How much can I borrow?
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Join Date: May 2004
Location: London
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How much can I borrow?
If I go along to HSBC and ask to borrow a huge amount of cash for an integrated ATPL, how much is the max I can borrow?
I thought the max was £50k but I recently heard of someone getting £60k. I was planning to save for a bit but am not getting anywhere and am desperate to start the course as soon as I can. Probably a very stupid idea borrowing such a large amount but I just want to fly NOW!
I have a good degree and postgraduate qualifications - does this help significantly?
Anyone borrowed such obscene amounts and can offer some advice?
Cheers
I thought the max was £50k but I recently heard of someone getting £60k. I was planning to save for a bit but am not getting anywhere and am desperate to start the course as soon as I can. Probably a very stupid idea borrowing such a large amount but I just want to fly NOW!
I have a good degree and postgraduate qualifications - does this help significantly?
Anyone borrowed such obscene amounts and can offer some advice?
Cheers
Join Date: Apr 2002
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I was in an HSBC branch last week asking about the professional studies loan to allow me to complete my ATPL. The guy I spoke to said that I would be entitled to around £25K before I would need parents to act as guarantors. When I told him what I wanted the loan for, he said that they had just loaned £80K to someone a few weeks ago for the same purpose!!
Hope this helps you.
Matthew
Hope this helps you.
Matthew
Join Date: Jul 2003
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London Girl,
I have no idea about the maximum amount that the bank will allow you to borrow. I also know how much you want to fly, I'm there! However, from someone who has seen it go wrong over and over again:
Think VERY carefully, long and hard about this. There are other ways and means of getting the funds, it will take longer yes.
I know that being able to fly NOW is a very tempting offer but once you have been in the (not so stable) industry for a few years, other things start taking a priority, a house, family, life etc.
Think about it.
jau
I have no idea about the maximum amount that the bank will allow you to borrow. I also know how much you want to fly, I'm there! However, from someone who has seen it go wrong over and over again:
Think VERY carefully, long and hard about this. There are other ways and means of getting the funds, it will take longer yes.
I know that being able to fly NOW is a very tempting offer but once you have been in the (not so stable) industry for a few years, other things start taking a priority, a house, family, life etc.
Think about it.
jau
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If you have guarantors with sufficient collateral, then the sky's the limit. However, almost always the guarantors are parents, and the collateral is their house. If you fail to pay back your loan in the specified period, your parents lose their home. Think very carefully about that. I know I could never have put my parents' home at risk - and I would certainly not have been able to pay back the loan!
Scroggs
Scroggs
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Thanks for the advice guys - I do have huge concerns about borrowing so much but I am 27 now and am worried that if I hang about to earn some cash, then I could be losing out on jobs (as even if I start now I won't realistically graduate until I am 29).
It is a very big decision but at the moment I think my desire to fly is overriding any sensible thoughts about paying back the loan in the future. I do keep thinking long and hard about this but coming back to the same point every time - if I don't do this I will be kicking myself for the rest of my life!
I've just bought my first lottery ticket for Saturday so fingers crossed......
It is a very big decision but at the moment I think my desire to fly is overriding any sensible thoughts about paying back the loan in the future. I do keep thinking long and hard about this but coming back to the same point every time - if I don't do this I will be kicking myself for the rest of my life!
I've just bought my first lottery ticket for Saturday so fingers crossed......
Join Date: Jul 2003
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Hi London Girl
Read this thread, It wont just be the course you have to fund, I'm sure you have done the maths
Is it worth to self fund
On top of the numbers I put in that thread you have the living costs. As Scroggs said The banks will lend you loads if there is security, but imagine a worse case scenario if you did use e.g. your parents house as security and found it hard to find employment that would leave you with anything from £800-1200 a month in repayments). I am not a pessimist just a realist, an optimistic one though, but if you can handle the worse case scenario then things fall into perspective
Regards
Flystudent
Read this thread, It wont just be the course you have to fund, I'm sure you have done the maths
Is it worth to self fund
On top of the numbers I put in that thread you have the living costs. As Scroggs said The banks will lend you loads if there is security, but imagine a worse case scenario if you did use e.g. your parents house as security and found it hard to find employment that would leave you with anything from £800-1200 a month in repayments). I am not a pessimist just a realist, an optimistic one though, but if you can handle the worse case scenario then things fall into perspective
Regards
Flystudent
