There is some interesting debate on this.
I applied for the MPL and got rejected by easyJet after attending their final stage selection at Luton. I have subsequently been accepted on to the BA program. So its not just a case of having the money.
The BA program is £ 94k, they will act as a guarantor on the loan. But its at a fairly penal rate of 3.9%. They pay back £84k of it over the period of 7 years. easyJet dont pay the loan back, but you earn the going rate for a First Officer vs a reduced payscale at BA.
You can guarantee the loan against a house for either easyJet and BA at a rate of 3%. But in both cases your still going to be carrying debt around your neck for 7 years... At least with easyJet you have a chance of having a captains wage within that time to pay it off.
The difference for the cost of the courses is that easyJet require a contribution (or the whole amount?) towards the type rating. The latter phases of the MPL simulator training need to be conducted by a TRI, which is obviously going to be more expensive than a straight CPL/IR instructor.
I wasn't too concerned about the agency aspect of the MPL, because you can effectively offset your training costs against your tax bill. It will take a long time to use up the 100k and you will pay a negligible amount of tax whilst your remain a contractor.
No doubt that the BA program is better for the majority. However if you want to live up north and command is important to you, then its worth looking at the MPL..