Nelson15 wrote: No cadet has remortgaged their parent's house to fund training. That was the whole idea in the first place.
from FPP website:
This is where the Future Pilot Programme really comes into its own. We have structured the programme so that APL will sponsor your flight training, jet orientation course and type rating. Obviously this represents a significant investment by APL and you will therefore be required to deposit a security bond of £84,000 with them. Because this is a sponsored scheme, this entire £84,000 security bond will be repaid to you, tax-free, if you successfully complete all training, and join British Airways as a first officer. The security bond is repaid in equal monthly instalments over your first seven years of employment, all in addition to your remuneration package.
There are a number of ways you can raise the funds to deposit this security bond, for example from your own finances, borrowing from family, or securing a loan. If you’re not in a position to secure an asset-based loan then you could be eligible for our British Airways guaranteed loan scheme. If this is the case, our partner bank will run a thorough check of your credit history. Should this come back clear and you pass the Future Pilot Programme selection process, British Airways could act as your loan guarantor. You will then be able to borrow the money from our partner bank in order to deposit the required security bond with APL. On any loan there is obviously a percentage of interest charged by the lender, but the British Airways guaranteed loan scheme specifically offers a 24-month holiday period before any loan repayments commence. It should be noted however, that it might be cheaper to secure an asset-based loan either through our partner bank or another lender.
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