Borrow 85K for 3 months max against existing savings

CottonyTapper

Any ideas welcome: 

We have 85K in a savings product which does not mature for another 3 months. 
Circumstances have changed, we need to access those funds in around 1 month. 

Have requested to withdraw funds earlier but in the meantime...

How can we borrow that amount, secured on existing funds? Have recently sold house and invested funds, so secured loan not an option.

We can "secure" the lending on existing savings. We have v good credit rating. 

Any ideas or experience in doing similar are welcome. 

Brie

How are your credit card limits?  Any money transfer at 0% offers available?  

CottonyTapper

Brie said:

How are your credit card limits?  Any money transfer at 0% offers available?  

Thanks for the thought. Yes, we have good offers and good status though we haven't used them recently. 

TadleyBaggie

I've never seen any lending product that uses savings as collateral.

Altior

A creditor wouldn't be able to access the funds either. 

retiredbanker1

It won't happen I'm afraid.

Either you qualify for a loan/overdraft or you don't.

No mainstream lender will lend to you against savings - the main reason is that you could spend the savings either now or in three months and not repay the loan.

If you have land or a building then it may be a different matter but by the time they get their security in order the three months will be long gone so a waste of time.

Your only option as I see it is pay whatever charge you are required to obtain early access to your funds or delay whatever you need the money for.

CottonyTapper

retiredbanker1 said:

It won't happen I'm afraid.

Either you qualify for a loan/overdraft or you don't.

No mainstream lender will lend to you against savings - the main reason is that you could spend the savings either now or in three months and not repay the loan.

If you have land or a building then it may be a different matter but by the time they get their security in order the three months will be long gone so a waste of time.

Your only option as I see it is pay whatever charge you are required to obtain early access to your funds or delay whatever you need the money for.

Thanks - by the looks of your user handle this is sound advice. 
I suspected this might be the case. The bank in question is basically saying that withdrawals are not possible. They are not saying that withdrawal will incur a penalty. 
I have appealed but don't expect a quick answer as this is via a savings platform and a trustee inbetween.

eschaton

Brie said:

How are your credit card limits?  Any money transfer at 0% offers available?  

Don’t think many people will get money transfer card(s) for £85k. 

It won’t be without a fee either. Even 3% is going to be over £2500. 

sourcrates

CottonyTapper said:

Any ideas welcome: 

We have 85K in a savings product which does not mature for another 3 months. 
Circumstances have changed, we need to access those funds in around 1 month. 

Have requested to withdraw funds earlier but in the meantime...

How can we borrow that amount, secured on existing funds? Have recently sold house and invested funds, so secured loan not an option.

We can "secure" the lending on existing savings. We have v good credit rating. 

Any ideas or experience in doing similar are welcome. 

Why the rush, you can only secure funding using a tangible asset such as land or property, not savings, as the lender would have no route to realise them if you failed to pay, you must realise this surely?

You can tell me its non of my business if you wish, but what is so important that it cannot wait 3 months?

Are you being pressured into a "once in a lifetime" opportunity? or is it something that is for sale and might be sold if you don`t act quickly?

"Act in haste, repent at leisure" springs to mind.