Self-funded vs academy sponsorship

[sleepyprojectionist]

Hi guys.

I am brand-spanking new to the forums and was hoping you may be able to provide a little advice. My apologies in advance if this is something you have answered a million times before.

I am just about to turn 28 and have always had the dream of one day flying. Now flying is an expensive business and up until now I have had no money to spare for what most people (read: parents and colleagues) have told me would be a frivolous endeavour.

Now I am about to leave my current employer with a redundancy payout that will sit around the £7000 mark.

So, my question is: What do you think would be my best route into the aviation industry, specifically as a pilot? £7k will just about cover the costs of attaining a PPL, but then I would need to put some serious thought into how I was to afford to step up to IFR and commercial. However, at least with this route I could dip my toe in the water as it were to see if I have the aptitude for such an undertaking. My only experience so far has come through a stint with the air cadets 12 years ago and a few chances to fly on visits whilst in college. I haven't sat behind the yoke of an aircraft in about 8 years.

The second route entails sponsorship through one of the flight academies. The amount of debt involved in this route scares the bejeesus out of me. I know that CTCWings specifically require the student to be in possession of a mortgaged property on which a loan can be secured. I am not a homeowner, however, I did consider using my new-found savings to put a deposit on a flat, so that I could then be eligible for the loan.

Any advice would be greatly appreciated.

[Dan the weegie]

It's a question lots of people ask, and there is no correct answer, just use the search and go see :).

It's a gamble and one you have to decide on for yourself because either way you are talking very serious money and that 7k will barely scratch the surface. Minimum you're looking at is a £50k and 18 month investment or more and then you'll need to come up with the cost of a type rating £25k.

Are you absolutely sure you want to do this? If so it's going to be a real fight, particularly given the precarious nature of the economy. You absolutely have to love it.

[sleepyprojectionist]

I have asked myself that question (do I really want to do it?) plenty over the last couple of months.

The money would provide some financial security, which I am certain in the current climate would be viewed enviably by a lot of people.

This has been a long-standing dream that I have put off believing it to be out of my reach and I have reached the decision that if I don't even try to get my foot on the bottom rung of the ladder when an opportunity presents itself I may regret it for the rest of my life.

I applied for this year's GAPAN PPL scholarship and was rejected. I was given the feedback that my application had simply not been "compelling enough". At first I was slightly annoyed that only a heart-warming tale of victory against the odds was enough to catch the eyes of the guild, but it made me realise that despite my interest over the years I had never really displayed the drive necessary to make it in the world of aviation.

Hell, maybe I will never make it to the level of commercial pilot, but even getting my PPL would be an accomplishment.

I think I'll have a chat with some of the guys at the flight school down the road and see what they suggest, but I need to do something before I start to stagnate.

Cheers for the advice. I appreciate the input a great deal.

[Dan the weegie]

The guys at the flying school will only encourage you to learn to fly, it's their job.

Getting a job that pays enough to justify it is a slog, you need to be very very determined, if you're not then you'll be spending half a mortgage on the chance your CV might get picked up.

Getting the licence is easy, getting the job is the really tough bit :).

Either way if you do, then do the PPL first you will only have spent 5-6k and make no decision until you've done about ten hours after your PPL. Then you can choose which direction to go, there's no harm in doing a PPL then chosing to go integrated.

[ReallyAnnoyed]

How will putting down a deposit on a flat make you able to use that same flat as security for a training loan when the mortgage is almost as large as the value of the flat? If you for whatever reason default on your payments, BOTH the mortgage company and the training loan provider want the same flat. Don't see how that would work.

[ford cortina]

It's simple, you cannot borrow money on a property, unless you have equity in it.
For example, if you buy a £100,000.00 flat, put a £7000.00 deposit down and borrow £93,000.00 you will have no equity, or at the very least a small amount.
The only time you can borrow on a property is if you are in equity, this is usually after you have payed quite a lot of your mortgage off, or when property prices have risen.

Oh and for the record, there is no real 'sponsorship' it's just marketing to get you to part with your money.

[PrestonPilot]

BBVA only lend up to 60% of the money in the house already, so 60% of £7000. You have more towards the training if you keep the £7000 haha! So yeah that isn't going to help you at all.

[sleepyprojectionist]

All right, stuff that for a plan then.

I obviously didn't read the financial section on the CTCWings website very carefully.

But at least I know the loan I need of I am really desperate for a pie and a pint, that should just about cover it.

Cheers.