Ampla Finance launches its beneficiary loans and executing loans in Scotland
Ampla Finance today launched in Scotland its Beneficiary and Executor Loans, unique products in the Scottish market designed to provide beneficiaries with access to their inheritance before and after probate is granted, or to executors. wills to access the full value of the estate to pay for inheritance tax or other estate obligations.
With nearly 60% of people relying on inheritance as a major source of funding to pay off debts, cover daily bills, or help pay for ambitious items, like a vacation or a new car, any probate delay – a risk exacerbated by Covid-19 – may lengthen the time it takes for beneficiaries to access vital funds.
If there is insufficient liquidity in the estate, executors can often find it difficult to pay estate tax, which is due within six months of death and before probate, or to settle other estate obligations. This can leave the executor with large bills to pay and without the finances in place to pay them.
From today, however, people living in Scotland will have access to Ampla’s tailor-made:
- Beneficiary loans: designed to allow individuals to borrow up to 70% of their future inheritance, even before probate is granted. The loan can be used for any purpose
- Executor loans: designed to allow executors to borrow up to 70% of the expected proceeds of their estate to pay inheritance tax or other estate obligations
Underwriting for both types of loans is based on the assets and liabilities of the estate, meaning they are available to borrowers regardless of their personal circumstances. With no monthly repayments and no prepayment charges, both loans are normally repaid in full after the estate is settled and the funds are distributed.
Ampla Finance first rolled out the loans in England and Wales last year and worked closely with Scottish law firm Gilson Gray to ensure they comply with Scottish law.
Commenting on the product launch in Scotland, Steve Gauke, Director of Business Development at Ampla Finance, noted:
“Ampla Finance has had a very good year over the past year, with significant growth in England and Wales and helping an ever-increasing number of people access the funds stuck in the estate administration process. Scotland having no such options, it was inevitable that we would embark on the country. “
“When we reached out to Gilson Gray to see if our loans would be compatible with Scottish law, we realized the enormous potential they could have in helping the lives of families from top to bottom in Scotland. With such a strong team in place to help bring the loans to executors and beneficiaries, I have no doubt that our products will prove to be a huge success in Scotland.
Euan Fleming, Partner and Head of Private Clients at Gilson Gray, added:
“At Gilson Gray, we are proud to be an innovative law firm, innovating in a traditional sector, always for the benefit of our clients. We have seen a similar commitment to innovation reflected in Ampla Finance, and so working together has not only been a pleasure but, at times, has seemed like a meeting of minds.
This article has been submitted for publication by Ampla Finance as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the author and not those of Today’s Wills and Probate.