Hi there Rupert369 - in short, No it does not take into account year 3 earnings. They reflect the amount of deficit you carry on leaving training school and begin line training. If it really is c. £15k that makes things a little more bearable but still unsustainable for someone like me as technically being on zero pay for 2 years means I will be a further £120k down overall (taking into account pay, pension perks, mortgage and financial commitments...I'm not trying to brag - just trying to add context!)
Which brings me nicely into my second answer.
Ashb - you are right, I checked again and it states quite clearly there are no early termination fees - I shall eat humble pie, although if you find a spare £100k to pay off that loan amount tell me how the heck you did it please! There are a number of fees associated with arranging the finance agreement amounting to £1900 - here is the link to the BBVA page detailing the generic terms.
United Kingdom - Personal Banking - Pilot training loans
Also, there is a really odd line at the bottom in bold letters saying
"
CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING EQUIVALENT OF YOUR DEBT."
This will need clarification if anyone has any take on this.
Next, you will have to contend with the fact that they will only lend to 60% LTV...putting the minimum house value to secure this loan at over £198,000 (and out of the reach of most 18-25 year olds...and plenty of those who are older...) So best you buy some nice crimbo pressies for whomever you are going to be buttering up.
It's a nice chunk of revenue for CTC though isn't it? Over 7000 applicants paying £245 each pass or fail for 12 places (£1.71 million
) Those poor unfortunates who fail the VAA selection at stage 3 will be offered a non-sponsorship course...let me just have a think about that one.
So in short - best of luck to anyone going for this - until a more fair and less elitist method of entry comes about, this is SkyStreaker, Out.
