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Old 16th May 2012, 21:06
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Bealzebub
 
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Don't get too hung up on BBVA. Although they package the product as a specialized loan and build in a deferred payment schedule etc. It is in reality simply a second mortgage. It is a secured loan on (UK or Spanish) property.

Any mortgage can effectively do the same thing. The BBVA rate of interest is 2.5% above UK base, making it 3% variable. There are any number of deals (introductory or otherwise) that might offer similar rates of interest. The question is do your parents want to increase their mortgage debt (and repayment schedule) by another £90,000? That would be the risk profile, and of course it may not be either possible or desirable. In that case this type of lending would not be an option.

Unsecured borrowing is normally capped at £25,000 and unless you are a very good credit risk, you would still need a gurantor to assume the payments or debt in the case of your default.

Professional (government backed) study loans still require an unsecured lending application to the couple of banks that may offer them, and even then they are limited to maximum of £10,000.

If you are able to follow this course, with all the attendent risks considered, it is probably one of the best fast track avenues into an airline career at the moment. However it still carries a significant element of risk which shouldn't for one minute be underestimated.

If this particular avenue proves to be out of reach, then there are other methods that you can consider and pursue. It is a very difficult position to be in, and I wish you luck.
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