Have i missed something?

[Aerofoil]

Hi all

Was just hoping if someone could give this the quick once over?
I am due to meet my bank manager at HSBC tommorrow to borrow £30,000 for the rest of my flight training. My dad is also lending me around £5-6k.
I may just be being paranoid but i want to make doubley sure i havent missed anything out and that i have my facts straight so here is what i have taken into account for...

- ATPL ground school = Course cost: £4300
Accomodation: £3045
Exam fees: £728

- Hour building in Florida = 100hrs £2,362
Accomodation: £461
Flights: £300 return

- Night rating = Course cost: £672
Rating issue £64

- CPL/ME rating = Course cost: £4990
Skills test: £578
Skills test a/c hire: £456 (2hrs)

- Instrument rating = Course Cost: £9400
Skills test: £578
Skills test a/c hire: £684 (3hrs)

Grand Total: £28,619

I already have my PPL so apart from food costs have i missed anything out there?

My dad is lending me the £5-6k so that i have the option of getting an instructors rating and also money as a safety net for failed exams etc.

Thanks for your time

Dave

[redsnail]

On the surface it looks ok,
Have you factored for the 20-30% increase in time and the resultant extra it'll cost?
If those numbers that you have quoted are minimum times, I would definitely add extra for the inevitable over runs.
Any thing can cause these over runs. Weather, instructor non availability, aircraft non availability, possible illness etc etc.

[Hansard]

If you reckon it'll cost £30,000 to complete in minimum hours/time, it'll probably cost £40,000 - £45,000 by the time you're done.

Your Test fees and Licence/Rating issue fees appear to be out of date, not that it makes too much difference.

However, to illustrate both points, the test fee for the CPL is £607 + aircraft hire for 2-2.5 hours = not far off £1,000; "partial" your test and you'll pay another fee of £406 plus another hour or so aircraft hire. Do the same on your IR Test and the sums will be even bigger.

Overrun on your IR training in a twin by only 3 hours and you'll have spent the best part of another £1,000....and so it goes on.

I would bump your figures up a bit.

[High Wing Drifter]

Landing and approach fees? An estimate for the IR that somebody provided was about £700-£800 extra for the IR.

[QNH 1013]

Good advice above. Something I remember my instructor saying (more than once) during my IR was "we'll just do that route (and approaches) again tomorrow". He is just hoping to see if I can get it all right for once, and I'm thinking to myself "thats another £700 he's talking about".
In other words, you must have enough money to be able to cope with these extra hours, or you will be worrying too much about the money ( like I was) and not enough about your flying. This in turn leads to more hours, and more phone calls to increase your credit-card limits.

[Aerofoil]

Thanks for the replies guys.

The loan il be getting will be secured on my folks' house so should i need more money towards the end of my training do you think i would have a problem increasing the loan ammount if its secured on my house?

thanks

Dave

[Jannik23]

Hi Aerofoil


Have you considered doing some of the Training in USA, like the Night-rating (600$ instead of pounds) CPL (4800$ instead of 5000 pounds) and maybe the IR (roughly 7000 pounds)

As I see it you can save several thousands of pounds (sorry dont have the pound symbol on this yankee laptop)

just a thought, fx check out www.flyeft.com just did my CPL there, 1st time pass in minimum hrs saved alot compared to UK

Whatever you choose good luck
JAM

[witchdoctor]

All well and good taking into account the costs of your training (take heed of the advice offered here on cost overruns - it is bound to happen), but have you accounted for your actual living expenses?

I see figures for accomodation (add extra for any course delays), but nothing for food, bills (gas, electric, water, tv licence, council tax etc), insurance, beer, transport, entertainment (you've still got to wind down and have fun) and so on. Unless you're going to be working part-time during the training (or doing a full-on modular course and continue in your present job) you'll still need money to cover it all. I presume you won't be living at home with the oldies.

It's good to see someone taking advantage of the low cost of borrowing on a mortgage, and rising equity in house values, rather than running off to the robbers at HSBC. Nice one.

[Stoney X]

Hour building in Florida = 100hrs £2,362

This looks a bit low to me. Are you sure this is P1 time as approved by the CAA and not the shared P1 that is accepted by the FAA? You wouldn't want to suddenly find out you have to do an extra xx hours when you thought you where ready for CPL.

Regards
Stoney X

[razzele]

surely you have forgotten about beer?

[RowleyUK]

Dont forget petrol costs if you plan to travel home at weekends!!

I didnt budget for that. It cost me an extra 1,000 just for that alone..

Allow some money for accom at the exam centre......Always used to wind me up when i had 3 exams on the monday and then had to wait till thurs to for the rest!!

Allow for exam resits!!

You will almost certainly go over hours on the CPL.....Its a big jump from PPL--->CPL..........The only way to try and avoid this is to use your 100hr in US wisely......Be strict on tolerances cos the CPL examiner sure as hell will be!!

Allow for equipment.....maps,CRP5,knee board and stuff.

Basically.....It all costs money and you will never really know exactly 100% how much money you're gonna need!!

Oh, and by the way, a loan secured on your mum and dads house?....from HSBC?.......I got one for 15k without offering any security,i suspect its the same branch!!