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Loan to pay an inheritance tax bill
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Old 29-11-2005, 1:14 PM
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Join Date: Nov 2005
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Default Loan to pay an inheritance tax bill

I have been told by my solicitor that, as an executor, I need to raise a loan to pay the inheritance tax owed on an estate before the application for probate can be sent in.

The loan of 95,000 will only be needed for 4-6 weeks before probate is granted and will be secured on the assets of the estate.

My bank has offered a loan with an arrangement fee of 1% and an interest rate of 3% over base.

Are there less expensive ways of arranging this sort of loan?
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# 2
Old 29-11-2005, 11:25 PM
Deliciously Dedicated Diehard MoneySaving Devotee
Join Date: Aug 2004
Posts: 20,733

I think that is a reasonable rate to be honest.
Make sure that any bank/ building society accounts balances have been used to minimise the amount required. They will do this if executors request that the cheque from the balances are made out to the Inland revenue/Customs whoever collects the monies these days.
What goes around - comes around
give lots and you will always receive lots
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