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ISA transfers

You are free to transfer existing ISAs to Lending Works, and you don’t have to wait until the end of the current tax year to do so.

If you're transferring ISA funds you've subscribed to another ISA in the current tax year, you'll need to transfer the balance in full, including any income you've received on those subscriptions.

Do the same restrictions apply to ISA funds accumulated in previous tax years?

You can transfer ISA funds accumulated in previous tax years without restriction. You can even split the funds and transfer as much or as little as you like. It does not matter which category the previous ISAs fall into.

How can I transfer my existing ISA to Lending Works?

Whether you are transferring ISA subscriptions from the current or previous years, you will need to follow the transfer process set out in your Lending Works account. This will involve completing and authorising a transfer request form. We will then get in touch with your existing ISA Manager directly and aim to complete the transfer for you within 30 days.

You must not make this transfer yourself by withdrawing the funds and sending these to Lending Works. This could result in withdrawal of your funds from your ISA and loss of ISA tax benefits on those funds. If you are unsure, please contact us before you take any action.

Can I transfer my Lending Works ISA to another ISA provider?

Yes, you can, provided the funds in your Lending Works ISA you wish to transfer are held in cash i.e. not on loan or allocated to a loan.  If they are, you will either need to wait until funds are repaid on your loans or use the Quick Withdraw facility to access your funds early. There are also a few restrictions on transfers which are set out below, due to the ISA Rules.

Current tax year subscriptions:

You can only transfer funds in relation to current-year subscriptions (including any interest earned on those funds) in full to another provider i.e. you cannot transfer part of these funds.

Previous tax year subscriptions:

Unlike current-year subscriptions, you can transfer any amount in relation to subscriptions made in previous tax years. You can do this in as many separate transactions as you like.

How can I transfer my Lending Works ISA to another ISA provider?

Whether you are transferring ISA subscriptions from the current or previous years, you will need to follow the transfer process provided to you by your new ISA manager (to whom you wish to make the transfer). This will involve completing and authorising a transfer request form. Your new ISA Manager will then get in touch with us to complete the transfer for you within 30 days. You should speak to your new ISA manager about this.

You must not make this transfer yourself by withdrawing the funds and sending these to Lending Works. This could result in withdrawal of your funds from your ISA and loss of ISA tax benefits on those funds. If you are unsure, please contact us before you take any action.

Will I be charged for transferring ISA balances in or out?

No. We won't charge you for transferring your Lending Works ISA to another provider or for receiving a transfer from any existing ISA, but your new or existing ISA manager may apply administration charges for the transfer, such as for supplying information.

Unfortunately, we're unable to refund any charges made by your new or existing ISA manager, or refund any interest and/or bonus you may lose by transferring. Please check any charges or penalties with your new or existing ISA manager before requesting any transfer of funds.

Are there any restrictions on how much I can transfer from existing ISAs?

As set out above, any funds subscribed in the current tax year must be transferred in whole (including any interest).

Any funds subscribed in previous tax years can be transferred in any amount or any number of transactions.

How many transfers can I make each year?

In the current tax year, you can transfer in or transfer out any number of previous tax years' subscriptions.

What if I transfer funds to you on the last day of the tax year?

If you transfer funds to us on the last day of the tax year (for example on 5 April), provided these funds are cleared in our client bank account on the last day of the tax year, these will count as a transfer within the current tax year, even if these are not immediately allocated to your ISA. 

Please note: If you transfer funds on a non-business day they may not clear in our client bank account until the next available business day.

If in the unlikely scenario you send us funds before you have opened an ISA with us (though you should never do this), your funds will not be treated as received by us until your ISA has been opened.  

If you are opening an ISA and/or transferring in funds towards the end of the tax year, we suggest you give yourself sufficient time to avoid losing any remaining annual ISA limit. You should avoid leaving subscriptions to the last day of the financial year where at all possible.

Can I move my existing loans into my Lending Works ISA?

No, unfortunately this is not possible. However, you can use the Quick Withdraw facility to sell your rights under the loan agreement to one or more other lenders, then move the proceeds of sale from your Classic Account to your ISA.

Please note: Early access to your funds is not guaranteed and relies on there being lenders available to purchase your loan chunks.