A shout out to one of our clients, Tower Street Finance, who are also based up in Yorkshire, but have a national reach.
Tower Street Finance launched their first product, Inheritance Advance, in June 2020 and their second, IHT Loan, in November 2020.
Since they got their FCA accreditation, the success of the company’s lending is impressive.
Richard Davies, Tower Street Finance, comments: “We’re thrilled that we have already been able to support so many people with our products. Our pipeline is accelerating – it has reached a run rate of £1.5m per month and growing. We’re busy signing up referral partners, over 50 so far, who know we can help solve client problems.”
Tower Street Finance offer two unique products: Inheritance Advance and the IHT Loan. Inheritance Advance allows individuals to access their inheritance early, before probate is complete, using the money for whatever they wish, whether this be to improve lifestyle, pay off their mortgage or any existing debt or go on holiday (when circumstances allow!).
The IHT Loan is used to pay inheritance tax.
When an estate is administered, a grant of probate is required to access assets, but, in order to get a grant of probate on higher value estates, inheritance tax has to be paid. This means that executors can be left with huge amounts of money to pay, but no funds with which to pay it.
A first of its kind, Tower Street Finance’s Inheritance Tax Loan addresses this problem and offers a loan to cover inheritance tax which is then paid directly to HMRC. The IHT Loan helps people avoid the unnecessary stress and anxiety of how they’ll pay inheritance tax and enables estates to be ‘unlocked’ so executors, solicitors and administrators can move forward to completion of probate and give beneficiaries access to their inheritance.
One of the brilliant and unique aspects of both Inheritance Advance and the IHT Loan is that there is no personal liability to the applicant, no charge upon property and no repayments to make – creditworthiness is irrelevant: the loan is secured against inheritance due and is paid back from the estate upon completion of probate before the estate is divided between beneficiaries.
IDR Law is an approachable, boutique, firm and the only one in the country dealing solely with inheritance dispute resolution. Whether you’re a law firm, or an individual who feels they would benefit from our expertise, get in touch here, email us at [email protected] or call on 01423 637050.