Probate lender Provira 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.”
Steve Gauke said that Scotland is an “important market” and in the week since extending their products they have made three inheritance advances allowing individuals to benefit from their inheritance before grant of probate. He continued:
“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.”
