EasyJet MPL 2017
Join Date: Aug 2016
Location: Scotland
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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.
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.
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.
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.
Join Date: Aug 2016
Location: Scotland
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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.
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.
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.
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, I’m not sure it will be possible to secure additional lending on that property.
Join Date: Jun 2017
Location: Bristol, UK
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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 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.
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 20:45. Reason: Typo
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Join Date: Jan 2017
Location: Echo Golf Papa Foxtrot
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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.
Join Date: Jan 2016
Location: Hertfordshire
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Join Date: Jan 2016
Location: Hertfordshire
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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!
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!
Join Date: Jan 2016
Location: Hertfordshire
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Drop me a PM when you are starting and we can catch up.
Best of luck!
Join Date: May 2010
Location: London
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Hi All,
Does anyone know if the 'Flying Through Boxes' test at L3 includes a time delay? I'm using SkyTest to prepare for an upcoming assessment and it would be very helpful to know what setting to use.
Many thanks!
Does anyone know if the 'Flying Through Boxes' test at L3 includes a time delay? I'm using SkyTest to prepare for an upcoming assessment and it would be very helpful to know what setting to use.
Many thanks!
Join Date: Aug 2017
Location: UK
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The test has a small delay with input. You also have to counteract your response sometimes, e.g. after turning left, you have to apply a small amount of right to achieve the desired heading.
TOP TIP - Stay calm and use small movement. There's a tendancy for people to become flustered when missing a box and then to overcorrect which makes things a lot worse.
TOP TIP - Stay calm and use small movement. There's a tendancy for people to become flustered when missing a box and then to overcorrect which makes things a lot worse.