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Old 19th October 2008 | 08:51
  #12 (permalink)  
hollingworthp
 
Joined: Feb 2007
Posts: 606
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From: at the whim of people I've never met
Wrong. He is looking for a secured loan. Pretty much any Tom, Dick or Harry will give up to £250,000 secured on a property if it is big enough and you own enough of it. Even now. They don't give a monkey's what it's for either.

Methinks we are getting confused between secured and non secured lending. Big difference.
Leaving aside whether or not it is a good idea to even attempt to get such a loan, generally it is the Professional Studies Loans that is more of interest for training as they are packaged such that you essentially get a 2 year payment holiday so only commence repayment 6 months after the end of your training.

Clearly the traditional secured loan is an alternative but repayment will start MUCH sooner (probably 0-3 months) which means either finding the repayment sums during your training, or borrowing significantly more than you need to cover the first 21-24 payments in order to compare with the HSBC style PSL loan.
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