FOR LEGAL PRESS

Press release: 25 September 2024

Provira, the specialist probate lender, has launched its inheritance advance and estate advance products to individuals and executors of estates in Scotland.

The expansion into Scotland follows a new £25 million lending facility secured by Provira in July this year and a period of strong growth which has seen Provira advance more than £30 million in new loans over the past 12 months and its loan book grow by 250%.

Provira supports beneficiaries and executors of estates in Scotland with two lending options:

• Estate Advance – allowing estate executors to pay inheritance tax and other estate liabilities before the grant of probate.
• Inheritance Advance – allowing beneficiaries to access an inheritance before probate is granted and assets sold.

Steve Gauke, Managing Director of Provira said: “We have seen increased demand for both estate and inheritance advance loans over the past 12 months following the considerable and well-documented delays in securing probate, and are now delighted to be able to offer our products in Scotland.

“Inheritance tax must be paid within six months of death. If not, HMRC will charge interest. Where executors have been unable to pay the inheritance tax due because of delays and not wishing to incur penalties, they are turning to Provira for support in increasing numbers.”

Estate advance and inheritance advance loans are lent against the value of an estate with no monthly repayments or early repayment fees. They are quick to agree, typically, within one week, as underwriting is based on the value of estates rather than personal financial circumstances.

The average size of an inheritance advance is £40,000 and an estate advance £70,000, although loans of up to £700,000 are not uncommon. Estate advance loans can only be used to meet inheritance tax liabilities or other fees incurred through the administration of an estate. 

Steve Gauke adds: “Scotland is an important market and in the week since extending our products we have several inheritance advances allowing individuals to benefit from their inheritance before grant of probate.

“Our expansion cements Provira’s position as the leading lender of estate and inheritance advances. We take great pride in the service we provide to executors and beneficiaries at an often stressful and emotionally charged period of their lives. Our specialist team work closely with executors and beneficiaries in agreeing loans and ongoing customer support, and this is recognised in our high Trust Pilot scores.”

For further information contact

Matt Baldwin, Coast

T: 07930 4397239

E: [email protected] 

Client: Fragomen

Press release – Provira Scotland

Date: September 2024

Contact: Matt Baldwin, Coast 

Tel: 0203 805 7752 / 07930 439739

Email: [email protected]