Originally Posted by
31Pilot
No lender will lend more to allow you make payments on the same debt. I doubt any airline would underwrite a loan far greater than the course cost.
Agreed.
Originally Posted by
31Pilot
I’m sure everyone is aware of the financial burden, but I’m sure even you would agree that there are some who haven’t quite got a proper grasp of the scale of this financial burden. There’s a degree of naivety almost, and I can’t help but wonder if there is a belief amongst some that if the airline underwrites your loan you’re not physically paying. I get the impression some are thinking of this as corporate sponsorship.
I do believe some folks see underwriting as an all-expenses-paid ride, though I hope this view was quickly corrected upon any serious consideration of undertaking the training (you could say it is naive of me to believe in some people to that extent)
Originally Posted by
31Pilot
We are talking about a sum of money which would be enough to buy a small home and the process for getting a mortgage these days is incredibly intrusive on your financial affairs.
Even on 40k pa (assuming you get this on flexicrew for the first 12 months), loan repayments of 1k pcm will hurt...a lot...but this is what folks need to be aware of.
Originally Posted by
31Pilot
I have approached my own bank as they are offering a large unsecured loan product. After enquiring I found they want to see evidence of earnings and how I would pay for the product several years down the line. They also want to know what the loan is for as that will factor into their decision.
Will the presentation of a conditional contract of employment with easyJet ease their woes? I haven't actually laid eyes on this so I'm not sure how much detail it goes into. Wouldnt be surprised of it was disconcertingly vague.
Originally Posted by
31Pilot
Secured lending on a home with equity is likely to be the only real solution. But with shared-equity and Help to Buy etc, I’m not sure it will be possible to secure additional lending on that property.
In conclusion: difficult. In some cases impossible. But, they can "afford" for it to be this way. Joy!