The voice of reason? Yes.....and no.
The former because he is recommending that FlayinSpanner actually goes out and earns some money to reduce the overall cost of the loan. The latter because miss out on loan repayments and sooner or later, make no bones about it, the house
will go. And please do remember, FlayinSpanner himself stated he is looking for £70000, not 20, 30 or even £40,000. You are talking about a monthly repayment of approximately £700 over 11 years and that is before any potential rise in interest rates.
If he can guarantee getting a job post flight-school where he can meet these payments and afford to live then I wish him well. However, with his 'here and now' attitude, I worry that he hasn't experienced the true cost of life. Too many people out there are falling for these adverts that proclaim borrowing large sums of money to be a normal part of modern life, but the people who are loaning are making an absolute fortune and have you by the bollocks.
The future for many wannabees is going to be living at home with their parents till their thirties or forties because all they can do is meet loan repayments, never mind get a mortgage of their own. Sure, for some the gamble pays off, they walk into that jet job and repayments do become manageable, but these are in the vast minority. A lot of wannabees who do not have wealthy parents really do need to think seriously about earning the cash first before embarking on this mad cause, or even more-so, accepting that it is not going to be in this life - and I can say this as one who is fighting to keep his head above the water.
VC10 Rib22
