Just to clarify, if you drawdown cash from you or your parents house, (i.e. you increase the amount owed against the equity) you can pay this back over the existing length of the mortgage which can be up to normal retirement age.
In addition, you will usually get this at the standard mortgage rate for your bank so it could be cheaper that an HSBC loan which I understand is currently 2% over base rate, however that depends on what type of mortgage and who you bank with.
However I would have to agree with the cautionary messages, borrowing large amounts of money is expensive what ever way you do it....that's why HSBC made £9.2 billion profit last year!!
Some simple figures=
Borrow £60,000 at 6.5% over 11 years
Monthly payments of approx £637.43
Total Repaid = £84,140
Total Interest = 24,140
Work and save for 3 years = £25,000 (that's saving less than £8.5k per year)
Borrow £35,000 at 6.5% over 11 years
Monthly payment of approx £371.83
Total Repaid = £49,081
Total interest = £14,081
The difference is that you pay over £10k less in interest and you have a monthly payment which is manageable even if you're not lucky enough to get that first job in the right hand seat of a jet!
Something to think about.