How to Use a Bridging Loan in a Probate Situation

A bridging loan is most often used in property transactions, bridging the gap between placing an interest in a property and the funding coming through, thus ensuring that the transaction can still go through. A bridging loan can also be a useful, flexible tool in probate situations, especially when financial obstacles appear during the settlement process involving several interested parties.

Pay Legal Fees b Whilst you are waiting for probate to be released, all legal fees and inheritance tax can be resolved and paid, with up to 70% of the value of a property released immediately, and the interest payments covered by a bridging loan.

Clear Debt b It isnbt always a straightforward process to carry out a will, with debts needing to be cleared by the executor of a will. Bridging finance provides the family of the deceased the chance to have some breathing space prior to the will being executed and funds being released.

Resolve Tax Issues b There are a number of tax implications during the process of a will being executed. A bridging loan can help all involved to find a fast and simple solution to resolving tax issues, with inheritance tax often required within 6 months.

Central Mortgages has a number of services tailored to help you in your time of need. If you are looking for a bridging loan to help with a probate situation, or for other significant purposes, our customer service team has access to a wide and varied portfolio of lenders.