The CTC Wings (Cadets) Thread - Part 2.
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104k sounds about right i would assume, with the 84k bond(inc interest) plus possibly up to 20k for living costs for the duration of training, depending on your lifestyle preference haha
Join Date: May 2004
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Just to throw a few more figures at you guys, an ezy F/O on the cadet scale takes home on average 2k a month. Thats after your monthly loan repayment has gone out. For those with Uni debts to service, the student loan people have finally caught up with me and I'm paying somewhere between 100-150 quid a month. It is a lot of debt considering that your next priority is probably a mortgage once you are settled at your base but it is manageable long term.
All the best.
All the best.
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BitMoreRightRudder - cheers for the input.
Another question for those on or having completed CTC... How have you found the bond to have affected attempts to get a mortgage? Have banks told you to take a hike until it's paid off or have they welcomed you with open arms?
Another question for those on or having completed CTC... How have you found the bond to have affected attempts to get a mortgage? Have banks told you to take a hike until it's paid off or have they welcomed you with open arms?
Join Date: Sep 2006
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The trick is to get the mortgage first... then you have some equity in a property and the banks will be queuing up to lend you money! Meanwhile you can rent out the property so it takes care of itself and goes up in value... then you can sell it to help pay off some of the debt. Thats my plan anyway... although I already own my house, so maybe I'm biased.
Join Date: Nov 2004
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so is £2k a month the going rate for f/o cadet for any of the ctc partner airlines or do some pay more/less?
they said at stage 2 the average salary on entry is approx £25k + £5k sector pay so sounds about right.
they said at stage 2 the average salary on entry is approx £25k + £5k sector pay so sounds about right.
Join Date: Mar 2007
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So did you guys actually get the loan unsecured? The CTC website states that it can be attained unsecured and it sounds too good to be true.
Also, if it is true I take it the interest rate will be much higher if the loan is taken unsecured rather than secured on a property?
Also, if it is true I take it the interest rate will be much higher if the loan is taken unsecured rather than secured on a property?
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2000 per month in your pocket after tax, NI and pension is roughly equivalent to £33k salary.
If youre on £24k (the alleged going student pilot rate) then you will be going home with around £1500 per month.
Student loan is taken automatically from your pay packet before it even hits your bank so you will come home with around £1350 per month (depending on what your loan is)
If you are considering buying a house when you get back, a £110k mortgage interest-only will cost you around £450 per month or £650 capital repayment, so you will be left with no more than £900 per month to spend on living. Anyone who considers paying back more than the minimum per month may want to think again, also may want to consider renting a room to your fellow cadet mates!
As for renting a house when you are out of the UK, this means you are liable to on earnings and AFAIK, CTC do not pay Inland Revenue any tax equalisation. You may want to check this otherwise you will be landed with a large tax bill.
If youre on £24k (the alleged going student pilot rate) then you will be going home with around £1500 per month.
Student loan is taken automatically from your pay packet before it even hits your bank so you will come home with around £1350 per month (depending on what your loan is)
If you are considering buying a house when you get back, a £110k mortgage interest-only will cost you around £450 per month or £650 capital repayment, so you will be left with no more than £900 per month to spend on living. Anyone who considers paying back more than the minimum per month may want to think again, also may want to consider renting a room to your fellow cadet mates!
As for renting a house when you are out of the UK, this means you are liable to on earnings and AFAIK, CTC do not pay Inland Revenue any tax equalisation. You may want to check this otherwise you will be landed with a large tax bill.
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no chance mate, all loans are paid after tax and in proportion to your earnings.
See my previous post for approximate money in your pocket with a £24k cadet salary, its around £1400p/m (on a good day) before youve even spent so much as a penny.
After tax, NI, and student loan (excluding pension and any CTC loans) your take home will be:
£27k = £1550
£30k = £1700
£33k = £1850
£36k = £2000
See my previous post for approximate money in your pocket with a £24k cadet salary, its around £1400p/m (on a good day) before youve even spent so much as a penny.
After tax, NI, and student loan (excluding pension and any CTC loans) your take home will be:
£27k = £1550
£30k = £1700
£33k = £1850
£36k = £2000
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Hello people
I have been invited for stage 2 this summer and am still in a dilemma to choose whether to go to University first or go to CTC. Pls note that in my country, we get paid to go to uni.
I would like to have a backup plan (degree) before becoming a pilot, however, I'm asking how will they take it? Will they cancel my application or keep it on hold?
Regards,
PPL152
I have been invited for stage 2 this summer and am still in a dilemma to choose whether to go to University first or go to CTC. Pls note that in my country, we get paid to go to uni.
I would like to have a backup plan (degree) before becoming a pilot, however, I'm asking how will they take it? Will they cancel my application or keep it on hold?
Regards,
PPL152
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The £12k paid to you annually by the airline to service the £60k loan for the bond is paid on top of salary, and is not taxed. Basically it's a clever accounting trick. Just so happens that the cadet salary is £12k less a year than the direct entry salary...
Any repayments on the living expenses/ foundation course loan are payable from net earnings.
Any repayments on the living expenses/ foundation course loan are payable from net earnings.
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"Hello people
I have been invited for stage 2 this summer and am still in a dilemma to choose whether to go to University first or go to CTC. Pls note that in my country, we get paid to go to uni.
I would like to have a backup plan (degree) before becoming a pilot, however, I'm asking how will they take it? Will they cancel my application or keep it on hold?"
Hey, I had the same dilemma a couple of years ago when I first heard of the scheme. I had done about 6months of university and I submitted an application. I was accepted to phase two but turned it down and stated that I had a long talk with family and have decided that it would be more beneficial to complete my degree first and asked if it would be possible to continue with my application then. I got an email back offering me all the support with my degree and that they hoped to hear from me in the future.
Well the future is now and I will be graduating in June. I have been applying to the Flybe MAPS scheme (got stage 3 next week) and CTC and I have my stage 2 assesment in April. My original application was still on file and I could still access it as I had the original emails from CTC including my login details. I simply updated the application, emailed CTC to have the account revalidated (as it had been suspended as per my request) and I submitted the application. Got the good news a few days later. Hope this helps you PPL152
I have been invited for stage 2 this summer and am still in a dilemma to choose whether to go to University first or go to CTC. Pls note that in my country, we get paid to go to uni.
I would like to have a backup plan (degree) before becoming a pilot, however, I'm asking how will they take it? Will they cancel my application or keep it on hold?"
Hey, I had the same dilemma a couple of years ago when I first heard of the scheme. I had done about 6months of university and I submitted an application. I was accepted to phase two but turned it down and stated that I had a long talk with family and have decided that it would be more beneficial to complete my degree first and asked if it would be possible to continue with my application then. I got an email back offering me all the support with my degree and that they hoped to hear from me in the future.
Well the future is now and I will be graduating in June. I have been applying to the Flybe MAPS scheme (got stage 3 next week) and CTC and I have my stage 2 assesment in April. My original application was still on file and I could still access it as I had the original emails from CTC including my login details. I simply updated the application, emailed CTC to have the account revalidated (as it had been suspended as per my request) and I submitted the application. Got the good news a few days later. Hope this helps you PPL152
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Fantastic, do the line firms mind current students applying though?
I think its excellent if we can apply whilst in uni and then secure ourselves once we start training it was just what i wanted to do once i finish my industrial placement and head back. I'll finish uni in 2008, cant wait!
I think its excellent if we can apply whilst in uni and then secure ourselves once we start training it was just what i wanted to do once i finish my industrial placement and head back. I'll finish uni in 2008, cant wait!
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i know this is off topic, but just been looking at the Flight Training Europe website, does any1 know anythign about this company, and what it is like in comparison to CTC?? i am already applying to CTC, but this looks like a similar programme and could be a possible plan B?
thanks
thanks