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EasyJet MPL 2017

Old 26th Sep 2017, 16:04
  #461 (permalink)  
 
Join Date: Jun 2017
Location: Bristol, UK
Posts: 11
So I just had the call from L3. As I understand they get a list of names periodically outlining the route offer from the airline. On this list are details of any offer of loan underwriting to potential cadets. No offer of underwriting this time. Beyond that there is nothing further that can be done on our part to "persuade" anyone to underwrite the loan it seems. They seem to be holding their cards extremely close to their chest on this one.
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Old 26th Sep 2017, 16:36
  #462 (permalink)  
 
Join Date: Nov 2011
Location: Spain
Posts: 36
As the offers are being made to people who did the stage at the beginning of september...for those who did it beginning of august (like me) and haven't heard anything yet the future looks pretty dark

Anyone who did stage 2 prior to mid-august has had good news the last few days?

Cheers
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Old 26th Sep 2017, 17:11
  #463 (permalink)  
 
Join Date: May 2015
Location: earth
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regurding underwriting or rout selected?
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Old 26th Sep 2017, 17:20
  #464 (permalink)  
 
Join Date: Jun 2017
Location: Bristol, UK
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I wouldn't say that, I heard that some folks who had their second assessment early August heard in both late August and last week. Is it not true that if you passed the second day they will offer you one of the routes?
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Old 26th Sep 2017, 17:32
  #465 (permalink)  
 
Join Date: Nov 2011
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Originally Posted by Huggies_23 View Post
I wouldn't say that, I heard that some folks who had their second assessment early August heard in both late August and last week. Is it not true that if you passed the second day they will offer you one of the routes?
My friend who did stage 2 last week of July was told yesterday he didn't make it for any of the routes at the end but was offered whitetail
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Old 26th Sep 2017, 17:33
  #466 (permalink)  
 
Join Date: Nov 2011
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Originally Posted by tryu32 View Post
regurding underwriting or rout selected?
regarding route selected
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Old 26th Sep 2017, 18:37
  #467 (permalink)  
 
Join Date: Aug 2016
Location: Scotland
Posts: 37
There's a lot of talk about underwriting loans, but even if offered I'd be cautious.

BBVA were the only lender to offer a product with a 24 month payment holiday, and nobody has mentioned this of other lenders.

Once BBVA withdraw their product that leaves people sourcing loans from elsewhere - and it's entirely possible there will be no payment holidays. You could only then assume that this underwriting would be on a loan in which you would start making payments immediately (while you are studying with L3)

Lenders are unlikely to offer a payment holiday of longer than 12 months and more unlikely to do so at the start of the loan. High street lenders will be looking for your first payment a month after they release that money.

I just hope everyone here in their early 20s are aware with the financing of it all and how banks lend money.
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Old 26th Sep 2017, 18:56
  #468 (permalink)  
 
Join Date: Jun 2017
Location: Bristol, UK
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Personally, being 28 and my parents being close to retirement the last thing I wish to do is ask them for assistance in this (by way of securing any borrowing against their property / otherwise).

Obviously the cadet still takes on the debt and is responsible for the repayments (unless declared bankrupt etc.).

Absolutely BBVA are unique in their repayment schedule, the perks of a product created specifically for flight training.

I think anyone going into this process, nevermind accepting a training position, is entirely aware of the financial burden that will undoubtedly make the first few years post-qual hard work. At least I hope this is the case....

I do wonder with other lenders whether or not you could boost the amount borrowed to cover the initial payments. Though this would probably amount to 20k odd and would be hard to justify to the lender.
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Old 26th Sep 2017, 20:12
  #469 (permalink)  
 
Join Date: Feb 2017
Location: England
Posts: 38
I received my acceptance on Friday and still havenít had a phone call, has anyone had a letter through the door yet?
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Old 26th Sep 2017, 20:36
  #470 (permalink)  
 
Join Date: Nov 2011
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When did you pass your stage 2? And what route did you get?
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Old 26th Sep 2017, 20:42
  #471 (permalink)  
 
Join Date: Feb 2017
Location: England
Posts: 38
26th July and Route 3.
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Old 26th Sep 2017, 21:14
  #472 (permalink)  
 
Join Date: Aug 2016
Location: Scotland
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Originally Posted by Huggies_23 View Post
Personally, being 28 and my parents being close to retirement the last thing I wish to do is ask them for assistance in this (by way of securing any borrowing against their property / otherwise).

Obviously the cadet still takes on the debt and is responsible for the repayments (unless declared bankrupt etc.).

Absolutely BBVA are unique in their repayment schedule, the perks of a product created specifically for flight training.

I think anyone going into this process, nevermind accepting a training position, is entirely aware of the financial burden that will undoubtedly make the first few years post-qual hard work. At least I hope this is the case....

I do wonder with other lenders whether or not you could boost the amount borrowed to cover the initial payments. Though this would probably amount to 20k odd and would be hard to justify to the lender.
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.

Iím sure everyone is aware of the financial burden, but Iím sure even you would agree that there are some who havenít quite got a proper grasp of the scale of this financial burden. Thereís a degree of naivety almost, and I canít help but wonder if there is a belief amongst some that if the airline underwrites your loan youíre not physically paying. I get the impression some are thinking of this as corporate sponsorship.

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.

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.

Secured lending on a home with equity is likely to be the only real solution. But with shared-equity and Help to Buy etc, Iím not sure it will be possible to secure additional lending on that property.
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Old 26th Sep 2017, 21:44
  #473 (permalink)  
 
Join Date: Jun 2017
Location: Bristol, UK
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Originally Posted by 31Pilot View Post
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 View Post
Iím sure everyone is aware of the financial burden, but Iím sure even you would agree that there are some who havenít quite got a proper grasp of the scale of this financial burden. Thereís a degree of naivety almost, and I canít help but wonder if there is a belief amongst some that if the airline underwrites your loan youíre 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 View Post
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 View Post
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 View Post
Secured lending on a home with equity is likely to be the only real solution. But with shared-equity and Help to Buy etc, Iím 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!

Last edited by Huggies_23; 26th Sep 2017 at 21:45. Reason: Typo
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Old 27th Sep 2017, 02:10
  #474 (permalink)  
 
Join Date: Nov 2011
Location: Spain
Posts: 36
Originally Posted by o_rey28 View Post
26th July and Route 3.
Thank you my friend. Congrats. Have you been given any start date?
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Old 27th Sep 2017, 04:01
  #475 (permalink)  
 
Join Date: Jul 2014
Location: Hong Kong
Posts: 1
Hi everyone, do they accept overseas applicants?
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Old 27th Sep 2017, 08:48
  #476 (permalink)  
 
Join Date: Sep 2017
Location: Tokyo
Posts: 10
If you have the unrestricted right to live and work in the UK, yes. I applied from overseas.
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Old 29th Sep 2017, 21:11
  #477 (permalink)  
Thread Starter
 
Join Date: Jan 2017
Location: Echo Golf Papa Foxtrot
Posts: 154
easyJet have confirmed that they will be at the Pilot Careers Live event at London Heathrow 4 November. This is a great opportunity for those who are wanting to find out more about the airline.
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Old 29th Sep 2017, 22:05
  #478 (permalink)  
 
Join Date: Jan 2016
Location: Hertfordshire
Posts: 16
Originally Posted by o_rey28 View Post
26th July and Route 3.
Hi Mate,

Congrats! Same as me, I am confirmed on the course now and have had joining instructions through, have you got a booked start date yet?

Thanks,
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Old 29th Sep 2017, 22:09
  #479 (permalink)  
 
Join Date: Jan 2016
Location: Hertfordshire
Posts: 16
Hi All,

I just wanted to post my experience.

I attended selection in May and have just sorted all the medical etc. and will be starting next week on Route 3.

Best of luck to all, anyone who is on the same intake, let me know!
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Old 29th Sep 2017, 23:19
  #480 (permalink)  
 
Join Date: Feb 2017
Location: England
Posts: 38
Hi congrats to you also! I still need to get medical and funding in place so will be a while for me yet!
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