Banks other than HSBC
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Banks other than HSBC
I wanted to know if there are any other banks other than HSBC who would give a secured loan of upto £80,000 specifically for Pilot Trainees...?
Im interested in seeing options...
Thanks in advance
Im interested in seeing options...
Thanks in advance
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A secured loan is still 'doable' for that ammount.
Seems a bit obvious, but do a search. Moneysupermarket.com springs to mind.
There is always a shark out there willing give credit if your house is big enough.
Obviously, the devil is in the detail. Don't expect a decent APR. And don't be surprised if they ask for you to have a lot more equity in the property than the loan amount to cover their arse in the current world of house price deflation.
Topic drift I know, but is this the best move right now? I'm certainly not a doom merchant but now is not the time to have to sell a house.
It sounds like you are funding an integrated course on 100% secured credit. Think about it.
EK
Seems a bit obvious, but do a search. Moneysupermarket.com springs to mind.
There is always a shark out there willing give credit if your house is big enough.
Obviously, the devil is in the detail. Don't expect a decent APR. And don't be surprised if they ask for you to have a lot more equity in the property than the loan amount to cover their arse in the current world of house price deflation.
Topic drift I know, but is this the best move right now? I'm certainly not a doom merchant but now is not the time to have to sell a house.
It sounds like you are funding an integrated course on 100% secured credit. Think about it.
EK
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This guy is 19. No wonder the country is in a mess, read the previous post and grow up son.
However he has been accepted on to a Cabair course starting in Jan 2009, more lambs to the slaughter.
However he has been accepted on to a Cabair course starting in Jan 2009, more lambs to the slaughter.
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You won't get anywhere without a property, with lots of equity. Gambling with your parents life savings is Russian roulette at the best of times.
Do your parents a favour, and be open and honest with the facts, you owe it to them. Let them see all of the forums on here, and other forums, as well as the news - they must know this is not the best time to gamble the deeds to their home.
You won't be getting an airline job anytime soon - and only they pay wages massive enough to feed the monthly payment for debts of these schemes.
Think long and hard - you owe it to yourself, and your family. Also, don't think that Integrated is the only way- Ryanair and flyBe employ more pilots together than any other airline operating in the UK - and they both take pilots from a modular background.
Just my two pence.
Good luck!
Do your parents a favour, and be open and honest with the facts, you owe it to them. Let them see all of the forums on here, and other forums, as well as the news - they must know this is not the best time to gamble the deeds to their home.
You won't be getting an airline job anytime soon - and only they pay wages massive enough to feed the monthly payment for debts of these schemes.
Think long and hard - you owe it to yourself, and your family. Also, don't think that Integrated is the only way- Ryanair and flyBe employ more pilots together than any other airline operating in the UK - and they both take pilots from a modular background.
Just my two pence.
Good luck!
Hovering AND talking
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To answer the question, no. HSBC are the only bank that offer the pilot training loan and even then only if the borrower has been accepted on a course with certain schools. OAT springs to mind but there may be others.
Cheers
Whirls
Cheers
Whirls
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To answer the question, no.
Methinks we are getting confused between secured and non secured lending. Big difference.
wolves are going to start picking up the scent!
EK
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Wrong. He is looking for a secured loan. Pretty much any Tom, Dick or Harry will give up to £250,000 secured on a property if it is big enough and you own enough of it. Even now. They don't give a monkey's what it's for either.
Methinks we are getting confused between secured and non secured lending. Big difference.
Methinks we are getting confused between secured and non secured lending. Big difference.
Clearly the traditional secured loan is an alternative but repayment will start MUCH sooner (probably 0-3 months) which means either finding the repayment sums during your training, or borrowing significantly more than you need to cover the first 21-24 payments in order to compare with the HSBC style PSL loan.
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Amazes me when people try and offer advice that doesn't fit in with what people want to hear its pessimistic and the wolves are out howling in the woods.
Some are just trying to say how it is. Look at the number of airlines going bust. LTE went this morning adding another name to a rapidly growing list. Most other European airlines are shelving growth plans. Very little recruitment coupled with a lot of experienced guys coming back onto the market equals bit of a wait for a shiny new 200 hr grad!! Better to hear a bit of pessimistic advice than...."yeah all is well mate, go for it. You will do your training and pop straight out into a jet job. Don't worry that huge secured loan on your parent’s house will be fine!"
If your parents can afford to have all that equity tied up, you are confident that while waiting to get a flying job you can afford the repayments (if still living at home you probably could) then go for it. Just think it through and listen to the gloomy advice because anything else will be a bonus. Things will pick up but there will be a big queue already waiting!
Don't shout down the people posting gloomy predictions, I’m sure they are just trying to help. There does seem to be a lot or rose tinted vision going on round here!
If you can afford the worst case scenario go for it. As someone said though be brutally honest with your parents, they deserve it. Good luck.
Some are just trying to say how it is. Look at the number of airlines going bust. LTE went this morning adding another name to a rapidly growing list. Most other European airlines are shelving growth plans. Very little recruitment coupled with a lot of experienced guys coming back onto the market equals bit of a wait for a shiny new 200 hr grad!! Better to hear a bit of pessimistic advice than...."yeah all is well mate, go for it. You will do your training and pop straight out into a jet job. Don't worry that huge secured loan on your parent’s house will be fine!"
If your parents can afford to have all that equity tied up, you are confident that while waiting to get a flying job you can afford the repayments (if still living at home you probably could) then go for it. Just think it through and listen to the gloomy advice because anything else will be a bonus. Things will pick up but there will be a big queue already waiting!
Don't shout down the people posting gloomy predictions, I’m sure they are just trying to help. There does seem to be a lot or rose tinted vision going on round here!
If you can afford the worst case scenario go for it. As someone said though be brutally honest with your parents, they deserve it. Good luck.
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EK4457, the OP asked about the HSC pilot training loan and if anyone else offered that scheme. Me and Mr. McGoo answered that question correctly. Talk about any other secured loan may be helpful information to the OP but it doesn't specifically answer his question.
I think you'll find that many mortgage lenders do care about what the borrowed funds are spent on especially in these days of credit crunch!
Cheers
Whirls
I think you'll find that many mortgage lenders do care about what the borrowed funds are spent on especially in these days of credit crunch!
Cheers
Whirls
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There is also the Career Development Loan, which offers up to £8000 maximum unsecured. Not quite the full 80k for an integrated course, but certainly a help to those who may be looking for a bit of extra funding.
As far as I can remember, the payments can be deferred up to 18 months. I got mine through the Royal Bank of Scotland 2 years ago...not sure if theyre still offering it now, given the current climate.
I used mine for funding the ATPL groundschool and exams, but I know others who've used it for help with the MEIR or FI rating. I dont think it really matters, just as long as you can justify in your busniness plan what the money is for.
As far as I can remember, the payments can be deferred up to 18 months. I got mine through the Royal Bank of Scotland 2 years ago...not sure if theyre still offering it now, given the current climate.
I used mine for funding the ATPL groundschool and exams, but I know others who've used it for help with the MEIR or FI rating. I dont think it really matters, just as long as you can justify in your busniness plan what the money is for.
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Ok. I think we are getting mixed up with HSBC products now.
Hollingworthp - HSBC PSL is unsecured, limited to £25,000 and not available for pilot training. Whilst I agree it is a 'nice' loan, he can't get it. No wannabe can anymore. Besides, it wouldn't even pay for the uniform on an integrated course. He is not talking about this.
Whirlygig and Samee. I think the confusion arises from the fact that samee clearly doesn't have a scooby's what he is talking about:
No such thing exists. The HSBC Oxford branch offer £50,000 secured for OAA students only. Even those cowboys will not go above £50,000, so you are pissing in the wind trying to get £80,000.
If you want £80,000 secured, go and see Carol Vorderman's loan sharks. They'll see you coming a mile off with your mum and dad's title deeds in one hand and your Cabair acceptance letter in the other. I'm sure you will tell them all about the pilot shortage at the moment.
It is shocking to see a 19 year old playing around with other people's life savings without a clue what they are doing. I blame the parents!
These sharks specialise in debt consolidation. Proof that they don't care what the money was (or is) spent on. They care about your property.
EK
Hollingworthp - HSBC PSL is unsecured, limited to £25,000 and not available for pilot training. Whilst I agree it is a 'nice' loan, he can't get it. No wannabe can anymore. Besides, it wouldn't even pay for the uniform on an integrated course. He is not talking about this.
Whirlygig and Samee. I think the confusion arises from the fact that samee clearly doesn't have a scooby's what he is talking about:
I wanted to know if there are any other banks other than HSBC who would give a secured loan of upto £80,000 specifically for Pilot Trainees...?
If you want £80,000 secured, go and see Carol Vorderman's loan sharks. They'll see you coming a mile off with your mum and dad's title deeds in one hand and your Cabair acceptance letter in the other. I'm sure you will tell them all about the pilot shortage at the moment.
It is shocking to see a 19 year old playing around with other people's life savings without a clue what they are doing. I blame the parents!
I think you'll find that many mortgage lenders do care about what the borrowed funds are spent on
EK
Last edited by EK4457; 19th Oct 2008 at 13:33.
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I have got savings and have worked during my A-Levels! I live with my parents who house value is £350,000. And i happily contribute to bills! So i was wondering if there was another bank who could secure that loan on top of the property. I have heard Natwest and Bank of Scotland do some in individuality concern.
Personally, do not judge an individual the way they act on forums, unless you have met them or know them personally! This goes to some of the arrogant people here.
Otherwise thanks for the advice it is good to weigh up options and think.
Personally, do not judge an individual the way they act on forums, unless you have met them or know them personally! This goes to some of the arrogant people here.
Otherwise thanks for the advice it is good to weigh up options and think.
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Someone on the OAA forums said they talked to Natwest and were able to get £75,000 secured loan and up to £20,000 for a type rating if given a job offer. Same terms as HSBC.. 6 months after coruse completion to pay it back, 3.25% interest rate if you have a bank accoutn with them etc. Also think some chap mentioned RBS would do them a loan of a similiar amount.
I'm also thinking of this - but a lesser amount - it would silly to take a £75k loan - do the maths and you'll see.
samee380 - don't put your doing A-Levels on here
the usual bunch are just waiting to give you a lecture on how people of the same age group are immature, slackers, leechers, should work for years and pay it all yourself etc! 
EK4457 - playing with life savings?? err don't think so.. HSBC won't give you it unless you can prove you can earn £20k p/a if everything goes tits up.
Do you really think a bank manager would just give a £80k loan to a 18/19 year old?? thats what it looks like you're saying.
I'm also thinking of this - but a lesser amount - it would silly to take a £75k loan - do the maths and you'll see.
samee380 - don't put your doing A-Levels on here
the usual bunch are just waiting to give you a lecture on how people of the same age group are immature, slackers, leechers, should work for years and pay it all yourself etc! EK4457 - playing with life savings?? err don't think so.. HSBC won't give you it unless you can prove you can earn £20k p/a if everything goes tits up.
Do you really think a bank manager would just give a £80k loan to a 18/19 year old?? thats what it looks like you're saying.
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Not to do with flying but i have managed to secure a £75,000 loan through the Natwest for a business I am buying total cost is £140,000 I have a 65k deposit.
The best intrest rate at the moment is 3.0% over base rate even with a large deposit and the rest secured on a house so I cant see anyone getting a better rate for a flight training course.
The best intrest rate at the moment is 3.0% over base rate even with a large deposit and the rest secured on a house so I cant see anyone getting a better rate for a flight training course.
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Goodness me.
Samee, you really don't need to tell us you live with your parents who have a big house. We could tell.
Working during A levels to pay for an £80,000 course. Just gets better.
rick0:
Did they really?
They offer the best interest rate on planet earth do they? Why not just put it in a savings account which offers 5.5% and earn interest for the rest of your life? Because it's bollox, thats why.
It's more probably like 3.25% above the base rate, if you even understand what that means.
Well you should. Most people's life investment is their house. Perhaps your parents all have assets (or cash reserves) which are more valuable than their house. But if they don't (more than likely), their house is very much most if not all of their life savings. And you are playing with it.
Firstly how do you prove you can get a job in 24 months time? Secondly, do you think you can pay back a 75k loan and live on this money?
That is a fact. Providing ma and pa's house is nice enough.
This thread is turning into a classic for all the wrong reasons. And the like of WWW haven't even got involved get. They'll eat you alive....
EK
Samee, you really don't need to tell us you live with your parents who have a big house. We could tell.
Working during A levels to pay for an £80,000 course. Just gets better.
rick0:
Someone on the OAA forums said they.......
3.25% interest rate
It's more probably like 3.25% above the base rate, if you even understand what that means.
playing with life savings?? err don't think so
HSBC won't give you it unless you can prove you can earn £20k p/a if everything goes tits up.
Do you really think a bank manager would just give a £80k loan to a 18/19 year old?? thats what it looks like you're saying
This thread is turning into a classic for all the wrong reasons. And the like of WWW haven't even got involved get. They'll eat you alive....
EK