THE HOUSE Crowd has lowered the minimum investment amount for ISA transfers into its tax-free wrapper.
Investors can now transfer from £1,000 – instead of £5,000 – into The House Crowd’s Innovative Finance ISA (IFISA).
All transfers below £5,000 will have a £50 admin fee.
“At The House Crowd we are continually evolving in order to make our products more accessible to all of our members,” the peer-to-peer property platform said in a note to investors.
“As a result of our ongoing ‘metamorphosis’, we’ve adapted our ISA transfer rules so that everyone can now enjoy the tax-free benefits of our IFISA.”
The House Crowd first opened its IFISA to transfers last month.
Investors can earn seven per cent a year by lending through the platform.
Users cannot manually select their loans for the IFISA and the money is locked up for a minimum of three years before they can withdraw their funds, and a three-month notice period must be given to withdraw or transfer.
The platform was previously facing issues allowing transfers due to banks being cagey about providing client money accounts, but founder Frazer Fearnhead (pictured) told Peer2Peer Finance News it has now found a bank to provide this service.