A minimum of £20,000 in existing ISA money can be transferred from other ISA providers to your FOLK2FOLK IFISA, in multiples of £5,000.
Upon maturity (or early repayment) of the loan, your IFISA funds will be returned to the FOLK2FOLK client money account and you will be contacted to establish what you wish to do with these funds.
You may want us to return them to you or retain them for reinvestment into another FOLK2FOLK loan. If you request to withdraw your IFISA funds and have them returned to you, they will lose their tax-free status from the date of closure/withdrawal.
If you wish to have your IFISA transferred to another ISA provider (fees apply), ensuring this is completed using the transfer form supplied by the new ISA provider, then the ISA will retain its tax-free status.
Note: Tax treatment depends upon your individual circumstances and may be subject to change in the future. If you are looking for specific financial or tax advice regarding your IFISA funds, contact an IFA or tax advisor.
If your funds are invested in a loan and you wish to withdraw or transfer to another ISA provider from the loan early, you can offer your investment loan for sale to other FOLK2FOLK Lenders via our secondary market (Hyperlink to Accessing Your Money page). Fees and conditions apply.
However, there is no guarantee that another Lender will purchase your loan investment. In this case, you will need to remain in the loan until the Borrower redeems.
It is not possible to give an accurate wait time for a loan opportunity to be offered to Lenders as wait times depend on the following:
From 6th April 2019, there are no fees to open a FOLK2FOLK IFISA and no ongoing management fees. Fees do apply for withdrawal and transfer (see our Terms & Conditions for fees).
If your funds are held in the client money account and not invested in a loan, you may transfer them to another ISA provider using the transfer form supplied by them. Before transferring your IFISA funds, review the associated fees, and see our Terms & Conditions for full details.
Your capital is at risk and is not protected under the Financial Services Compensation Scheme. FOLK2FOLK Limited (Company Registration No. 08178576) is authorised and regulated by the Financial Conduct Authority (FRN 720867). Our registered office address is NUMBER ONE Business Centre, Western Road, Launceston, Cornwall, PL15 7FJ.
Your property against which the loan is secured could be at risk if you don’t meet payments. FOLK2FOLK Limited (Company Registration No. 08178576) is authorised and regulated by the Financial Conduct Authority (FRN 720867). Our registered office address is NUMBER ONE Business Centre, Western Road, Launceston, Cornwall, PL15 7FJ.