If, in the first 14 days after you open a Lending Works ISA, you change your mind and decide you would like to cancel your account, you have a statutory right of cancellation. This is also set out in the ISA Terms and Conditions.

Any current-year subscriptions during this cancellation period will be returned to you and will not count towards your annual ISA limit. You will also need to transfer any funds subscribed in previous tax years which you transferred during this cancellation period to another ISA manager. Provided this is satisfied, you will still be able to open another Innovative Finance ISA with us or any other ISA manager, or alternatively a different type of ISA with another ISA provider. Your full annual ISA limit will remain intact.

However, if in the first 14 days any funds subscribed in the current year, or funds transferred from another ISA manager in respect of previous years’ subscriptions, are and remain allocated to a loan, or are on loan under a loan agreement, you will lose this cancellation right.  

After the cancellation period, you can still close your Lending Works ISA as set out in the ISA Terms and Conditions, but you will not be able to benefit from the intact annual ISA limit for current year subscriptions.

Can I withdraw funds from my Lending Works ISA?

You can withdraw funds from your Lending Works ISA at any time, provided they are held in cash (i.e. not part of an allocated lending offer or already on loan).

Please note: If you decide to take funds out of your Lending Works ISA, you will not be able to replace these again in the same tax year and will lose any tax benefits on these funds.

How can I close my Lending Works ISA?

To close your Lending Works ISA you can either: 

> Request a transfer of your full account balance to another ISA manager (you can only do this once all funds are in your Wallet i.e. not on loan or allocated to a loan); or
> Withdraw all funds within your Lending Works ISA (again, you can only do this once all funds are in your Wallet i.e. not on loan or allocated to a loan). Please note: If you decide to take funds out of your Lending Works ISA, you will not be able to replace these again in the same tax year and will lose any tax benefits on these funds

Once you have completed the above please contact our Customer Service team to close your account.