Funeral Expense Loan
Funeral expense loan to ease the financial burden
With Level’s Funeral Expense Loan, executors can ease the financial burden by unlocking estate funds to pay for funeral and other expenses
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Why choose Level’s Funeral Expense Loan?
Level’s Funeral Expense loan is built for executors, allowing you to pay for testamentary expenses, including funeral costs. You can get access to cash in advance of the estate being settled.
Ease the financial burden
As an Executor, you are personally responsible for paying Testamentary Expenses. Ease the burden by releasing liquidity from the estate in advance, all without personal recourse.
Speed up the probate process
Our funding offers assistance in meeting financial obligations, help to avoid delays in the probate process and allowing you to meet your legal responsibilities quickly.
Access funds as and when you need them
Unlock estate funding to align with the administration process and only pay interest on the amount drawn down from your loan facility.
Calculate your testamentary expenses and find out how much you might need to pay on the estate
Use our loan calculator to find out how much you could be eligible to borrow.
Please note that this is only a quick estimate based on limited information. For a more detailed quote, apply online or contact our team
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Start Again >How does an Funeral Expense Loan work?
Our process is straightforward, and our friendly team is always on hand to guide you. Applications are free and we can usually offer a decision in principle within 1-2 working days.
Our team will call you back within 24 hours. We need a small amount of information about yourself and the estate and you’ll get a free, no-obligation quote from us.
After your initial call, you’ll submit a full application online and provide any additional information required for our underwriters.
A member of our team will talk you through how the loan works and you’ll be formally offer estate funding.
You’ll get access to your funds once you have signed the documentation.
The loan is set up as a draw-down facility, so you can request funds as and when you need them.
You will only pay interest on the amount drawn down and from the date that funds are transferred.
We will never make a payment without written approval from your estate administrators.
If the loan is to be used for IHT, we will make the payment directly to HMRC once the loan is live. For any estate expense draw-downs, we pay funds directly to the professional administrator.
Interest is rolled up, so there are no monthly instalments to pay.
The loan itself becomes a Testamentary Expense of the estate. The administrator will repay it directly out of the estate assets before any beneficiary receives their settlement.
You can repay your loan early, in full or in part, at any time with no early redemption fees.
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020 7205 2870Funeral Expense loan FAQs
A Funeral Expense Loan is available to executors and personal representatives who can’t fund the testamentary expenses associated with managing an estate.
Unlike some traditional loans you do not need to own a home or go through extensive credit checks.
These are costs that an Executor or Personal Representative is obliged to pay as part of their duties. Such as funeral costs, legal fees and administration costs. Level’s Funeral Expense Loan is designed to allow Executors and Personal Representatives to pay for it without having to use their own funds, or take out a personal loan.
Funding can be used for many expenses such as:
- Funeral expenses
- Property repairs, maintenance and any costs associated with the sale or clearance of a property
- Professional fees such as probate, valuers and surveyors
- Insurance
- Any other Testamentary Expenses
Information on Fees and Pricing is available in our product guide.
All of our loan facilities have a 1-2% administration fee. The interest rate can vary depending on the size and complexity of your loan, but you’ll only pay interest on the funds that you draw.
No. It’s a key part of our security that a Solicitor (or other professional probate administrator) deals with the estate.
This is so we know that the estate administration will be handled professionally and that we don’t have to place any personal liability on you to repay the loan.
At Level, we can lend up to 60% of the net estate value to enable you to pay your financial liabilities without waiting for the settlement of the estate.
Yes, we do not assess credit in the same way as most traditional lenders, so you could access estate funding without having to pass the usual credit checks.
If you can provide the documents required for our underwriting process, we can issue loan documentation within 24 hours. We can then distribute funds within a matter of days.
The loan is repaid directly out of the estate assets, so there are no monthly repayments and it can be repaid anytime with no additional charges.
Yes, a Will is not required to take out a funeral expense Loan. But we’re unable to provide funding for an estate with a Will that has an unresolved dispute.
It’s important to weigh up any downsides of accessing funeral expense Loans. While they offer a solution for paying liabilities before accessing estate funds, a lengthy probate or overestimation of estate value can increase the costs associated with the loan. Taking out these types of loans can also lower the amount of inheritance beneficiaries receive.
