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p>Peer-to-peer lender Wellesley & Co. has laid claim to being the first P2P lender in the UK to launch a P2P ISA eligible secured bond with tax free returns.
The lender has revealed that it now offers access to the P2P market through a stocks and shares ISA, which can offer a tax-free return rate of four per cent pa over three years, or 5.25 per cent pa over five.
Investors can now invest up to £15,000 of their ISA allowance in the asset-backed ISA bond every year, where funds will be invested in asset-backed loans available on Wellesley’s P2P platform.
Commenting on the launch, Graham Wellesley, CEO & Chairman, Wellesley & Co. said: “The Chancellor’s endorsement of Peer-to-Peer in 2014 has helped bring the sector into the mainstream and the demand for inclusion in the ISA framework has grown substantially. Whilst the consultation period continues, we have received enormous demand from investors for immediate tax-free returns and Wellesley is pleased to be the first to provide a practical solution to this ever growing consumer demand.
“Wellesley is not only the first platform to provide a P2P ISA solution, it is also the fastest growing P2P platform: it has funded the largest P2P loan in history, lent in excess of £160 million and has a proven track record in delivering its investor promise of protecting investor capital via its prudent credit policy and use of its own funds as a safety buffer.
“We are continually striving to provide a pioneering solution for investors who continue to suffer in a low interest rate environment. We are delighted to offer Wellesley P2P ISA Bonds to Britain’s hard pressed investors – now as part of a tax free ISA, providing some of the safest and most secure returns on the retail bond market.”
The ‘Wellesley P2P ISA Bond’ is understood to be the only retail bond on the market to benefit from the firm’s Provision Fund, currently in excess of £9.3 million, which can compensate investors if a loan defaults and the sale of the security does not cover the loan.
For investors wanting to invest in the bonds, they can subscribe to the first issue from today until Thursday 12th March.
Subscription for the first listing was opened up to investors on the 17th of February, where Wellesley plans to offer further subscriptions every month for those who may have already used their ISA allowance.
Peer-to-peer lender Wellesley & Co. has laid claim to being the first P2P lender in the UK to launch a P2P ISA eligible secured bond with tax free returns…
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