Funding Options with Payment Break?

[thelowflyer]

Hi all,

I'm currently trying to secure funding for an integrated course and despite my best efforts I am struggling to find anything that can offer a payment break during the training period. I spoke to Optimum Credit who offer pilot training assistance, however they only provide second charge mortgages - nothing for properties that are owned outright. I've spoken to various other lenders too with no luck on the payment break side of things.

I know this question has been asked many times in the past but given that the offerings are always changing, does anyone know of any current lender that can offer something that might be of use, even it is not a full repayment break for 18-24 months, but at the very least a reduced rate during the period that I am undertaking training, to reduce the cost of repayments by my parents during this time?

Thanks in advance!

[IRRenewal]

Take out a normal mortgage on the property but borrow 10% more than you need. Repay that 10% immediately and ask the mortgage lender for a payment break (should not be a problem because you've 'overpaid' a significant amount). Check with a good broker first to make sure your chosen mortgage lender will entertain this concept. (This was a tip I got from a broker when I was last looking for a mortgage. By borrowing more than you need and overpaying the extra you build a buffer in your mortgage in case you need a payment break in the future.)

Make sure your parents are aware that if you fail to complete your training and/or fail to secure a job their property is at risk.

Caveat: I am an airframe driver, not a financial professional. I am only passing on a tip I once got, this is not financial advice.

[alcockandbrown]

Another option is to work a regular job for 3 or 4 years saving up cash and money that is used to pay back the loan, while you are doing the training. If your parents can't cash flow your repayments this year, while your training then you have to do it the old fashioned way and cash flow it yourself in a few years. You will have to really earn your stripes.