Student pilot and theatre nurse

guerlain

Good evening, i´m posting here to get some advice and find out if any bank will help me to finish my career.

Im a NHS theatre nurse, 24 years old, Spanish but I´ve been living and working here for more than 3 years thanks to my permanent contract with the NHS.

My gross income is around 22500 pounds/year, im studying to become an airline pilot so I´ll need 20-25000 pounds fronm an unsecured loanto finish it.

Do you reckon any bank will lend me that amount of money to pay it back in the next 5-10 years?

I´ve been a good boy so far, clean history, no debts, no mortgages, no kids...

Best regards.

gb12345

guerlain wrote: »

My gross income is around 22500 pounds/year, im studying to become an airline pilot so I´ll need 20-25000 pounds to finish it.

Do you reckon any bank will lend me that amount of money to pay it back in the next 5-10 years?

So you basically want to borrow 100% of your gross salary. Sorry, but you don't have a hope in hell of getting a bank to consider that.

Also, I would question whether you actually have any credit history - have you ever had a loan or credit card?

And are you on the register of electors?

dealer_wins

Your only hope is to try the bank of mum and dad.

DCFC79

dealer_wins wrote: »

Your only hope is to try the bank of mum and dad.

Add win the lottery to that.

DCFC79

guerlain wrote: »

Good evening, i´m posting here to get some advice and find out if any bank will help me to finish my career.

Im a NHS theatre nurse, 24 years old, Spanish but I´ve been living and working here for more than 3 years thanks to my permanent contract with the NHS.

My gross income is around 22500 pounds/year, im studying to become an airline pilot so I´ll need 20-25000 pounds fronm an unsecured loanto finish it.

Do you reckon any bank will lend me that amount of money to pay it back in the next 5-10 years?

I´ve been a good boy so far, clean history, no debts, no mortgages, no kids...

Best regards.

Why the change from a theatre nurse to Airline Pilot ?

guerlain

Thanks for your fast replies.

I´ve never needed a loan before and i´ve got just a debit card.

According to some loan calculators I would be paying back around 400 pounds a month which is not too bad.

I don´t know what is the register of the electors sorry.

Is that amount impossible then? Which amount would be more realistic?

Thanks

DCFC79

guerlain wrote: »

Is that amount impossible then? Which amount would be more realistic?

Realistic amount would be half your £22,500 so say £11,000 (11,250 if you want to be precise) dependant on other debts.

gb12345

guerlain wrote: »

According to some loan calculators I would be paying back around 400 pounds a month which is not too bad.

This will be the bank's headline rate for their ideal customer, which you are very unlikely to get.

guerlain wrote: »

I don´t know what is the register of the electors sorry.

The register of who is entitled to vote, which is taken by banks as one of the proofs that you live where you say you do. If you're not on it then it will count against you. Just noticed though that you are Spanish, so I don't think you would be able to go on it anyway as you're not entitled to vote (I think - don't know the rules for EU citizens).

guerlain wrote: »

Is that amount impossible then? Which amount would be more realistic?

If all other factors were OK, you might find a lender willing to lend up to 40 - 50% of your salary. Unfortunately for you though, you've got the additional problems that you have no credit history and likely aren't on the register. Add to that the fact that lenders might see you as a higher risk, because you could just get the money and disappear off back to Spain.

Your best bet would be to speak to your own bank - if anyone is going to consider you for a loan it will be them as they will know your history.

guerlain

Thanks for your help, im very grateful.

If they are going to lend me up to 11000, would it be possible to request 2 diferent loans to 2 banks throughout 1 or 2 years time to get those 22000?

The more money I can borrow the earlier ill be a pilot, otherwise it just will take me a little bit longer anyway.

Thanks for your tips.

dealer_wins

Have you thought about what would happen if you dont make the grade as a pilot?

Because the banks will consider this, even if you could submit a reasonable loan application with you stumping up 50% of the total cost out of your own funds.

As it stands there is no way any lender will even look at your application.

Tixy

As an EU citizen resident in the UK you are eligible to apply to be on the electoral roll and eligible to vote in UK elections.

Potential lenders look at the electoral roll when making lending decisions. They consider being on the register for several years a sign of stability.

Potential lenders also consider your past credit history - if you've had credit in the past and repaid it on time and in full over several months/years then they consider you to be a lower financial risk. If you haven't then they consider you to be high risk - as you are an unknown quantity to them.

At the moment they are likely to consider you high risk, and I suspect you will struggle to even get one loan of £11k.

If you did get such a loan then any other potential lender will consider that you already have debt of half your income, and then will likely decide to decline you based on affordability - that is they'll think you cannot afford to live and repay 2 large loans at the same time.