Financing The Training
Join Date: Jan 2016
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For British citizens, I don't think there are any other specific pilot loan providers.
For Modular training, you can get an unsecured £30,000 loan with 2.3% APR from Nationwide and several other banks offer similar loans. Depending on your background you could get them. You can also remortgage if you have a house or try and ask family members for money.
There is a very helpful page by the Wings Alliance on financing pilot training, maybe take a look at it: https://www.wingsalliance.eu/training/finance/
I am definitely not a financial advisor and everything I've said is based off a google search, for more advice and specific details, you are better off seeing a financial advisor or your bank for advice.
For Modular training, you can get an unsecured £30,000 loan with 2.3% APR from Nationwide and several other banks offer similar loans. Depending on your background you could get them. You can also remortgage if you have a house or try and ask family members for money.
There is a very helpful page by the Wings Alliance on financing pilot training, maybe take a look at it: https://www.wingsalliance.eu/training/finance/
I am definitely not a financial advisor and everything I've said is based off a google search, for more advice and specific details, you are better off seeing a financial advisor or your bank for advice.
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BBVA essentially just offer secured loan like many other high street banks do, with a few nice perks e.g. up to 24 months payment holiday so you don't make payments while training and then up to a further 24 months reduced payments.
The highest unsecured loan I have seen is £50k with First Direct but I don't know how feasible actually getting that loan may actually be lol especially for flight training!
As the other replies have suggested, modular seems to be the only option unless you have the security.
For me it's a self funded PPL, then I'll build up time going flying trips and enjoying flying. After that I will consider taking the biggest unsecured loan out there to do the ATPL ground school, then a CPLMEIR course, some good options going for about £20k.
Thing is, depending on income that could all take a while, it also doesn't account for any extra hours needed/living costs/MCC/JOC/type rating etc etc etc.
Good luck with whatever you end up doing.
The highest unsecured loan I have seen is £50k with First Direct but I don't know how feasible actually getting that loan may actually be lol especially for flight training!
As the other replies have suggested, modular seems to be the only option unless you have the security.
For me it's a self funded PPL, then I'll build up time going flying trips and enjoying flying. After that I will consider taking the biggest unsecured loan out there to do the ATPL ground school, then a CPLMEIR course, some good options going for about £20k.
Thing is, depending on income that could all take a while, it also doesn't account for any extra hours needed/living costs/MCC/JOC/type rating etc etc etc.
Good luck with whatever you end up doing.
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Join Date: Dec 2010
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Can anyone tell me:
My parent's have agreed to act as a guarantor for a large loan, however, will not put the house up as collateral. Are there any loan providers that would do this, as in, lend me in excess of £50k with parents as guarantors.
My parent's have agreed to act as a guarantor for a large loan, however, will not put the house up as collateral. Are there any loan providers that would do this, as in, lend me in excess of £50k with parents as guarantors.
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No. The largest unsecured loan available on the high street is £50k, repayment is over 7/8 years with payments of around £700 a month starting immediately.
Larger loan products are available but only as secured lending - which is done using housing/property.
There are no large loan products that let you borrow a large sum of money just with a guarantor. The lender will want a cast iron guarantee they'll get their money back which is why it's secured on a home.
My question to you is, if you are taking out a large loan product how are you going to pay for it each month? My next question would be, if you can afford payments of £700+ a month from day 1 then why not spend that money on training directly instead of taking a loan?
Larger loan products are available but only as secured lending - which is done using housing/property.
There are no large loan products that let you borrow a large sum of money just with a guarantor. The lender will want a cast iron guarantee they'll get their money back which is why it's secured on a home.
My question to you is, if you are taking out a large loan product how are you going to pay for it each month? My next question would be, if you can afford payments of £700+ a month from day 1 then why not spend that money on training directly instead of taking a loan?
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Regarding loans from BBVA, I believe that they are one of the only banks in the UK allowing loans for training. They are going to stop offering loans on the 13th of November 2017, I know this as I recently just handed in my application for a guaranteed loan against my parents' house. And for BBVA, I think you need to do training through either OAA or L3.
Getting a 50k loan is tricky if not impossible, but with decent credit, a 10k loan is quite easy to get. Take out 5 of those on the same day (before the CRAs update) and there's your 50k...
I certainly would agree with the post above, only think about borrowing money for the final push - after PPL, ATPLs and preferably hour building. My previous post was in response to a specific question.
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Hours building is where gliding experience can, I believe, come in handy. Having such experience makes you much more attractive to a club who is in need of a tug pilot, if you're a member of a club you can put yourself forward. I've seen a couple of people gain a couple of hundred hours towing before going for their CPL/ME/IR. The only thing is that it isn't "structured" hours building.
Would probably take between £10k-£20k off the cost of a licence which, if you're doing modular, is a fair bit.
Would probably take between £10k-£20k off the cost of a licence which, if you're doing modular, is a fair bit.
'Structured' just means that you've made the best use of the time: cross country/night/simulated IMC etc. It's helpful, but not the be-all and end-all. You'll still have a full course to polish you up. Nothing beats free hours!
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How rude. Could you have made your point without being personal?
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Interestingly, TUI in Belgium have just started the only 'taking pilots off the street' route I have heard of in recent years. They hire applicants untrained, on completion of selection, pay for all the training, then keep them on a cadet salary for a while to recover the cost. They have taken this path because they were unhappy with the quality of pilots being fed to them by certain big schools.
Its an attractive plan, and I'm sure massively oversubscribed. The really interesting bit was that they stood up at a conference in Berlin last week and said "...and now we know what flying training costs, its 55,000 euros, including type rating". Anything else is profit.
There's a massive and obvious issue here. Companies-who-shall-not-be named are producing a generation of pilots in debt, purely to line their own pockets. And not a small, respectable, 'everyone has to make a living' profit, this is obscene. €130K is 'remortgage mum's house' money.
Its an attractive plan, and I'm sure massively oversubscribed. The really interesting bit was that they stood up at a conference in Berlin last week and said "...and now we know what flying training costs, its 55,000 euros, including type rating". Anything else is profit.
There's a massive and obvious issue here. Companies-who-shall-not-be named are producing a generation of pilots in debt, purely to line their own pockets. And not a small, respectable, 'everyone has to make a living' profit, this is obscene. €130K is 'remortgage mum's house' money.
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"They have taken this path because they were unhappy with the quality of pilots being fed to them by certain big schools."
That's interesting in itself - about the time Air Europe went down there was a move not to take self-improvers but only to take graduates from major schools - of course, that was when they were doing the job properly (i.e. we didn't need KSA 100), and you had to book four years ahead. How the circle comes round!
That's interesting in itself - about the time Air Europe went down there was a move not to take self-improvers but only to take graduates from major schools - of course, that was when they were doing the job properly (i.e. we didn't need KSA 100), and you had to book four years ahead. How the circle comes round!
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Agree with Alex and Paco, the modular route (or whatever it is called these days) in my experience is a great way to train. You also meet different people in the different locations and environments that you train in, which helps with the contacts side of things later on down the line when you are trying to find that elusive 1st job. It is significantly cheaper and you can tailor most of your training around your life (job, family etc) rather than sacrificing it all to go on an Integrated Course for months. This then leads to the question of financing the training. Well, old fashioned I know, but as some of the posters have alluded to in previous posts, you can work whilst you train with this route or you can save up for it before starting the bulk of the training. Just my 2p's worth.
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One thing to consider - if you go modular you get a piece of paper in the shape of a PPL early on in the process, so if you happen to know someone who owns an aircraft or get the chance of a ride you can do it. if you go integrated you generally don't get any paper until the end of the course, if at all.
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