Can I get a loan using my e-bond savings account?

RJInker

Hi I have a fixed-rate savings account with Barclays. I have £15,000 in the account but can't take it out till next December when it reaches maturity. However I am looking to move abroad to New Zealand at the moment and have to have enough money to support myself. I don't have a job at the moment though and am not a home-owner, but would I be able to get loan based on the fact that once the savings account has reached maturity I'll easily be able to pay them back?

Tixy

No. Because there would be no obligation for you to use the matured fundsto pay off a loan. You could easily decide to blow the cash on something else.
Plus even without that issue any potential lender will wonder how you expect to be able to afford the repayments for the next year.

Are you certain you cannot cash in the savings early (even if you lose the interest).

RJInker

Tixy wrote: »

No. Because there would be no obligation for you to use the matured fundsto pay off a loan. You could easily decide to blow the cash on something else.
Plus even without that issue any potential lender will wonder how you expect to be able to afford the repayments for the next year.

Are you certain you cannot cash in the savings early (even if you lose the interest).

Damn. Yeah I'm positive, unless you die pretty much the funds can't be accessed.

somethingcorporate

So, you have no income, no home and are moving abroad.

There will not be a queue of lenders desperate to lend you money unfortunately.

Probably best to try in NZ when you get settled with a job.

RJInker

somethingcorporate wrote: »

So, you have no income, no home and are moving abroad.

There will not be a queue of lenders desperate to lend you money unfortunately.

Probably best to try in NZ when you get settled with a job.

That's what I was thinking.

somethingcorporate

It's unfortunate but likely the only resolution.

There is always the bank of mum and dad?

RJInker

somethingcorporate wrote: »

It's unfortunate but likely the only resolution.

There is always the bank of mum and dad?

Don't think they'd be too happy to lend me the amount I want. I'm not blaming the bank as I'm the one that signed a contract with them, its just annoying knowing I've got that much money sitting there and can't touch it, and thought maybe they'd sign an agreement with me where they lend me the money now and keep whatever interest has been made when my savings account reaches maturity, but seems unlikely.

_Andy_

In short, no, it won't be possible.

somethingcorporate

Unfortunately banks do not set up these ad-hoc schemes that work that way so I think F&F (friends and family) would be the only option although if you are thousands of miles away they would be relying on trust that you do actually pay it back (as a bank would).

tonyh66

do you have a job in NZ?

RJInker

tonyh66 wrote: »

do you have a job in NZ?

I've applied for many and hoping to have one arranged for when I get out there. Unfortunately the visa will not be approved unless I have proof I have money to support myself, and I would also want the money to be able to pay the first months rent on an apartment before I start working out there. Think my lesson from this is fixed-rate bonds aren't worth it and to put it in an easy access account in the future.