As promised here is my account of what happened at HSBC. The story is not over yet so I will post updates......
Went in suited and booted with my business plan in hand. All the above advice is spot on so I won't repeat it. Basically I had already arranged a meeting with my bank manager via phone. I have banked with them for 6 years and would highly recommend you switch now.
The wanted to know how much I was asking for and had a look at the brochures I had taken in. We then worked out living allowances and I was offered 2/3 of my current salary per annum. They then asked me how I expected to pay it back, what I would do if I could'nt get a job and explained I would have to take out insurances with them.
They then worked out a quote for me and said I had max. 11 years to pay it back and at least a years grace when the course ends before payments begin.
After this had all been agreed and they had asked the standard questions about the industry etc they explained they would more than likely need security and how this would work. At the end of the meeting when I had the costs etc they said we will run a credit check and call you later.....
btw...before I went in I worked out on a s/s how much I wanted, how much I thought payments would be and what I expected to earn. PM me if you want the sheet as a guide.
The result.........they called me back that afternoon and said we can lend you the 50k but we will need some form of security i.e. we will need you parents to see a solicitor and agree that if it all goes tits up we can recover our loan.
I have now arranged a second meeting with the bank at their request with one of their colleagues from head office who has a keen interest in aviation. I have been told that he wants to see me to ascertain my motivations etc.
My parents have very kindly offered to secure the loan without my asking them. I know a number of people are against this option as I am and I am not sure whether to accept yet. However, the bottom line is I have always wanted to do this and I have tried every other available option, sponsorship, RAF etc. I would never ever risk their house and would work 3 jobs to afford the 500 repayments. I also live at home and therefore have no rent costs etc. Therefore I may accept their offer of help, but it is a personal dilemma!
Anyways......I have a second meeting with the bank in a few weeks. I will post my final decision then and will gladly answer any questions that I haven't answered here.
Good Luck!!