Can I borrow against my one year bond?

Mr_Punter

I have a couple of 12 months fixed rate bonds that are 5 months in. I would like to use the money but cannot withdraw it during the term. Does anyone know who will lend using these as security and how much it will cost? The sums are covered by the Govt. guarantee.

withnell

One of the pay day loan places may let you, but will charge you so much it would be cheaper to borrow on a credit card / bank overdraft!

Don't see any banks accepting another deposit as collateral, you're not trying to borrow enough money to make it worth their while

Mr_Punter

I am looking at £200k.

withnell

Mr_Punter wrote: »

I am looking at £200k.

Maybe try one of the real banks (HSBC, RBS, Barclays etc) but you're still talking a reasonably small amount to them.

It might just be cheaper to break the term account and pay the penalty!

Mr_Punter

Thanks withnell. One is with ICICI and one with West Brom. Each 100k joint names. No withdrawals allowed. I am happy to assign or whatever as security and don't mind if I don't get the full £200k initially.