No more LOANS at HSBC for OATS!!!!
Guest
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i only borrowed 8k (only!)but it is unsecured and was VERY easy.
Other banks will give you money, but the beauty of the HSBC PSL is that they only charge 2% above Bank of England base rate.
I got my 8k at 7.5% which I think is pretty damned good. I certainly havn't seen a better offer thab that before.
Other banks will give you money, but the beauty of the HSBC PSL is that they only charge 2% above Bank of England base rate.
I got my 8k at 7.5% which I think is pretty damned good. I certainly havn't seen a better offer thab that before.
Guest
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The sad fact of life is that Banks (even HSBC), are, you may be surprised to hear, in business to make money!!
They don't give a stuff about your life long passion about flying, and why should they?
ANY bank will lend you what ever you want for whatever you want PROVIDED, that they have got security over something which they can easily call in, with extra for admin and legal costs. Yes, they will try to sell you insurance, they will try to sell you all sorts of things, it's how they make their living!!
Banks do not take risks, they sell products. A loan for £40k is good news provided it's safe. You will get a CDL for £8k at the drop of a hat, because the Government secures it pays the interest during training ,and you end up paying a staggeringly high interest rate when it's time to pay it back.
The best rate you will get is mortgage rate. That will mean giving security against property, yours your parents or anyone else who believes you will make so much money as a pilot, that you will pay them back and remove that burden called risk!
Now one way of looking at things is that you are qualified in a fairly short time in this business. For those who aren't going to Uni for 4 to 5 years, £50k is not a bad deal. Statistically most parents stump up around £7.5k pa to keep their offspring at Uni (don't shout back at me, it's a fact believe it or not!!), so perhaps for SOME who are going straight into training parental security on some sort of loan is not such a bad deal.
As an aside to spend £50k on an integrated course and hit the job market with only 200 odd hours IS a bloody big risk...but thats another argument all together!!
[This message has been edited by clear prop!!! (edited 11 May 2001).]
They don't give a stuff about your life long passion about flying, and why should they?
ANY bank will lend you what ever you want for whatever you want PROVIDED, that they have got security over something which they can easily call in, with extra for admin and legal costs. Yes, they will try to sell you insurance, they will try to sell you all sorts of things, it's how they make their living!!
Banks do not take risks, they sell products. A loan for £40k is good news provided it's safe. You will get a CDL for £8k at the drop of a hat, because the Government secures it pays the interest during training ,and you end up paying a staggeringly high interest rate when it's time to pay it back.
The best rate you will get is mortgage rate. That will mean giving security against property, yours your parents or anyone else who believes you will make so much money as a pilot, that you will pay them back and remove that burden called risk!
Now one way of looking at things is that you are qualified in a fairly short time in this business. For those who aren't going to Uni for 4 to 5 years, £50k is not a bad deal. Statistically most parents stump up around £7.5k pa to keep their offspring at Uni (don't shout back at me, it's a fact believe it or not!!), so perhaps for SOME who are going straight into training parental security on some sort of loan is not such a bad deal.
As an aside to spend £50k on an integrated course and hit the job market with only 200 odd hours IS a bloody big risk...but thats another argument all together!!
[This message has been edited by clear prop!!! (edited 11 May 2001).]
Guest
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Apart from the security aspect of things, the Banks want to be sure that you can keep up the payments on your mortgage and the additional loan secured on it. Perhaps they were concerned that if you gave up your job and took up training you wouldn't have continuity of earnings.
As I said, if's it a SAFE risk, you will get the money..no problems. Big problem is that doing a £50k integrated course is sadly not a safe risk.
[This message has been edited by clear prop!!! (edited 11 May 2001).]
