Before I begin, I'd like to say that I have looked on previous threads about the subject, however most are outdated on the subject. I've searched through pages of Google and only come across forums, with too, outdated answers. After weighing up the risks and rewards over the past 6 months my parents have agreed to use their house as security if they can get the type of loan I will go on to ask about below. I thought I would add this as a common theme within the threads I have read have been, 'are you sure' on using a property as security and after carefully considering and agreeing with alot of the risks, but also the rewards, they have agreed to do so. Also a bit of background. The course I have looked into visited is the "Aeros Fastrack" course with Aeros in the UK. Its a modular course,but depending on how available you are, you can work through it like an integrated course, but primarily it is an modular course. I just wanted to clear all that up
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Is anybody aware of a company or bank that will offer loans over 10 years, for pilots or just in general, of £55,000, secured with a property obviously (of which is worth £135,000), and that comes with holiday period of 18 months or upward. I'm aware these a very niche and rare. BBVA used to provide this service, targeted at future pilots, but it was withdrawn last year.
Our aim is to take out a secured loan over 10 years, against the property, of £55,000,and have the holiday period so that upon completion of the training, you can pay back, at an increased rate because of the holiday, a set amount each month. Alternatively, are there any companies or banks that will allow you to pay reduced amounts back in the 18 months and then upon completion of training increase your payments. And finally, does anybody know of any companies or banks that offer loans and schemes targeted directly at pilots or pilot training. If not, are there any other way of funding these modular courses?
Thank alot,