Don't invest unless you're prepared to lose money. This is a high-risk investment. You may not be able to access your money easily and are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
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Don't invest unless you're prepared to lose money. This is a high-risk investment. You may not be able to access your money easily and are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
Please read these terms and conditions carefully and print a copy for your future reference. It is important that you understand that peer-to-peer lending is not covered by the Financial Services Compensation Scheme (“FSCS”) and therefore your capital may be at risk if a borrower fails to repay a loan that you have funded. We strongly recommend that you seek independent financial and tax advice when considering whether to lend your funds through LandlordInvest Limited, trading as Mustard (“Mustard”, “Company”, “we”, “us”).
If you decide to become a lender on Mustard (“Lender”, “Investor”), you must comply with these terms and conditions. These terms and conditions should be read alongside our Privacy Policy (accessible here getmustard.co.uk/privacy).
By using systems and services provided via the website getmustard.co.uk, any other online services provided by us and any data managed by, displayed on or transmitted from such services (“lending platform”), you confirm that you have read, understood and agree to these terms and conditions and the privacy policy (each as amended from time to time). If you do not agree to these terms and conditions, you must stop using the lending platform immediately.
References to "you" and "your" mean a user of the lending platform and the services provided via our lending platform, whether as an individual or on behalf of an entity which meets the criteria set out in clause 3 below.
1. About us
1.1 LandlordInvest Limited is a company incorporated in England and Wales, whose registered number is 09245725 and whose registered office is at 3rd Floor, Great Titchfield House, 14-18 Great Titchfield Street, London, W1W 8BD, United Kingdom. We trade under the name “Mustard”.
1.2 LandlordInvest Limited is authorised and regulated by the Financial Conduct Authority (FCA) (FRN 660926).
1.3 LandlordInvest Limited is registered with the Information Commissioner’s Office (ICO) (ZA099073).
1.4 Peer-to-peer lending through our lending platform is not covered by the Financial Services Compensation Scheme (“FSCS”), so you will not be compensated if a borrower fails to repay. Money we hold for you as Client Money is kept in a bank account (see clause 15). If that bank fails, you may be entitled to compensation from the FSCS for your share of that money, up to the FSCS deposit protection limit (currently £120,000 per person per banking group, which includes any other deposits you hold with the same bank). Further information is available at www.fscs.org.uk.
2. Our service
2.1 We provide the following services:
2.2 We are acting as an agent to Loan Facility Agreements, and all other relevant loan documents, originated through our lending platform and do not perform any management or advisory services.
2.3 As part of the services, as specified in clause 2.1 above, we do perform credit underwriting on borrowers and assign them credit ratings. However, our credit ratings are only informative and should never be construed as advice.
2.4 Although we endeavour to verify all information provided by a borrower and with which we conduct our underwriting process and assign a credit rating, we accept no responsibility and disclaim all liability for any such information.
2.5 We may modify, update or delete any borrower or loan information, or withdraw a loan request, at any time after it has been posted on our loans marketplace. We will tell you about material changes.
2.6 For the avoidance of any doubt, we are not a lender or a borrower.
2.7 Conflicts of interest. We work with related companies and other lenders, including Bridge Invest Ltd, which is a shareholder in our business. A related lender may lend to the same borrower, or hold another charge over the same property, which may rank ahead of or behind the loan you fund. Where this happens, we will say so on the loan page and explain how the charges rank. We identify and manage conflicts of interest under our conflicts of interest policy, and you can ask us for a summary of it.
3. Become a lender
3.1 To open a lending account with us you must meet the following conditions:
3.2 If you are a limited company or LLP, you must satisfy one of the following:
(a) you must not be in the business of lending as part of your ordinary course of business; or
(b) if you are in the business of lending as part of your ordinary course of business, you must be authorised and regulated by the Financial Conduct Authority (and the Prudential Regulation Authority where applicable) to carry on the regulated activities set out in Article 60B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (“Lending business”).
3.3 If you are a Lending business, you must ensure that you have, at the time of becoming a lender on our lending platform and at all times whilst you are a lender on our lending platform, proper authorisation from the FCA (and PRA where applicable). You must also notify us of this status and provide us with your authorisation number before you become a lender on our lending platform.
3.4 If you are a Lending business you must ensure that you comply with all your legal and regulatory obligations at all times. You cannot delegate such responsibilities to us.
3.5 You must immediately notify us if:
(a) you are a Lending business and your authorisation has been cancelled, suspended or varied by the FCA or on your own initiative;
(b) you are a Lending business and have had requirements or limitations added to your Part 4A Permission or you are involved in or subject to FCA (and/or where relevant, PRA) enforcement action; or
(c) the status of your company at the time of registering as a lender met the condition set out within clause 3.2(a) but now meets the condition set out within clause 3.2(b). Where this is the case you must not use our lending platform until you satisfy the criteria set out in clause 3.3.
3.6 You warrant that all information that you provide about yourself is accurate and true to the best of your knowledge. You will update us if any of the information you provide to us changes.
3.7 You warrant that by entering into this agreement, you are not breaking any laws or regulations that are applicable to you nor is any company, trust or partnership upon whose instructions you are acting.
3.8 We will carry out identity and fraud checks on you, using identity verification and credit reference agency services (currently Creditsafe Business Solutions Limited, which uses data from TransUnion), to comply with our regulatory requirements.
3.9 We have complete discretion as to whether to allow you to be a lender on our lending platform.
3.10 If we cannot obtain satisfactory information from the credit reference agency then we will ask you to provide us with copies of the relevant passports or other identification documents plus a proof of address and anything else that we may require.
3.11 We may at any time suspend or place limitations on trading on your account if we believe it is appropriate in order to comply with our legal and regulatory obligations.
3.12 You can transfer money into your lending account by bank transfer. You need to quote your unique account number if you transfer money using a bank transfer so that we can identify and allocate your transfer to your lending account.
3.13 We require you to use an account held with a bank or building society maintained in your sole or joint name.
3.14 You can start lending as soon as we receive and allocate funds to your lending account. Setting up a lending account is free of charge.
3.15 Money in your lending account will be held by us in a segregated client account with a bank (currently The Royal Bank of Scotland plc) selected by us unless and until it is lent to a borrower at which time it will be transferred to the relevant borrower’s account.
3.16 You may withdraw money from your lending account by making a request in writing to us. Money will only be paid into a bank or building society account held in your name or a joint name. When making your first withdrawal request, you need to provide us with a bank or building society statement showing your name and address before we can process your withdrawal request to meet current UK regulation. You may upload a statement directly to our lending platform or send it to [email protected].
3.17 Please keep in mind that while we believe that access to the assets of a borrower via the secured loan may provide additional comfort as to the likelihood of repayment, we accept no additional responsibility for the likelihood of a borrower meeting its financial obligations to lenders through our lending platform in circumstances where such recourse to the assets of the borrower is available.
3.18 You have the right to cancel this agreement, without giving any reason, within 14 days beginning on the day after the date on which you register as a lender on our lending platform. You can do this by emailing [email protected]. If you cancel, we will return any money held in your lending account that has not been committed to a loan. Cancellation does not affect any loan, loan part or secondary market purchase you have already entered into or committed to, which will continue on its terms until repaid or sold.
3.19 Investor categorisation and appropriateness. Peer-to-peer agreements are high-risk investments. Before you can invest as an individual, FCA rules require us to: (a) ask you to confirm which investor category applies to you (restricted investor, certified high net worth investor, certified sophisticated investor or self-certified sophisticated investor); (b) assess whether investing in peer-to-peer agreements is appropriate for you, based on your knowledge and experience; and (c) give you a risk warning and a cooling-off period of at least 24 hours before you can make your first investment. If you are a restricted investor, you confirm that you will not invest more than 10% of your net assets (excluding your main home, pensions and life insurance) in peer-to-peer agreements and similar investments in any 12-month period. We may ask you to confirm your category again from time to time, and we will not allow you to invest if we cannot complete these steps.
3.20 We may delay, refuse or reverse a payment, withdrawal or investment, or suspend your account, where we reasonably need to in order to comply with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Proceeds of Crime Act 2002, sanctions law or other legal or regulatory obligations. The law may prevent us from telling you why.
3.21 Pension schemes. If you are investing as the trustee of a registered pension scheme (such as a SIPP or SSAS), you confirm that the investment is permitted under the scheme’s rules and HMRC requirements, and you are responsible for checking that it is an allowable investment for the scheme. All payments to and from your lending account must be made from and to the scheme’s bank account. Where a member of the scheme directs the investment, we may apply the steps in clause 3.19 to that member. For pension scheme accounts, please contact [email protected].
4. Lending account
4.1 You must provide a username and email address, enter a password and provide answers to two security questions when registering as a lender with us.
4.2 Each time you access your lending account you will need to enter your email address and password. Your username and password are unique to your lending account and are not transferable without our written consent.
4.3 You must keep your username, password and the answers to security questions secure at all times. You are responsible for all information and activity on our lending platform by anyone using your username and password.
4.4 If you authorise anyone to use your lending account you will be responsible for their activity on the platform.
4.5 You must tell us immediately, by email to [email protected], about any breach of security, or any loss, theft or unauthorised use of a username, password or security information.
4.6 You agree not to adapt, bypass or manipulate the systems in place in connection with the platform, nor access our systems other than by using the credentials assigned to you and by following the instructions that we have provided for that type of connection.
4.7 We reserve the right not to act on your instructions where we suspect that the user logged into your lending account is not you or we suspect illegal or fraudulent activity or unauthorised use.
4.8 You agree that any and all personal information you provide to us via our lending platform may be collected, stored, processed and used in accordance with our Privacy Policy at getmustard.co.uk/privacy.
5. How to lend
5.1 All applications by borrowers are carefully reviewed by us and classified at the initial application stage into assigned risk ratings based on various variables including data from a credit reference agency that we work with and the borrower’s application.
5.2 A loan request page is created by us for borrowers that meet our criteria and pass through our underwriting process.
5.3 Certain loans may be classified as “Pending underwriting”, meaning that the loan meets our criteria and certain checks have been made but a final check (often a valuation report) is required before the loan will be classified as an underwritten loan. The loan page will show which checks are still outstanding, and the loan will not complete until they have been satisfied.
5.4 Loan requests are posted to our loans marketplace which you may only access if you have a lending account.
5.5 Once you have decided which borrower(s) you want to lend to, you choose the amount of money that you want to commit. The minimum amount that you can commit to each loan is £1,000, in increments of £1, or such other amounts as we may set from time to time and show on our lending platform.
5.6 You may withdraw your commitment to a loan request at any time provided that the loan request has not reached its funding target.
5.7 A loan must be fully funded to complete. A completed loan will be made up of the sum of the commitments sufficient to fully fund the loan request at the time the borrower accepts the loan or the funding period expires. The borrower can then either accept the loan or allow the loan offer to lapse, in which case no loan is made. We may extend the funding period or withdraw the loan request at our discretion. If a loan request does not complete, your commitment will be released back to your lending account. No interest is payable on committed funds before completion.
5.8 We may offer tranched loans. This means that a loan that is secured by a first or a second legal charge over one or more properties (along with any other loan security), may be offered in two separate tranches to lenders on the lending platform: (1) a senior (tranche) loan and (2) a junior (tranche) loan.
5.9 The loan repayment priorities between the two tranches are as follows (which you unconditionally agree to when making loan investment(s) into either or both tranches): Following the full settlement of the Security Agent’s fees (if any) and as set out in clauses 11.5 and 11.10, all monies received shall first be applied towards discharge of the senior loan principal balance and second, once the senior loan’s principal balance has been discharged in full, towards discharge of the junior loan’s principal balance.
The remaining balance, if any, shall be applied first towards the repayment of all accrued and unpaid interest due to the senior loan and second, once all accrued and unpaid interest due to the senior loan has been repaid in full, towards all accrued and unpaid interest due to the junior loan.
5.10 We reserve the right to place any restriction or condition on which lenders may become lenders and/or the maximum or minimum amount a single lender is permitted to bid and lend to a particular borrower or in aggregate.
5.11 You can monitor and review details of your loan portfolio in the “My Account” section of our lending platform.
6. Loan Facility Agreement
6.1 Mustard enters into a Loan Facility Agreement on your behalf as agent with the borrower once a loan request is fully funded and the borrower accepts the aggregated loan request offer. Your money is then transferred from your lending account to the account of the borrower.
6.2 The Loan Facility Agreement will include the relevant contract terms, setting out the specific details of the loan (interest rate, term etc.) and will incorporate our standard loan conditions.
6.3 You irrevocably appoint Mustard or such other entity to which any of its rights and obligations are assigned under clause 6.4 from time to time to act as an agent on your behalf in relation to the loan and instruct Mustard to sign the Loan Facility Agreement, any Security Documents and any other relevant loan documents as agent on your behalf.
6.4 Mustard may assign any or all of its rights and obligations under its agreement with you and any Loan Facility Agreement, any Security Document and supplemental documentation. If a novation of all or any of Mustard’s rights and obligations is required by Mustard, you agree to enter into such documentation as is required by Mustard to give effect to the novation and thereupon Mustard shall be released from all further liability in respect of its obligations so assigned. The expression “Mustard” in these terms and conditions shall where the context permits include any entity to which any of its rights and obligations are assigned.
6.5 No interest will be earned by you until the loan request has completed.
6.6 Where there is more than one Lender lending under the Loan Facility Agreement, the total Loan to the Borrower will be made up of various loan parts, each loan part representing a separate loan made to the Borrower by the Lender of each loan part. Where this is the case, under the Loan Facility Agreement, you will be deemed to enter into a separate Loan Part (as defined in the Loan Facility Agreement) with the Borrower in respect of your loan part for the amount of your loan part and on the same terms as the Loan Facility Agreement.
6.7 If you purchase a loan or part of a loan from another lender, you will become a party to the Loan Facility Agreement and your money will be transferred from your lending account to the transferring lender’s lending account.
6.8 We may, acting as an agent on your behalf, in our sole discretion, amend (including extend), waive any term of, give any consent under, or release (in whole or part) a Loan Facility Agreement and any other Security Documents securing the loan, where we reasonably believe it is in the best interests of the lenders in that loan taken as a whole, and you irrevocably agree to such an amendment. We will tell you about any material amendment or extension, and keep a record of our reasons for it.
6.9 You agree that all notices and communications given to a borrower may be sent by us on your behalf.
7. Interest and principal payments
7.1 Interest and principal payments due to you on each loan or loan part can be viewed in the “My Account” section of our lending platform. The Loan Facility Agreement governs the payment of these amounts.
7.2 All interest accrued and principal payments will be credited to your lending account.
7.3 Each loan will have its time period and maturity date specified in the Loan Facility Agreement applying to it.
7.4 All interest and principal payments will be made to lenders without deduction of income tax, unless we are required by law to make a deduction, in which case we will deduct the amount required and account for it to HMRC. It is your responsibility to account for any income tax and other personal taxes that may be payable to the appropriate authorities.
7.5 We will, for tax purposes, provide you with an annual statement of interest earned.
8. Selling or buying a loan or loan part on the secondary market
8.1 You may list your loan or loan part for sale, using the secondary market function on the platform. The minimum amount that you may list for sale is £100 and you may list a loan or a loan part at up to a 20% discount to the loan or loan part’s par value. Please remember that by selling a loan or loan part at a discount, you may receive less than what you invested in the loan or loan part.
8.2 To list your loan or loan part on the secondary market, you will need to choose the loan and loan amount that you wish to make available for sale by going to the “My investments” tab in your account. You may list your entire outstanding investment in a loan or loan part.
8.3 Please keep in mind that there is no guarantee that there will be a buyer for your loan or loan part as it is outside Mustard’s control. It is solely up to platform lenders if they wish to bid on your loan or loan part.
8.4 You will not be able to list a loan or loan part if the relevant (1) the relevant loan is in arrears (a borrower has missed one or more interest payments, or only made a partial payment), (2) the loan is in default, (3) there is only one interest payment remaining for the loan, or (4) the loan is suspended under clause 8.17.
8.5 Tranche 2 and all subsequent Tranches of a development loan cannot be listed on the secondary market until the first interest payment for the relevant Tranche is received in full and paid.
8.6 A Loan Facility Agreement that has been extended, as set out in clause 6.8, is subject to the terms set out in clause 8.4, applicable from the date of the Loan Facility Agreement's extension.
8.7 Once you have listed a loan or loan part, it will appear on the secondary market. A loan or loan part listing is listed on the secondary market for 14 days, beginning from the time that you listed it. You may at any time remove your listing.
8.8 Lenders may purchase a loan or loan part by pressing the “buy” button for the relevant loan or loan part and submitting a bid.
8.9 A Mustard administrator must approve each secondary market sale before it is completed. If the administrator approves a bid, both the seller and buyer will be notified via email and their respective records will be updated to show when the purchase is completed. If the administrator does not approve a bid, the listing may be re-listed on the secondary market subject to clauses 8.4 and 8.5.
8.10 Secondary market listings will only be processed between the hours of 9.30am and 5pm, Monday to Friday.
8.11 Secondary market listings that are under bid and pending approval by a Mustard administrator will not be processed on the day of the loan's interest payment date until the full interest payment has been made by the borrower. If the borrower does not make the full interest payment on the interest payment date, the secondary market listing bid will not be approved.
8.12 When a secondary market sale occurs prior to a scheduled interest payment, the seller will receive the daily accrued interest until the day the sale is completed, payable to the seller upon the next scheduled interest payment for the relevant loan. The buyer will receive accrued interest from the day after the purchase is completed.
8.13 The sale of the listing will be completed by using a Novation Agreement. The Novation Agreement will be completed once the Mustard administrator has approved a sale. Upon the sale, the seller and buyer will have entered into a legally binding contract for the purchase and sale of the loan or loan part (“Secondary market sale”). Upon the Secondary market sale being agreed, both the selling lender and the purchasing lender irrevocably and unconditionally appoint Mustard as their agent to execute the Novation Agreement on their behalf. A copy of the Novation Agreement will be made available to each lender on written request.
8.14 An administration fee of 0.50% will be deducted from the seller’s sale proceeds upon a completed secondary market sale (“Secondary market sale fee”). The Secondary market sale fee is applied to the sale price of the sold loan or loan part. We may at our absolute discretion waive the Secondary market sale fee in part or in whole as part of a promotion or for any other reason.
8.15 A secondary market listing will be on an "as is" basis, with no representations and warranties provided by the selling lender, the borrower, any member of our group or any other entity. Information about the loan on our lending platform is the information available at the time of the original listing, together with any updates we have published. We do not undertake to provide further information and make no representation that it is complete or up to date. Prospective purchasers can use the platform to research the information provided at the time of the original loan listing, including reviewing the payment schedule for the relevant loan.
8.16 You will not be able to sell a loan or loan part if Mustard assigns any of its rights and obligations as set out in clause 6.4.
8.17 We may at our sole discretion suspend a loan from the secondary market when we receive, or become aware of, information that we consider could be material and that we think could significantly impact upon a lender’s decision to purchase the relevant loan or loan part on the secondary market.
8.18 We may at our sole discretion, and where we reasonably consider it appropriate, including for legal, regulatory, risk, operational or security reasons, suspend a lender’s ability to list a loan or loan part on the secondary market.
9. Prepayment
9.1 You accept that borrowers are entitled to, without any prepayment penalties or any other claims arising from a prepayment, prepay their entire loan prior to the maturity date set out in the Loan Facility Agreement, subject to any minimum interest period as set out in the relevant Loan Facility Agreement.
9.2 We will notify you if a borrower chooses to prepay a loan to which you have lent. Proceeds from a prepaid loan will be credited to your lending account after we have received the prepayment proceeds from the borrower.
10. Fees
10.1 We charge borrowers an annualised fee to cover our role in providing intermediary services in relation to the introduction of you and the borrower and the costs of running the website and administering the loans (“Servicing Fee”).
10.2 The Servicing Fee is included in the rate of interest stated in the Loan Facility Agreement for the relevant loan and will be taken directly from loan repayments made by the borrower. The Servicing Fee is clearly displayed on all loan listings on the lending platform.
10.3 If any default interest is due and payable by the borrower under the terms of the relevant Loan Facility Agreement, we will decide what proportion of the default interest is paid to lenders and what proportion we keep to cover our costs of managing the default. We will act fairly in making this decision, taking into account the costs we have incurred, and we will tell the lenders in that loan how the default interest has been split.
10.4 We may also charge borrowers other fees (such as arrangement, exit or extension fees), details of which are shown on the loan page. These fees belong to Mustard and you are not entitled to receive any part of them.
11. Security and security enforcement
11.1 (a) Each loan will be secured as described on the relevant loan page, usually by a first or second legal charge over the borrower's property (“security”), which will be held by LLI Security Agent Ltd (company number 17261219) or, for some existing loans, LandlordInvest Security Agent Limited (each, "LLI Security Agent"), or any other firm appointed by us at our sole discretion to hold such security on your behalf.
11.1 (b) A reference to "Security Agent" is a reference to LLI Security Agent or any firm instructed by us, in its capacity as security holder on your behalf.
11.1 (c) Security for some existing loans is held by LandlordInvest Security Agent Limited (company number 11733206). We may transfer that security to LLI Security Agent Ltd. You agree to any such transfer, and authorise us to sign any documents and make any registrations needed to complete it on your behalf.
11.2 You agree that the Security Agent will act on your behalf as Security Agent in respect of any of the borrower's liabilities to you under each loan. Communications to a borrower in connection with any such security will be made through us or through the Security Agent.
11.3 We may replace the Security Agent at any time, including if it becomes insolvent, and you agree to the transfer of any security to the replacement and authorise us to sign any documents needed on your behalf.
11.4 Any valuation of the security will be indicative only, and the amount realised on enforcement in connection with the sale of such security may be lower (or higher) than the value set out in the valuation. Neither we nor the Security Agent can guarantee the realisable value of the security.
11.5 The Security Agent will pay back to lenders in their proportionate share any funds successfully recovered, less the costs, fees and expenses incurred by the Security Agent, by us and by any agent appointed by either of us in connection with the recovery.
11.6 The Security Agent will act in good faith and with reasonable care with a view to achieving the best recovery it reasonably considers achievable in the circumstances for all affected lenders, which may include extending payment terms, agreeing a settlement, appointing a receiver or selling the debt to a third party.
11.7 The Security Agent may perform all obligations and exercise all rights and benefits given to the Security Agent by assignments, legal mortgage and by any future security that the Security Agent may take in respect of the debt due under the loan or under any document entered into pursuant to such assignments, legal mortgage and/or future security.
11.8 Where the Security Agent holds an assignment and/or legal mortgage in respect of a particular loan of a particular borrower, that assignment and/or legal mortgage will generally operate to secure all monies due from that borrower to lenders.
11.9 If the Security Agent is required to enforce any security agreement, and any proceeds of recovery become available (after allowing for all of the Security Agent’s costs of enforcement), it is possible that the available proceeds will not be sufficient to discharge all obligations owed by the borrower at that time to lenders. Lenders shall only be entitled to recover their proportionate share of such recoveries in such cases.
11.10 You agree that the Security Agent shall be entitled to be repaid and reimbursed out of the proceeds of any recovery under any security agreement, assignment and/or legal mortgage and that you will pay all reasonable costs incurred by the Security Agent in enforcing the security or in complying with any instructions from you in connection with any security agreement. You will only be responsible for payment of such costs out of the proceeds of any recovery and to the extent that such costs cannot be recovered by the Security Agent from the relevant borrower.
12. Arrears
12.1 You agree that in the event of arrears on a loan, we may take the steps set out below (clauses 12.3 to 12.9) on your behalf.
12.2 We may act outside and/or ahead of the process set out in clauses 12.3 to 12.9 to pursue arrears or loans where we consider this to be in the best interests of lenders. We may recover our reasonable costs from any amount recovered.
12.3 If the borrower misses a payment, or only partially pays the amount due to you and the other lenders, we (either ourselves or through an agent acting on our behalf) will contact the borrower to inform them that we will reattempt to collect the outstanding payment in respect of that loan.
12.4 If our reattempts to collect the funds fail 3 working days after the payment was due, the borrower's account will be treated as an overdue account and we will continue to attempt to collect the funds.
12.5 We may refer any missed payment to a debt collection agency (the "Collections Agency"), who will attempt to collect the money on your and any other lenders’ behalf and you authorise us to use such Collections Agency on your behalf.
12.6 We will seek to add any reasonable fees of the Collections Agency to the amount owed by the borrower. To the extent they are not recovered from the borrower, they will be deducted from recoveries before distribution to lenders.
12.7 We may engage field agents to attempt to collect the total loan amount outstanding if a loan is placed in default.
12.8 We will seek to add any reasonable fees of the field agents to the amount owed by the borrower. To the extent they are not recovered from the borrower, they will be deducted from recoveries before distribution to lenders.
12.9 We will keep you up to date with the progress of our efforts to collect arrears and to recover defaulted debt.
13. Closing your lending account
13.1 If you no longer want to be a lender on our lending platform and provided that you have no Loan Facility Agreements currently in force, you can let us know in writing and we will close your lending account.
13.2 We may close your lending account at any time by giving you at least 30 days’ notice. We may close it immediately, or on shorter notice, if:
13.3 On termination we will credit your bank or building society account with any funds left in your Mustard lending account. If you still hold loans or loan parts when your account is closed, they will continue until they are repaid or sold, and we will pay what you receive to your nominated bank or building society account. Payment is subject to clause 3.20. We may deduct from any money we hold for you any amount you owe us under these terms, and reverse any amount credited to your lending account in error.
14. Deceased lender
14.1 Upon the death of a lender, Mustard will temporarily block access to the lender’s account. The account will continue to receive interest and loan repayments on outstanding loans (if any).
14.2 After the account has been temporarily blocked, Mustard will only accept instructions from a legal representative (per clause 14.3) on how to deal further with the account, including liquidating the account, selling outstanding loans or loan parts (subject to clause 8) and releasing the funds to a UK bank or building society account.
14.3 The legal representative of the account will need to provide Mustard with a copy of the death certificate and a certified copy of the Grant of Probate or Grant of Letters of Administration (or Confirmation in Scotland) (as applicable) before being able to deal with the deceased’s account.
14.4 We will not be liable for any instruction acted on, or transaction made, before we receive written notice of the lender's death.
15. Client Money
15.1 We shall treat money that we receive from you or hold on your behalf as Client Money in accordance with the FCA’s Client Money rules (CASS). Client Money held for you will be subject to internal control mechanisms and accounting procedures in accordance with the Client Money rules.
15.2 You are hereby notified, in accordance with Rule 7.10.7B of the FCA Client Assets sourcebook, that we have elected to hold monies held in relation to lenders and prospective lenders under non-P2P agreements (corporate bodies and partners in partnerships of four or more partners) in accordance with the FCA’s Client Money rules with effect from 7 February 2017.
15.3 We will make arrangements for your money to be held in a segregated account separately from our own funds with a bank appropriately authorised, in line with our FCA requirements ("Client Bank Account") and in accordance with the Client Money rules and maintained specifically for you or for our lenders generally. Your money may be held with other lenders’ money in a pooled account and you consent to such pooling.
15.4 Client Money will be held on an omnibus basis which means that if the bank were to fail, your funds would be affected by any shortfall in proportion to the value of your funds relative to the total sum of Client Money held in this way. We will not be responsible for any acts, omissions or default of any bank with which your money is held and in the event of insolvency of such bank, we would not be liable for any shortfall unless we had failed to comply with any duty of care or obligation to which we were subject.
15.5 Client Money may be placed in client transaction accounts with solicitors in order to complete certain transactions. These funds are held by the relevant solicitors under the Solicitors Regulation Authority (SRA) Accounts Rules.
15.6 Mustard does not provide paper statements of client holdings. You can log in to your account at any time and download a statement of your current loans and see your "available" and "pending investments" which together account for the Client Money we are holding for you.
15.7 We will not pay interest on balances held as Client Money. Any interest earned on the Client Bank Account will be retained by us.
16. Insolvency arrangements
16.1 If our platform were to fail, or if we were to become insolvent, or if we were to wind down (voluntarily or involuntarily) the platform:
16.2 We would continue to collect the Servicing Fee.
16.3 If we stop operating our lending platform, we will manage the wind-down ourselves. We will stop making new loans, keep the platform and your account access running, continue to administer the loans you have funded and collect repayments in line with their terms, and pay you what we receive as the loans are repaid. We do not currently use an external back-up servicer. The Security Agent will continue to hold the security on your behalf. We will tell you by email and on our lending platform if this happens, and keep you updated until the wind-down is complete.
17. Complaints
17.1 If you have a complaint, please contact us by phone on 020 8323 3150, by email at [email protected], or by post at LandlordInvest Limited (trading as Mustard), 3rd Floor, Great Titchfield House, 14-18 Great Titchfield Street, London, W1W 8BD. Our complaints handling procedure is on our website, and we will send you a copy on request.
17.2 We will acknowledge your complaint promptly and try to resolve it as quickly as we can. We will send you a final response within eight weeks of receiving it, or write to explain why we are not yet able to.
17.3 If you are unhappy with our final response, or we have not sent one within eight weeks, you may be able to refer your complaint to the Financial Ombudsman Service free of charge. You must do this within six months of the date of our final response. Contact details: Financial Ombudsman Service, Exchange Tower, London E14 9SR; telephone 0800 023 4567; www.financial-ombudsman.org.uk.
17.4 If your complaint is about how we use your personal data, you can also contact our Data Protection Officer as set out in our Privacy Policy.
18. Your agreement with us
18.1 You agree that Mustard is making no warranty or representation as to the ability of borrowers to pay and their credit risk. You further agree that we shall have no obligation to reimburse or indemnify you for any cost, loss or liability which you incur as a result of the failure of any borrower to perform its obligations under the Loan Facility Agreement and any other relevant loan documents. You acknowledge that you are lending entirely at your own risk.
18.2 We do not perform any management functions on your behalf. Subject to our rights under clauses 6.8, 10.3, 11 and 12, you retain complete control and discretion over whether or not to make a loan to a borrower and on what terms and over all other aspects of your participation in Mustard and loans made through it. Nothing we do and nothing on our lending platform is intended to operate or be construed as advice or recommendation by us to enter into a particular loan.
18.3 The information on our lending platform does not constitute advice, recommendation or an endorsement of loan requests or borrowers. The information is not intended to be relied upon as a sole basis for deciding whether or not to lend to a particular borrower or loan.
18.4 We do not guarantee that there will be sufficient bids to fully fund loans and allow your funds to be lent out, that there will be sufficient borrowers for you to lend to or that there will be sufficient other lenders to buy your loan or loan parts should you wish to sell them.
19. General terms
19.1 The information provided on our lending platform is directed solely at and is for use solely by lenders that meet the criteria set out in clause 3 above. The content provided through our lending platform is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be unlawful.
19.2 Our supplied content on our lending platform must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any purpose without our express written consent.
19.3 We are not responsible for content downloaded or posted by lenders or borrowers on the platform.
19.4 We will endeavour to allow uninterrupted access to the platform, but access to the platform may be suspended, restricted or terminated at any time at our sole discretion.
19.5 You agree to use our lending platform only for lawful purposes and in a way that does not infringe the rights of anyone else or restrict or inhibit anyone else's use.
19.6 You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to our lending platform is free from viruses and anything else which may have a destructive effect on any part of our lending platform or any other technology.
19.7 The content and material available through our lending platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities or any other financial services or banking product. You should seek independent financial or tax advice if you are unsure about whether a product is suitable.
19.8 You are responsible for all costs incurred by you in accessing the platform.
19.9 We accept no responsibility or liability for your use of content on the platform and such use is entirely at your own risk. While we take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the platform, we accept no liability for them if they do exist. It is your responsibility to use, update and maintain appropriate antivirus software on your computer.
19.10 Information transmitted via our systems will pass over public telecommunications networks. We accept no liability if communications sent via the platform are intercepted by third parties or incorrectly delivered or not delivered.
19.11 The platform may contain links to third-party websites. We accept no responsibility or liability for any material supplied by or contained on any third-party website which is linked from or to the platform, or any use of personal data by such third party.
20. Your liability
20.1 You will indemnify us and the Security Agent against any reasonable losses, costs (including reasonable legal costs) and liabilities we incur as a result of your breach of these terms or any Loan Facility Agreement, any information you provide being untrue, or any fraudulent use of our lending platform by you or anyone using your account.
21. Our liability
21.1 We shall not be liable to you for any loss or damage which you may suffer as a result of being a lender on our lending platform or using the services provided via our lending platform, except where such loss or damage arises from our breach of these terms and conditions or was caused by negligence, wilful default or fraud by us or our employees.
21.2 We are not responsible for any breach of these terms and conditions arising from circumstances outside our reasonable control. Our total liability to you in connection with these terms and conditions and your use of the services provided via our lending platform shall not exceed the principal amount you have invested in the loan or loans to which the claim relates.
21.3 Nothing in these terms and conditions shall limit our liability for personal injury or death, fraud, or for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation.
22. Amendments to these terms and conditions
22.1 We may change these terms and conditions to reflect changes in law or regulation, in our services or the way we run our lending platform, or for another valid reason. If a change is to your disadvantage, we will tell you by email or on our lending platform at least 30 days before it takes effect, and you may close your lending account without charge before then. Any loans you hold will continue until they are repaid or sold. We may make changes that are not to your disadvantage, or that we must make sooner because of the law, with immediate effect, and will post them on our lending platform.
22.2 If you continue to use our lending platform after a change takes effect, you will be treated as having accepted it.
22.3 These terms and conditions were last updated on 26 October 2026.
23. Other important terms
23.1 If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.
23.2 All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of the agreement between us.
23.3 We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these terms and conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed.
23.4 No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.
23.5 These terms and conditions and the Loan Facility Agreements set out the entire agreement between you and us with respect to your use of our lending platform and the services provided via our lending platform and supersede any and all representations, communications and prior written or oral agreements made by you or us.
23.6 We may exercise any of our rights under these terms and conditions by ourselves or through any company in our group or any other person we appoint to provide services to us. We remain responsible for the performance of our obligations under these terms, but not for the acts or omissions of the Security Agent acting in its own capacity, or of any bank, solicitor, valuer or collections agency, except to the extent we have failed to take reasonable care in appointing or supervising them.
23.7 These terms and conditions are governed by English law. In the event of any matter or dispute arising out of or in connection with these terms and conditions, you and we shall submit to the exclusive jurisdiction of the English courts.
1. General
1.1 Your Innovative Finance Individual Savings Account (“IFISA”) will be managed by LandlordInvest Limited, trading as Mustard (“Mustard”, “we”, “us”). We have been registered with HM Revenue and Customs (“HMRC”) as a manager of IFISA and have been approved under the ISA Regulations as an ISA manager. Our HMRC ISA manager reference is Z1909. In these IFISA Terms, “ISA Regulations” means the Individual Savings Account Regulations 1998 (SI 1998/1870), as amended.
1.2 Your IFISA will be registered in your name.
1.3 Your IFISA will be and must remain in your beneficial ownership and it must not under any circumstances be used as security for a loan.
1.4 To be eligible to apply for an IFISA:
1.5 You must without any delay inform us if you cease to be resident in the United Kingdom for tax purposes or to perform such duties or be married to, or in a civil partnership with, a person who performs such duties.
1.6 Any documents (loan agreements and other as applicable) evidencing your title to Mustard IFISA investments will be held by us or as we may direct in accordance with the ISA Regulations.
1.7 We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, an ISA has, or will, become void. If the failure cannot be corrected or if you fail to take any action requested by us in writing within a reasonable period of time, we may close your IFISA account by written notice.
1.8 In addition to these IFISA Terms, you are also bound by our Terms and Conditions for Lenders (as amended from time to time) (“Mustard Lender T&Cs”).
2. Applying for an IFISA
2.1 Your application for an IFISA must be made electronically on our lending platform. All applications are subject to acceptance by Mustard. We may require you to provide additional information to that provided in the IFISA online application form for the purposes of opening the IFISA.
2.2 We will carry out identity and fraud checks on you using identity verification and credit reference agency services (currently Creditsafe Business Solutions Limited, which uses data from TransUnion). Mustard uses its own internal guidelines and policies when assessing applications. If we cannot get adequate information from the credit reference agency then we will ask you to send us copies of the relevant passports or other identification documents plus proof of address and anything else that we may require. You will also need to give us your National Insurance number (if you have one), which we must report to HMRC.
2.3 If we accept your application, your IFISA will be held in your name, with us as its manager. It will have a unique account number, and its address will be the address you give in your application.
2.4 We will notify you by email once your IFISA has been opened.
3. Qualifying investments
3.1 The only investments that qualify for an IFISA and which we, as your ISA manager, may purchase, make or hold in an IFISA for you are Peer-to-peer loans and Cash.
3.2 There are limits on the amounts that you can subscribe or invest in an IFISA in each tax year (beginning on 6 April and ending on the following 5 April). The overall annual limit across all your ISAs is set by HMRC (currently £20,000). You can pay into more than one ISA of the same type in a tax year, but the total you pay into all your ISAs must not exceed the annual limit.
3.3 Your cash is held in a segregated client account (“Client money”) with the Royal Bank of Scotland plc. On opening the IFISA your Client money will be held with the Royal Bank of Scotland while you decide what investments to invest in.
3.4 We do not pay interest on Client money. From 6 April 2027, interest or similar returns paid on cash held in an Innovative Finance ISA are subject to a flat-rate charge set by HMRC. Because we do not pay interest on cash in your IFISA, we do not expect this charge to apply to you. If that changes, we will tell you first and account to HMRC for any charge due.
3.5 It is your responsibility to comply with the restrictions set out in these IFISA Terms and in the ISA regulations. Any costs and charges incurred by us if you do not comply with these IFISA Terms shall be reimbursed by you.
3.6 If you apply to place funds into your IFISA account that exceed your annual subscription limit, then, in the absence of specific instructions from you, the excess subscription will be transferred to and held in a non-ISA Mustard lending account (“Standard account”) until we receive your instructions.
4. Withdrawals
4.1 You may instruct us, in writing, to make a withdrawal of cash held within your Mustard IFISA.
4.2 You can withdraw cash from your IFISA, including capital repayments and interest received from your loans. You cannot withdraw a loan or loan part itself; to turn it into cash, it must be repaid or sold on the secondary market.
4.3 You have no withdrawal rights in relation to the non-cash IFISA investments that you have made.
5. Flexible ISA
5.1 The Mustard IFISA is a flexible ISA. This means that you can replace, in whole or in part, cash you have withdrawn, without the replacement counting towards your subscription limit for a tax Year, as long as you replace it in the same tax year as you withdrew it. Flexibility applies only to cash, not to loans or loan parts. Pursuant to the ISA Regulations in relation to flexible ISA:
6. Transfers In
6.1 We may accept a transfer of an existing Cash ISA, Stocks and Shares ISA, or IFISA, of which the balance must be at least £1000.
6.2 If we accept a transfer, you will need to sign a Transfer Authority form and send it to us.
6.3 The transfer process will begin on the date on the Transfer Authority form or the date you stipulate for us to begin the transfer process, whichever is later. We will then send your request for the transfer of money in your existing ISA to your existing ISA provider together with confirmation that we will accept the ISA transfer, within 5 business Days of receiving your Transfer Authority form.
6.4 We do not charge you for arranging a transfer of an ISA but the existing ISA manager may charge you for the transfer.
6.5 If you transfer more than one ISA from previous tax years to us, we will place all previous tax years’ cash holdings in a client deposit bank account with the Royal Bank of Scotland. This means that you will not be able to distinguish between your previous tax years holdings when viewing your holdings.
7. Transfers Out
7.1 If you choose to transfer funds out from your Mustard IFISA to another ISA provider, you will not be charged a transfer fee by us, but your new ISA manager may charge you a fee in accordance with their terms and conditions.
7.2 Only cash can be transferred out of your IFISA. Loans and loan parts cannot be transferred to another ISA manager; to transfer their value, they must first be repaid or sold on the secondary market. You may transfer:
(a) some or all of the cash from the current year’s ISA subscriptions, including any interest and capital repayments received from your loans (current year account)
(b) some or all of the cash from previous years’ ISA subscriptions, including any interest and capital repayments received from your loans (prior years account)
7.3 You will need to contact the other ISA provider in order to arrange a transfer and you can choose the date funds are transferred, subject to us being allowed a reasonable period to implement that transfer. That reasonable period shall not exceed 30 days and shall be consistent with the requirements of the ISA Regulations.
7.4 From 6 April 2027, if you are under 65 you cannot transfer money from your IFISA to a Cash ISA. This restriction no longer applies from the start of the tax year in which you reach 65.
8. Internal transfers
8.1 Cash in your Standard account can be transferred into your Mustard IFISA account (subject to subscription limits), but your rights under existing loans cannot be transferred in and only new loans can be held in your Mustard IFISA account.
9. Closing your IFISA account
9.1 You have the right to close your IFISA whenever you wish to. To close your IFISA you must provide us with written instructions, via email or post, to do so.
9.2. We have the right to close your IFISA and we will only exercise this right at our entire discretion where it is necessary to do so.
9.3 Where we are notified of your bankruptcy, we will take action to close your IFISA with effect from the date that the trustee in bankruptcy’s appointment takes place.
9.4 If you die, your IFISA will become a continuing account of a deceased investor. It will keep its tax-exempt status until the earliest of: the administration of your estate being completed; your IFISA being closed; or the third anniversary of your death. During this period no new subscriptions can be made, and repayments from your loans will continue to be paid into the account. We will need a grant of probate or letters of administration (or confirmation in Scotland) before releasing money to your personal representatives. We do not accept additional permitted subscriptions from a surviving spouse or civil partner, but if they want to make one with another ISA manager, we will give that manager the information it needs within 30 days of its request.
9.5 Where your IFISA is to close and there are outstanding P2P loans held within the IFISA, we will take steps to encash all your P2P loans held within your IFISA, unless agreed otherwise with you. P2P loans are illiquid by their nature and there may be no active market for their sale. We will take reasonable steps to encash your P2P loans within a 30-day period, but the encashment value is likely to be less than the amount you initially subscribed or invested in your P2P loans.
9.6 Where your IFISA is to close and there is only cash held within your IFISA (either because any P2P loans held within the IFISA have been repaid or encashed), we will make payment into a bank account nominated by you.
9.7 We will notify you if by reason of any failure to satisfy the ISA Regulations, the IFISA has or will become void.
9.8 If you close your IFISA, other than by transferring it to another ISA manager, any amount you subscribed to it in that tax year still counts towards your annual ISA limit, and you cannot replace it.
9.9 If we decide to stop acting as an ISA manager, we will tell you at least 30 days beforehand wherever we can. You can then transfer your IFISA to another ISA manager or withdraw your money. Loans and loan parts cannot be transferred to another ISA manager, so we will transfer or pay out your cash first, and the rest as your loans are repaid. If you withdraw rather than transfer, the money you withdraw will no longer be held in an ISA.
10. Delegation of your IFISA account
10.1 We are entitled to delegate our functions and responsibilities but will only do so if we are satisfied that the person to whom we delegate such functions and responsibilities is competent to carry them out.
10.2 We will not be liable for the negligence or misconduct of such delegate provided always that we do not exclude or restrict liability owed to you by us under the ISA Regulations.
11. ISA Regulations
11.1 The management of your Mustard IFISA account will be subject to the ISA Regulations. Any changes made by HMRC to the ISA Regulations that affect these terms will apply as soon as they come into effect.
11.2 We will inform you if your Mustard IFISA account has or will lose its tax exemption through any failure to meet the ISA Regulations. If an investment which was previously allowed under the ISA Regulations ceases to be allowed, we will notify you and request your instruction to either sell the investment and reinvest the proceeds in the account, or transfer it out of the account.
12. Changing these Terms
12.1 We may change these IFISA Terms to reflect changes in law, regulation or the ISA Regulations, in our services, or for another valid reason. If a change is to your disadvantage, we will tell you by email or on our lending platform at least 30 days before it takes effect, and you may transfer or close your IFISA without charge from us before then. Changes required by the ISA Regulations or other law may take effect sooner where the law requires it.
13. Cancellation
13.1 You may cancel your IFISA by giving us notice of cancellation within 14 days of your agreeing to these IFISA Terms. If you would like to cancel your IFISA please email us at [email protected].
13.2 If you cancel your IFISA within the 14-day cancellation period in clause 13.1, your subscription will be treated as if it had never been made, so it will not count towards your annual ISA limit.
13.3 When your account is cancelled, any money credited to your account will be transferred to a Standard account, which is subject to the Mustard Lender T&Cs.
14. General
14.1 Where you do not apply for an IFISA you will not be bound by these IFISA Terms which only apply to those persons who apply and open an IFISA.
14.2 Capitalised terms defined in the Mustard Lender T&Cs shall bear the same meaning in this Agreement.
14.3 Risks. Holding loans in an IFISA does not reduce the risks of peer-to-peer lending. Your capital is at risk, loans are not covered by the Financial Services Compensation Scheme, and you may not be able to sell loans or loan parts quickly, or at all. The tax treatment of ISAs depends on your individual circumstances and may change in future.
14.4 Charges. Except as set out in clause 3.5, we do not charge you to open, hold, transfer, withdraw from or close your IFISA. The Servicing Fee is included in the borrower’s interest rate, and if you sell a loan or loan part on the secondary market, the Secondary market sale fee in the Mustard Lender T&Cs applies.
14.5 Complaints. If you have a complaint about your IFISA, the complaints process in the Mustard Lender T&Cs applies, including your right to refer your complaint to the Financial Ombudsman Service.
14.6 These IFISA Terms were last updated on 26 October 2026.
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