I redid the cals in Excel and got this.
Total loan=60 000 +26904 =86904GBP= 117320.4EUR at today's forex rates. This is best case scenario with fixed rate if the bank approves it.
Add 300GBP loan costs per year and we're gonna be pretty close to 125000 total costs without investment.
Pretty close to the approximation we got from 8 x 7.25% seen that you won't be paying a penny for the first 2 years.
the principle goes down each month, so the figure the interest is applied to drops. The result is that each subsequent payment contains more principle and less interest. It's called amortization.
Now really
You see now that the difference is very small because there are no repayments until the first salary is received.
May I also remind you that this is best case scenario for UK people and considering 1GBP=1.35EUR which is a rather optimistic exchange rate.
Non-UK people may need to pay taxes on the 20 000€ per year loan repayment unless Portugal has a UK-like clause which I doubt.
What I wonder about section 250 is how it applies into reality.
As the employer's AOC is Portuguese I do not see how the hell pilots can get a
direct UK contract with Netjets.
Hell, if that were true, all contracts would be in Monaco and all pilots would be residing there.