ISA swap 9 June 2021 at 2:06PM in ISAs & tax-free savings 1 reply 41 views

Bandit17

Hi
i have an issue with a building society and have approached them with my partner for a mortgage and they declined us, so we have got our mortgage from another high street lender, I’m now a bit unhappy with them, can I switch my ISA I have with them to another provider.

thanks 

grumiofoundation

Bandit17 said:

Hi
i have an issue with a building society and have approached them with my partner for a mortgage and they declined us, so we have got our mortgage from another high street lender, I’m now a bit unhappy with them, can I switch my ISA I have with them to another provider.

thanks 

Yes you can transfer your ISA to another provider. You will need to do an ISA transfer (rather than doing manually yourself) in order to keep all the money within the ISA wrapper. 

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

If it is a fixed rate cash ISA you will have to pay a penalty. 

Some would say it may be an unnecessary step, potentially cutting off your nose to spite your face, as a result of being declined for a mortgage....