The Oaksmore ISA is offered through Oaksmore Portfolios AIFM Limited, with funds pledged to the ISA invested into heritage restoration projects around the UK.
 
These projects will see the restoration and development of Britain’s iconic sites which have fallen into disrepair, breathing new life into the buildings before putting them on the market to provide housing, while boosting profitability of the site, the firm says.
 
Those investing into the Oaksmore ISA can also benefit from “much higher interest rates than those offered through regular low-risk savings accounts and traditional cash ISAs.”
 
The Oaksmore ISA offers investors returns of up to 7.5% per annum over a 5-year term, while returns over a 24-month term stand at 5% per annum.

Consumers can transfer funds from an existing ISA if funds are tied up elsewhere.

With a minimum investment of £1,000, Oakesmore says its Innovative Finance ISA is suitable for everyday investors aged 18 and over, regardless of their existing investment portfolio.

It offers investment in bonds, of which the capital received is not subject to tax.
 
As with traditional Cash ISAs and other Innovative ISA products on the market, the maximum sum that can be invested is £20,000 per tax year.
 
The first project to be completed by the IF ISA is Picton Barns, a luxury barn conversion situated in the desirable hamlet of Picton Gorse, located to the North-East of Chester.
 
The semi-rural setting of Picton Barns has undergone a full renovation and was said to be attracting attention from those keen to reside on the outskirts of Chester.
 
Reuben Skelton, of Oaksmore ISA, said: “The process is simple - ISAs are used to acquire property-backed bonds.

“Invested money is then held in a secure account until it is allocated to the latest project so that restoration work can commence.
 
“The team at Oaksmore ISA is so pleased with the support that we’ve received from the British public.

“It’s encouraging to see just how many value Britain’s heritage sites as much as we do and think they’re something worth saving.
 
“We’ve made excellent progress this year.

“The Picton Barns project has been a real highlight and with the property now up for sale and offers coming in, it’s clear that the potential new residents think we’ve done a great job, too.
 
“We can’t wait to get started on the next project.”

• Update May 2019: The Oaksmore ISA is now closed to new investment.