Well, my celebrations have been temporarily beached! I spoke to HSBC yesterday to get an appt to do the paperwork, and ask some more detailed questions about the finance. Talk about a wakeup call. The stark reality of taking out a personal loan for £60k+ feels a bit different when you are about to go and do it.
Remember kids, this isn't a "bond", it's a loan with all that that implies i.e. kiss goodbye to most mortgage lenders wanting to deal with you afterwards.
HSBC told me that they have arranged some mortgages for ex-cadets. Any such people care to comment about the financial challenges they faced on graduating and returning to the big bad world?