Frequently asked questions
Find answers to frequently asked questions about our specialist lending services below. For any further questions, feel free to contact us or speak to us via live chat.
Inheritance Advance FAQs
Answers to common questions about our Inheritance Advance product
What is an Inheritance Advance?
An Inheritance Advance lets you access up to 60% of your inheritance early, before probate is granted. It’s a straightforward, hassle-free way to get the funds you need in life without waiting several months or longer. The loan is secured against your inheritance, not personal assets, and repaid directly from the estate once it’s settled with no personal liability.
How does an Inheritance Advance work?
The loan is repaid directly from the estate once probate is granted, with no monthly repayments. After probate is granted and the loan is repaid, you’ll receive any leftover inheritance.
To get started, you need to provide some basic details about yourself and the estate. Once we’ve had a consultation and your full application is processed, we’ll provide a fast decision and transfer the funds to your bank account.
How much does an Inheritance Advance cost?
The cost of an Inheritance Advance includes an administration fee of 1-2% of the loan amount. Interest is rolled up throughout the loan term, so you don’t need to make repayments until the estate is settled by the administrator. Interest rates vary based on the size and complexity of your loan.
You can repay it in full at any time with no extra charges.
Are there credit checks for an Inheritance Advance?
We don’t normally carry out credit checks for an Inheritance Advance. The loan is based on the value of the inheritance, not your credit history (or your age or employment status). However, we will carry out checks for undischarged bankruptcy.
What’s the difference between an Inheritance Advance and an Inheritance Tax Loan?
An Inheritance Advance is designed to help beneficiaries access the funds they’re entitled to early, for whatever purpose, without waiting for the lengthy probate process. Our Inheritance Tax Loan allows executors to settle estate administration expenses, including Inheritance Tax, without incurring interest, delaying probate or using their own funds.
Estate Expense and Inheritance Tax Loan FAQs
Answers to common questions about our Inheritance Tax Loan product.
What is an Inheritance Tax Loan?
An Inheritance Tax Loan helps executors settle Inheritance Tax liabilities with HMRC quickly, even when estate funds are tied up. With Level, you can also use our loans to cover other estate expenses such as funeral costs, property repairs and professional fees such as probate, valuers and surveyors. We can lend up to 60% of the net estate value.
How does an Inheritance Tax Loan help during probate?
By unlocking funds to pay Inheritance Tax and estate expenses upfront, this loan supports executors in meeting their personal obligations to HMRC without interest penalties or personal financial strain. With Inheritance Tax often payable before probate is issued, it helps ensure the probate process continues without delay, so beneficiaries aren’t left waiting.
How much does an Inheritance Tax Loan cost?
The loan includes a 1-2% administration fee, with interest rates varying based on the size and complexity of your loan. You’ll only pay interest on funds you draw down, allowing you to access them as and when you need to throughout the estate administration process and avoid paying more interest than you need to. You can repay your loan early at any time at no extra cost.
How quickly do I need to pay back an Inheritance Tax Loan?
Your loan will be repaid directly from the estate’s assets when it’s settled, with interest rolled up and no monthly repayments to worry about in the meantime. This happens before any distributions to beneficiaries. You’re free to fully or partly repay your loan early at any time.
What’s the difference between an Inheritance Tax Loan and a traditional loan?
Unlike traditional loans, an Inheritance Tax Loan is secured against the estate, not personal assets such as property. There are no extensive credit checks, no monthly repayments and no personal liability. The loan is repaid directly from the estate, making it a simpler and lower-risk solution for executors.
Divorce Loan FAQs
Answers to common questions about our legal fee and living expense lending, often known as a Divorce Loan.
What does a Divorce Loan pay for?
We offer Divorce Loans to cover legal fees, disbursements and living expenses during proceedings, allowing you to focus on achieving a fair outcome without financial strain. Funds are available on a draw-down basis, meaning you can request them as and when you need to.
How much does a Divorce Loan cost?
The loan includes a 1-2% administration fee. The interest rate is based on your loan size and complexity, and is only charged on the funds you draw down. Interest is also rolled up, meaning there are no monthly repayments to manage. There are no fees for early repayments.
How quickly do I need to pay back a Divorce Loan?
Your loan will be repaid to us by your family solicitor when you reach a settlement and it’s paid into their client account. There are no monthly repayments in the meantime, though you’re free to repay your loan early ‒ in full or in part ‒ any time you wish. If your loan term expires before your divorce is settled, it may be extended subject to further underwriting checks and approval.
Can a Divorce Loan speed up the litigation process?
Yes ‒ by providing immediate funding for legal costs, a Divorce Loan removes financial barriers to justice and enables you to proceed with your case without delay. This can lead to a more efficient, timely resolution, helping you move on with your life sooner.