longer to administer estates.”
Both products offer:
- No credit checks
- No charge over property
- No personal liability
- No monthly repayments
- Fixed monthly interest rate
Tower Street Finance partners with more than 60 law firms and financial advisers who refer their customers, and the list is ever-growing.
Dicky Davies continues: “We talked to probate practitioners to get their feedback as we developed both products and this helped shape their design. As well as being able to offer two unique products in the marketplace, there are also many benefits to partners in terms of customer service and time saving.
“Partners tell us the ability to offer their clients an added value service in an area where they know the processes are complicated and time consuming is a real benefit.
“Our recent consumer research revealed almost half of people who expect to receive an inheritance would like to get some of their money early – so there’s a big need out there. It also highlighted that over 50 per cent of consumers expect their solicitor to inform them of products that are available in the market to help them access their inheritance early.”
To find out more about partnering with Tower Street Finance contact firstname.lastname@example.org or call 0343 504 7100.