LandlordInvest has made its newly launched residential mortgage-backed innovative finance ISA (IFISA) flexible, meaning investors can replace, in whole or in part, cash they have withdrawn without it counting towards their subscription limit for a tax year.
The flexible ISA was introduced in the current year and offers savers the ability to move cash between all types of ISAs (cash, stocks and shares and the IFISA).
LandlordInvest’s property-backed flexible IFISA lets savers invest up to GBP15,240 in the current tax year (rising to GBP20,000 in the next tax year) in peer-to-peer loans secured by residential mortgages, and with the ability to earn tax-free returns between 5-12 per cent per annum. It was the first residential property-backed IFISA made available to UK savers.
Filip Karadaghi, LandlordInvest’s chief executive, says: “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. 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.”