ProbateLoans
Helping beneficiaries to access up to 50%
of their inheritance now
Key Features
- Aimed at Beneficiaries of estates both pre and post Grant of Probate or Letters of Administration. Enables access to up to 50% of a future inheritance within days
- Can be used for any purpose
- Available to testate and intestate estates
- Applications assessed solely on the value of the estate, not personal circumstances or credit rating. No charges over property
- Advance is repaid to us when the inheritance is available to be distributed. No monthly repayments and no early repayment fees
- No risk to the borrower. As long as you have kept to the terms of the agreement, if it turns out your inheritance is less than expected you will not be required to pay the shortfall should there be one.
- The Arrangement Fee (which is simply added to the loan) is 2% of the loan amount. The interest rate is 2% per month for as long as the Advance is outstanding, but we won’t charge you more than 30 months worth of interest.
- In the following example this would result in a saving of £1,440 compared to other providers with the same rates and fees that do charge compound interest.
Representative Example
An Advance of £50,000 will incur an Arrangement Fee of 2% (£1,000). Interest is calculated on the advance and the fee. Interest accrues daily, based on an annual rate of 24% (fixed). Assuming the Estate takes 12 months to liquidate, you would owe £12,240 in interest plus £51,000 in capital and fees, resulting in a total balance owed of £63,240 and a representative 26.5% APR.
Quick
Did you know that the average time it takes to access an inheritance in the UK is one year?
If you’re a beneficiary, why wait for the financial freedom your inheritance may provide?
Simple
Our five-step process is designed to be as simple and stress-free as possible.
We will clearly confirm the information and documentation we require from you and your Administrator.
Transparent
Our pricing is clear and transparent, whilst our offering is easy to understand.
We don’t ask for security over property or for personal guarantees, nor do we perform credit checks on applicants.
What is a Probate Loan?
”Probate loan” is the generic term for one of two types of loan or advance:
- Inheritance Advance – aimed at beneficiaries of estates, it provides immediate access to up to 50% of your future inheritance. The funds can be used for any purpose.
- Estate Advance – aimed at executors of estates, it provides immediate access to up to 50% of the net assets in the estate. The funds can be used to pay Inheritance Tax, any other estate liability or to make repairs/renovations to a property in the estate prior to sale.
If you are the beneficiary or executor of an estate it can often take 12 months or more before you are able to access funds in the estate.
As a beneficiary, this can be incredibly frustrating. Particularly if you have an immediate need for funds. As an executor, this can make it extremely difficult to pay Inheritance Tax, other estate liabilities or to make repairs/renovations to a property in the estate prior to sale.
Applications for both types of loan are assessed solely on the value of the assets in the estate, not your personal circumstances. You provide us with some basic information and we will confirm how much we can lend. If you decide to go ahead, funds can normally be released within a few days.
The arrangement fee is 2% of the value of the loan and is simply added to the loan. The interest rate is 2% per month. There are no monthly repayments and no early repayment fees. The advance is repaid in full when the assets in the estate are sold or liquidated.
We offer a streamlined process online that can help you get a probate loan decision and receive funding within a matter of days.
What is Probate?
Probate occurs after someone has died in England and Wales and is the process of ensuring that the deceased person’s Will is valid and confirming who is legally entitled to administer the estate.
The process is about ‘proving’ legal and financial processes with the courts and other government departments. It is a court order that will grant the executor the ability to legally deal with the property, possessions and liabilities of a person’s affairs (known as their estate).
Obtaining the grant of probate and selling / liquidating estate assets can often take 12 months or more. Rather than waiting this long to receive funds, we can provide a loan now based solely on the value of the assets in the estate.
How Can a Probate Loan Help Me and What Are The Benefits?
If you are the beneficiary of an estate, an Inheritance Advance can provide you with immediate funds to spend as you see fit. Whether it be a new car, holiday, debt consolidation, investing in a business or anything else – it’s your money, we just enable you to access it now.
If you are the executor of an estate, part of your responsibilities are ensuring that all estate liabilities are settled. However, you can’t sell estate assets until probate is granted and you can’t obtain the grant until the Inheritance Tax is paid. We solve this issue by advancing up to 50% of the net assets in the estate, thus enabling you to pay the estate liabilities and obtain probate.
For Both Types of Probate Loan:
No charges on your own family home – there are no personal guarantees or charges over your own home or property.
Not penalised if your inheritance is less than expected – Provided there has been no breach of the loan agreement, if the value of the estate and/or the value of your future inheritance turns out to be less than expected, you will not be required to cover any shortfall.
No monthly repayments – Probate loans are repaid in full when probate is granted and the assets in the estate are sold or liquidated. There are no monthly repayments and no early repayment fees.
Underwriting based on the assets and liabilities in the estate – When reviewing your application, we are lending on the basis of the assets and liabilities in the estate rather than your personal circumstances or credit rating. Even if you have been turned down for “traditional” loans, if the net assets in the estate are sufficient it is highly likely we will be able provide a loan.
What Is The Process For Taking Out a Probate Loan?
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To apply, complete a short online form or call us on 0203 813 6400. We aim to pre-approve eligible applications within 48 hours.
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Applicant and Administrator receive a document checklist including:
– Copy of Death Certificate
– Copy of Will (if applicable)
– Confirmation of the assets and liabilities within the estate
– Proof of ID, address and bank details
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Application is reviewed. Successful applications receive a formal offer.
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Loan documents are issued and signed (normally electronically). Funds are released.
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When the estate is settled the loan is repaid to us, normally by the Estate Administrator or the professional firm responsible for the sale of a property within the estate.
Why Choose Provira For Probate Loans?
FCA authorised – We are authorised by the FCA under number 946175, which means that we have taken important measures to follow responsible lending guidelines and have proven this to the regulator. We treat your application and data professionally and according to the highest regulatory standards.
Trusted – We have already helped a large number of borrowers to date with probate loans. We can help you every step of the way and assist you during this challenging time.
Fast – Provira aims for fast turnarounds, offering a fast loan decision and funding to the borrower within a matter of days.
FAQs
The Arrangement Fee (which is simply added to the loan) is 2% of the loan amount. The interest rate is 2% per month for as long as the Advance is outstanding, but we won’t charge you more than 30 months worth of interest. There are no monthly repayments and no early repayment fees.
The loan must be repaid by the professional firm dealing with the sale/liquidation and distribution of assets we have taken into account as part of our underwriting process. This would typically be the Estate Administrator or Conveyancing Solicitor.
An Inheritance Advance is normally paid directly to the borrower (i.e. the person who made the application).
An Estate Advance is normally paid directly to the Executor, their solicitor or HMRC.
Probate loans offer an affordable and effective way to receive an advance based on the value of the assets in the estate.
However, if you are unsure you should seek legal and/or financial advice as to whether it is the best option for you and your circumstance.
