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RateSetter ISA to launch in February
RateSetter has announced details of their Innovative Finance ISA which will be launching in February.
Here is the email sent to existing lenders:
The RateSetter ISA will launch in February 2018 and will initially be exclusively available to existing RateSetter active investors. You will have until 5 April 2018 to invest your 2017-18 ISA allowance, up to £20,000, in a RateSetter ISA.
After April 2018, we will accept transfers of ISAs, which means that you will be able to transfer funds from all types of ISA accounts into your RateSetter ISA while retaining the benefit of the tax-free wrapper.
As a result of the launch of the RateSetter ISA, we will be making some changes to the Lender Terms to cover the new ISA product. We will let you know when the new terms go live and provide you with a copy.
There is still time for new customers join to RateSetter. New customers can receive a £100 bonus when they invest £5000 or more. Terms & conditions apply and this promotion ends 11th April 2018. Capital is at risk.
RateSetter also provided an update of the composition of their loan portfolio. The platform is best known for their personal loams which represent 71% of their total loan portfolio. Business lending represents 12% of their loan portfolio, with property lending representing 13%. Over the last 3 months property lending represented 32% of loans, which indicates that RateSetter has been increasing its property lending.