Anglo Irish 1yr Bond - emergency?

ler01kjh

Hi,
Need access to my 1yr fixed rate bond. Opened it in December 2008. Clause 4 of the T&Cs says "withdrawals are only allowed in the case of an emergency". What might that be? I want to use the money as deposit on a house but doubt that would count!

masonic

You could quite honestly claim your house purchase may fall through without access to those funds.

Hungerdunger

Wasn't it at all conceivable when you opened the account that you might need it within a year? If so, then you really shouldn't have opened it.

From my own limited experience, "emergency" generally means more than "I want to buy a house", but good luck anyway.

Andrew64

You may get away with it, if you can give them some evidence.

Money_Grabber13579

Will most banks not let you break these bonds even if it is not really an "emergency," but not without severe loss of interest?

PeeJay_B

Hi
I was in a very similar situation a couple of weeks ago when I needed to withdraw a portion of my bond with Anglo Irish (70%) to help my daughter redeem her mortgage. I wrote to AI and within a week the sum was transferred to my bank. However, I lost 60 days interest in accordance with their terms. I don't think that AI are as hard nosed as some people imply. Good Luck!

ler01kjh

Thanks everyone for your comments. No believe it or not, I had not conceived buying a second house, I never thought it affortable, 5 months is a long time in a turbulent economic environment.
I will write to AIB and ask them if I can withdraw and see how I get on.

bendipa

Just to add that now is not exactly the greatest time to be buying a house, despite what some rose-tinted commentators are claiming about house price falls bottoming out. I'd wait at least another year, as further house price falls are almost inevitable. Last time we had a house price crash in the UK (1990-94) prices fell much further for much longer in an economic climate that was less severe than the current one. Have a look at this prediction chart for UK housing over the next 2 years or so.The vast majority of agents are still predicting sizeable falls for 2009 alone.

http://www.housepricecrash.co.uk/#predictions

nzseries1

bendipa wrote: »

Just to add that now is not exactly the greatest time to be buying a house, despite what some rose-tinted commentators are claiming about house price falls bottoming out. I'd wait at least another year, as further house price falls are almost inevitable. Last time we had a house price crash in the UK (1990-94) prices fell much further for much longer in an economic climate that was less severe than the current one. Have a look at this prediction chart for UK housing over the next 2 years or so.The vast majority of agents are still predicting sizeable falls for 2009 alone.

http://www.housepricecrash.co.uk/#predictions

Don't tell Gordon Brown this... how will the economy recover? :rolleyes:

Seriously though... if everybody did the same thing... nobody would make any money! I say buy that second house if you want to!

ler01kjh

thanks all.

michaels

I would guess that you locked in a goodish rate in December - I would suspect that as it it thus in their interest to let you redeem early they will probably be flexible...albeit with a substantial loss of interest