Initial Hurdle
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Initial Hurdle
Hello mates
First things first; is there any banks out there that would give you a loan of say £80000 at an interest that doesn't include selling your sole?
I have looked around at most flight schools and seen a couple of part sponsored cadet programmes in the UK but the first big hurdle is the cost of starting the bloody things.
Anyone on here taken a bank loan to fund their training? Are you sh*ting yourself at the thought of paying it all back?!
Cheers
First things first; is there any banks out there that would give you a loan of say £80000 at an interest that doesn't include selling your sole?
I have looked around at most flight schools and seen a couple of part sponsored cadet programmes in the UK but the first big hurdle is the cost of starting the bloody things.
Anyone on here taken a bank loan to fund their training? Are you sh*ting yourself at the thought of paying it all back?!
Cheers
Join Date: Jan 2006
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HSBC seem to offer the most attractive rates to pilot aspirants.
As for the risks involved; 'you have to be in it to win it'.
PS. Now would appear to be a good time to train as we are looking forward to a period of rapid growth, any fool can see the demand for pilots increasing exponentially, albeit on slightly reduced terms.
As for the risks involved; 'you have to be in it to win it'.
PS. Now would appear to be a good time to train as we are looking forward to a period of rapid growth, any fool can see the demand for pilots increasing exponentially, albeit on slightly reduced terms.
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BBVA - but you better have a substantial amount of property equity as collateral (the figure of 1.5x the the loan size in equity not already in some way linked to another secured loan springs to mind)
And on that basis - seeing as it is technically just a second charge mortgage - any mortgage company where you meet the lending criteria should be willing to talk to you.
And on that basis - seeing as it is technically just a second charge mortgage - any mortgage company where you meet the lending criteria should be willing to talk to you.
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Hollingworth is quite correct that a training loan will need a small token security; usually some property equity will more than suffice.
Loan repayment are readily achieved once you start work on a 'first officers' pay. Best of all it's a fun way to make a living, even if not well paid.
Loan repayment are readily achieved once you start work on a 'first officers' pay. Best of all it's a fun way to make a living, even if not well paid.
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I paid in cash as I went and had no debt to payback in the end. I couldn't bare the thought of having a loan repayment, home payment, car payment, and living expenses on a lowly FI or first year pay, or worse yet, while jobless looking for a first job in this economy. Doing my training loan free is the best decision I could have made.
Last edited by zondaracer; 13th Mar 2011 at 10:22.
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You also should be prepared to pay for a typerating, if you are lucky enough to get a job. so 80 grand might not be enough...
Be prepared to spend 100 grand including living expensens to get a low paid flying job... I finished training 2 years ago out of my class of 29 persons so far only 4 got a job. 2 of them went for a P2f linetraining programs but they both got decent flying jobs now....
Just keep in mind that it will be a gamble! It's actually really quite similar to a pokergame.
So good Luck
Be prepared to spend 100 grand including living expensens to get a low paid flying job... I finished training 2 years ago out of my class of 29 persons so far only 4 got a job. 2 of them went for a P2f linetraining programs but they both got decent flying jobs now....
Just keep in mind that it will be a gamble! It's actually really quite similar to a pokergame.
So good Luck
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any fool can see the demand for pilots increasing exponentially, albeit on slightly reduced terms.
I would think very carefully about spending £80k on pursuing a flight career at any time let alone during a world recession, global unrest and natural disasters occurring all over the world. Remember this time last year European airspace was closed due to volcanic ash, who would have thought of that. Who can think of the next crisis in aviation?
