Are ANY banks still lending to fund integrated or modular courses??
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Joined: Nov 2004
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From: The Desert but shortly to be HK!)
Are ANY banks still lending to fund integrated or modular courses??
I am just curious given how tight lending conditions have got as to who exactly is still lending huge amounts to wanabees given the current bleak outlook.
So are any banks still lending to fund training??... if so what sort of security are they demanding (i.e. what LTV on mum and dads house)??
Guess I am just starting to wander if a lack of available financing will sarve the likes of OAT and FTE of "students" resulting in cash flow problems (FTE must surely be screwed anyway given incremental cost of the course due to €/£ move... it has gone up 30% in the last 3-4 months alone!).
Last thing you would want is to hand over your 60k for the school to go bust a week later!
So are any banks still lending to fund training??... if so what sort of security are they demanding (i.e. what LTV on mum and dads house)??
Guess I am just starting to wander if a lack of available financing will sarve the likes of OAT and FTE of "students" resulting in cash flow problems (FTE must surely be screwed anyway given incremental cost of the course due to €/£ move... it has gone up 30% in the last 3-4 months alone!).
Last thing you would want is to hand over your 60k for the school to go bust a week later!
Joined: Jul 2008
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From: Manchester
There are still loans out there but no banks are currently offering large amounts like they used to.
You can look at Career Development Loans with Co-op, Barcleys or RBS i believe.
The only other thing to do is re-morgage!!
Good Luck!!
You can look at Career Development Loans with Co-op, Barcleys or RBS i believe.
The only other thing to do is re-morgage!!
Good Luck!!
Joined: Feb 2007
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From: at the whim of people I've never met
BBVA are currently lending to OAA students - don't think they have the old limit HSBC used to have of 50k (they will lend more!) so they will lend for accomodation etc and also in theory for a SSTR after the MCC.
It'd be like having a second mortgage.
Joined: Feb 2007
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From: at the whim of people I've never met
I don't know all the in's and out's but I think the terms are probably similar to the old HSBC PSL in that it needs to be secured on a UK property and that the loan, added onto any existing secured loans must not exceed 60% of the valuation. On that basis I imagine it is a stirling loan as the course fees are in stirling.
However, how many people are actually succesful in obtaining 50k+ loans for flight training at the moment would be interesting to know.
Certainly tends to restrict the APP course to those with financialy sound parents (I wish I had that much equity in my house!)
However, how many people are actually succesful in obtaining 50k+ loans for flight training at the moment would be interesting to know.
Certainly tends to restrict the APP course to those with financialy sound parents (I wish I had that much equity in my house!)
Joined: Sep 2005
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From: London
HSBC have pulled all new flight training loans, including those for type ratings even with a job guarantee.
BBVA are funding the FTE and OAA integrated courses but have so far refused to fund Cabair or CTC. I'm sure everyone can take their own opinions on that one!
BBVA are funding the FTE and OAA integrated courses but have so far refused to fund Cabair or CTC. I'm sure everyone can take their own opinions on that one!
Joined: May 2008
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From: Rugby
BBVA are funding the FTE and OAA integrated courses but have so far refused to fund Cabair or CTC. I'm sure everyone can take their own opinions on that one! 
Joined: Sep 2005
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From: London
I stand corrected - Last I heard from friend at CTC that BBVA still hadn't agreed to fund.
The terms for the FTE loan are here: http://www.ftejerez.com/downloads/bbva_terms.pdf
OAA's loan from BBVA is fairly similar, slightly different rates and obviously in sterling.
The terms for the FTE loan are here: http://www.ftejerez.com/downloads/bbva_terms.pdf
OAA's loan from BBVA is fairly similar, slightly different rates and obviously in sterling.
Joined: May 2008
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From: Rugby
flyingmutant
The agreement has only just happened. Your original comments regarding CTC was a little off. They have an excellent reputation and have positioned all of their cadets with airlines so I was surprised at your comment.
I stand corrected - Last I heard from friend at CTC that BBVA still hadn't agreed to fund.
Joined: Feb 2000
Aviation Qualifications: ATPL
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From: England
To be fair quite a few hold pool swimmers have been placed with Aer Lingus at the new base in Gatwick. Some self sponsored OATS students also got jobs.
So the job market hasn't totally collapsed.
Yet
WWW
So the job market hasn't totally collapsed.
Yet
WWW
Joined: May 2008
Posts: 62
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From: Rugby
WWW
Cadets have also been taken by your own airline and a few others as far as I am aware. These may only be for the summer unless things pick up but as you mentioned CTC have helped obtain jobs for the cadets returned after last summer at Aer Lingus.
Difficult times but I believe CTC are still the best option for job prospects after leaving a FTO and you don't have to pay for a type rating, JOC or MCC.
Cadets have also been taken by your own airline and a few others as far as I am aware. These may only be for the summer unless things pick up but as you mentioned CTC have helped obtain jobs for the cadets returned after last summer at Aer Lingus.
Difficult times but I believe CTC are still the best option for job prospects after leaving a FTO and you don't have to pay for a type rating, JOC or MCC.
Joined: May 2008
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From: Rugby
cc2180
I agree the salary is low for the first 6 months (£1000 pm expenses) but to get positioned with an airline with a fresh ATPL its still not a bad option. The positioning of cadets may be slower at the moment with people in the hold pool but they are still placing cadets. Just because things have slowed up and you may not like the CTC scheme there is no need to be so negative.
Other FTO's are charging more, have never positioned all of their cadets or even claim to, and you may have to pay for a type rating if you are lucky enough to get selected with an airline. (for example going to ryanair after OAA or a modular route).
I am not advising this is the time to join a integrated course, just stating the facts.
I agree the salary is low for the first 6 months (£1000 pm expenses) but to get positioned with an airline with a fresh ATPL its still not a bad option. The positioning of cadets may be slower at the moment with people in the hold pool but they are still placing cadets. Just because things have slowed up and you may not like the CTC scheme there is no need to be so negative.
Other FTO's are charging more, have never positioned all of their cadets or even claim to, and you may have to pay for a type rating if you are lucky enough to get selected with an airline. (for example going to ryanair after OAA or a modular route).
I am not advising this is the time to join a integrated course, just stating the facts.