Steve Gauke

The loans are designed to enable beneficiaries to access their inheritance both pre and post-grant of probate, or executors to access the total value of the estate to pay inheritance tax or other estate liabilities.

With close to 60% of people relying on inheritance as an important source of finance to clear debts, cover everyday bills or help pay for aspirational items, such as a holiday or new car, any delay to probate - a risk exacerbated by Covid-19 - can extend the time it takes for beneficiaries to access vital funds.

If there are insufficient liquid assets in the estate, executors can often find it difficult to pay inheritance tax, which is due within six months of death and before probate is granted, or to settle other estate liabilities. This can leave the executor with substantial bills to pay and without the finance in place to pay them.

From today, however, individuals living in Scotland will have access to the following offers: 

• Beneficiary loans: designed to enable 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 enable executors to borrow up to 70% of the expected proceeds of their estate to pay inheritance tax or other estate liabilities.

The underwriting for both types of loans is based on the assets and liabilities in the estate, meaning they are available to borrowers regardless of their personal circumstances. With no monthly repayments and no early repayment fees, both loans are normally repaid in full once the estate is settled and the funds have been distributed.

Ampla Finance first rolled out the loans in England & Wales last year and have worked closely with Scottish law firm Gilson Gray to ensure they comply with Scots Law.

Steve Gauke, business development director at Ampla Finance, said: “Ampla Finance has had a really strong last twelve months, growing significantly across England & Wales and helping ever increasing numbers of individuals access funds locked up in the estate administration process. With Scotland lacking such options, it was inevitable that we would launch in the country.

“When we reached out to Gilson Gray to see if our loans would be compatible with Scots Law, we realised the enormous potential they could have in helping the lives of families up and down 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 client at Gilson Gray, added: “At Gilson Gray, we pride ourselves on being an innovative law firm, cutting new ground in a traditional sector, always to the benefit of our clients. We saw a similar commitment to innovation reflected in Ampla Finance, and so working together has not just been a pleasure but, at times, has felt like a meeting of minds.”