A finance company has launched what is claimed to be the first products in the Scottish market designed to enable beneficiaries to access their inheritance, or executors to access the total value of the estate to pay inheritance tax or other liabilities, either before or after the grant of confirmation. 

Ampla Finance says its beneficiary loans enable individuals to borrow up to 70% of their future inheritance, which can be used for any purpose, and its executor loans enable executors to borrow up to 70% of the expected proceeds of the estate, to meet liabilities when due.

Loans are normally repaid in full from the estate, and there are no monthly repayments or early repayment fees. Both loans have the same interest rate, at 1.5% per month, plus an arrangement fee of 2% of the value of the loan (capped at £1,500), which is added to the loan.

Similar loans were first made available in England & Wales last year. Ampla has worked with Scottish law firm Gilson Gray on delivering a Scots law compliant product.

Steve Gauke, business development director at Ampla Finance, commented: "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."