Need Advice for Funding and Finance
 

Hi guys

Iv been accepted to start training with PTC for both integrated and modular courses. I have to choose between them. Im still 17 years old and im going to be 18 very soon. However the only problem i have at the moment is funding options. Im not sure if banks would be prepared to lend me a hand but i just wanted to know if anyone is in the same situation and if anyone can give me good advice on what steps to take.

Thanks in Advance
Luqman

Do your parents want to risk their house? No? Then no bank will lend you anything at the moment.

Please read the threads on this forum - the answers to your questions will be found there. You won't like the answers but, they're there nevertheless.

Cheers

Whirls

where do you work at the moment? I mean how much do you earn a year?
What degree have you got or have you got? or have you got a Masters MA?

by having a job the banks will give you a credit card. I know the rates are 15-20% but you can put it on that and keep and keep increasing the amount you borrowed. Its no where the cheapest idea, but it does work. I know someone who did it. If you want the rating so badly when that is one of the main ideas.

Just one thing to remember you are very unlikely to get a pilots at the end of the course. I still quote to people there was 650 pilot who appiled for one first officers job in january 2010. they also closed this job openning 3 weeks early due to the amount of pilots who had appiled.


Check this out on pprune for other experience pilots looking for work. this is what I and you will be up againist>>>
http://www.pprune.org/biz-jets-ag-fl...ew-pilots.html


You also need to factor into the amount a type rating, and be able to spend £7,500 each year after finishing to keep current and keep on flying. it could be a couple of years after you have finished before you got a job..

I wish you all the best and Good Luck with your future.

Often the cheapest form of loan will be to ask your parents to re-mortgage their home. Assuming that there is sufficient equity. (Remember a secured loan will still have first call on the property should there be problems servicing the debt.)

A remortgage should facilitate the lowest rate of interest on the Capital advance.

Whirls is quite correct with her assertion that unsecured bank loans are not available at this time. Even HSBC have pulled the plug sadly.

You could always consider going to work thus earning the money to fund yourself perhaps? This would take a little longer though.

On a positive note jobs are starting to flow again.

Yeah still looking into a few options. Will be talking to one of PTC's directors as see what his advice and suggestions are.

And thanks for the help BigNumber, flyhighspeed300, and Whirlygig .

Really appreciate it

Natwest Private Banking will let a person in the UK borrow from £1 up to a max of £30,000 for a CPL & IR and its a 100% Unsecured loan and no repayments for the first 6 months.
Get in touch with them.

In the past 3 months I know quite a few people who have taken this option. It works and dare I say, there the only bank at the moment that will help wannabe pilots..:ok:

And would you care to explain how you get a NatWest Private Bank account? It's not the same as the bog-standard high street retail bank, NatWest.

Cheers

Whirls

Anyone Interested in the Natwest commercial pilot training loan deal, PM me and il pass on phone number of the guy that deals with in Birmingham.

They will ONLY give out these loans for the CPL & IR! So you need the PPL and ATPL's done to get it!
Its done through natwest private banking and they will set you up with a special account with them. Anything else you want to use private banking for you will need to have a high income as said in above post.

I think we all know the 'finance house' that will continue to be the preferred lender!!!

It offers unsecured loans, zero interest and repayment is, at worst, optional.

Zadok the Priest
 

Coutts has a mission statement on their website that should pip anything Natlaysmidlloyd has to offer:

SO, luqmancfc, if any on your family tree has the surname Saxe-Coburg-Gotha, give 'em a try!

CTCPilot check your pms

Interesting. Is it specifically only for fixed wing guys? I've had NatWest account past 6 years, good credit history..

So one should have PPL and ATPL theory done to show commitment.
I thought I'd only be able to draw the Professional Development Loan at 10k Sterling (ex-CDL).

It'd be nice to know more details. Obviously, it wouldn't be suitable for zero hour starry-eyed teenage newbies (with sensible daddies not risking their property).

Here is an idea, how about saving up and paying for it yourself? You only 18, get a backup career going and save! You may not have the medical forever, and future recessions will come along for sure, just the slightest finacial hicuup and aviation enters spirals, and now we have volcanoes to deal with as well! So I think it is a pretty save bet to assume you will be laid off at one point in your career - so get a back up career to fall back on!

I have managed to bank nearly all I need within 2 years, I did get some freebies by being in the UAS and getting some hrs that way, but you can also.

Work and save for it!! You may need the loan for a type rating in the future.

Do not get a loan, staying debt free gives you more options

1, save as much as possible
2, get a loan that you can "manage" the payment safely (by having a good amount of savings)
3, pay off some of loan early and top loan up to pay for TR, one option I've been thinking about...