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Peer2Peer Finance News | April 28, 2017

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LandlordInvest adds flexibility to IFISA

LandlordInvest adds flexibility to IFISA
Marc Shoffman

PROPERTY peer-to-peer lender LandlordInvest has made its Innovative Finance ISA (IFISA) flexible, allowing investors to withdraw and replace funds in the same tax year without affecting their annual subscription limit.

Filip Karadaghi, chief executive of LandlordInvest, said the flexibility would give savers more choice and freedom with their money.

The flexible ISA concept was only introduced this tax year to allow savers to move their money across cash, stocks and shares and IFISAs.

Previously, if a saver withdrew funds from an ISA they would lose that portion of their allowance but now they can access and take money out without it counting towards the annual allowance, currently £15,240 for this year and £20,000 from the next tax year.

It is up to individual providers if they choose to provide this functionality. Landbay told Peer-to-Peer Finance News that it also offers this flexibility. Other P2P providers are yet to disclose if they provide this on their IFISA.

“Being an industry innovator, having launched the first residential mortgage-backed IFISA, we are delighted to offer savers a flexible IFISA which gives savers more freedom to access and replace their ISA savings in the same tax year,” Karadaghi said.

“Increased flexibility will benefit the industry as a whole and we are keen to embrace any innovation that gives savers choice and possibility to allocate their savings.”

LandlordInvest launched its IFISA in January, offering returns of five to 12 per cent depending on the loans backed.

It is one of seven live IFISAs that investors can access this tax year, but it is thought that there could be more launches before April.

Read more: Lending Works re-opens to IFISA investors