Yeah no problem. As you know to get funding to pay for training if you don't have any saved you really have 2 options.
i) Get a big loan
ii) Take out a mortgage on someones property
Modular
The only option I found in terms of loans is HSBC Professional Studies Loan up to £25000. The interest rate on that is about 6.7% and you get an 18month deferred period where you make no payments.
Both
For either integrated or modular you could take out a mortgage if you can against a parents home and take out a bit extra than what you really need from which you can make payments for about 18 months so that it essentially acts as a loan with a period where you are making no payments. Interest rates typically about 4.8%.
Integrated
CTC (well almost integrated)
They have an agreement with HSBC up to £60k which will pretty much cover the cost of training but you will have to add a bit of your own money to cover a PPL or Foundation Training as they call it in their brochure and some living expenses.
OAT
HSBC will do up to £50k but the remainder estimated £20k for their APP course you have to find on your own - to be fair the interest charged by HSBC and the fact they secure it against a home anyways means I would consider the mortgage option in this case anyway.
Cabair
I think HSBC will also go up to £50k but as I didn't apply to them I'm not sure.
WAAC
Well they are in negotiations with HSBC to also offer the £50k but as their first course only starts January 2006 at the moment you have to find your own funding for that.
FTE
HSBC doesn't at the moment offer a loan with them, but in a separate arrangement the school has got a provider
www.bbvauk.com BBVA a big Spanish bank that will cover the costs up to €98000 which is what I have been approved for that also covers the JOC part as well.
In terms of how to get it, well I'd first fly over to FTE on Ryanair for their free assessment with accom included. Then if accepted you apply for a loan with an alomst identical off-the-shelf business plan to that of OAT.
The T's & C's are as follows (bit detailed):
10 years to pay off with an optional 18 months deferral period.
Interest Rate - depends on on what you are securing the house
"The loans we provide must be secured by suitable guarantees, for example a Bank Guarantee issued by your present bankers for the full amount of the loan, or a First Legal Charge or Second Legal Charge over a property located in the U.K., provided the equity is considered acceptable by the Bank.
The rate of interest would be:
Base Rate + 1% if the loan is secured by a Bank Guarantee, or Base Rate + 1.75% if secured by a mortgage on property.
There is also the option of a loan in Euros. In this case the interest rate would be Euribor + 1% or Euribor + 1.75% respectively as above."
In simple language the Euribor Interest Rate is 2.132% so if yo secure against a house in Euros you pay at €3.882% which is better than any of the others and comparable to a Student Loan rate.
I hope that is all clear but as far as I was concerned this route via FTE/BBVA offers a way of finding the full cost of funding if you cannot afford to get money elsewhere like you need to with OAT or if you aren't successful with CTC.
In summary
HSBC loan - 6.7%
Mortgage - 4.8%
BBVA loan - 3.8%
On a loan the size of which we are talking that makes a big difference.