Funding training to become a pilot

ehelps

Hi

My partner wants to become a commercial pilot, which is going to cost £85-115k (gulp). I have about £30k of savings and a property worth £65-75k. I earn £66k so although I could afford repayments due to the low value of my flat as security am not sure the BBVA scheme is suitable

Has anyone gone any other ideas worth pursuing?
has anyone worked with an IFA who knows more about pilot funding than the average?

Apples2

I couldn't sleep at night if I, in some small way, helped you pay all of this for him before he flies off with some trolly dolly.

https://forums.moneysavingexpert.com/discussion/5142858

lonestarfan

ehelps wrote: »

Hi

My partner wants to become a commercial pilot, which is going to cost £85-115k (gulp). I have about £30k of savings and a property worth £65-75k. I earn £66k so although I could afford repayments due to the low value of my flat as security am not sure the BBVA scheme is suitable

Has anyone gone any other ideas worth pursuing?
has anyone worked with an IFA who knows more about pilot funding than the average?

My thought straight away is why is it you putting up your flat. Bad move in my opinion. you need to make an informed decision based on facts and reliable info not your heart. Doesn't look good so far. I wouldn't want to keep being a rescuer and ultimately a victim. Only my opinion.

Running_On_Empty

The pilot traing schools will be the best source of info re loans. Do not get involved with funding it, it will damage your relationship irrevocably.

ReadingTim

Suggest you/he/she checks out the wannabes forums on pprune, as there's likely to be lots of info there, but echo the caution others have expressed about paying for it - should the relationship fail and you split up, it's very unlikely you'll be able to get your money back.

Could you afford to lose over £100k?!?

duchy

What proportion of the training would you be funding versus his contribution ? How much deposit would he be putting down -would you be putting down the full 30K of your savings or just a proportion and they match your share ?

Would you be thinking of drawing up an agreement to repay in the event you split up ? (I assume you aren't married or in a civil partnership so if you split any loans in your name would be yours alone to repay).

ehelps wrote: »

Hi

My partner wants to become a commercial pilot, which is going to cost £85-115k (gulp). I have about £30k of savings and a property worth £65-75k. I earn £66k so although I could afford repayments due to the low value of my flat as security am not sure the BBVA scheme is suitable

Has anyone gone any other ideas worth pursuing?
has anyone worked with an IFA who knows more about pilot funding than the average?

Oh eck just seen this from January

ehelps wrote: »

Thanks both. I do worry he will'll fail to pay me back, and I worry with acces to credit again I'll come home one day & find a new sofa cos the minimum payment is only £20 a month.....but paying all that money in interest is equally a total waste. Lesser of 2 evils (assuming I want to spend the rest of my life with someone who can't make sensible financial decisions!)

Sweetie if he can't afford a £7K creditcard bill he can't afford to be a pilot and be responsible for repaying you that kind of money.

(I do have a friend who trained out of his own pocket to be a commercial pilot- He worked three jobs to afford it. What job is your partner currently doing- how much is he earning and how much has he saved towards this ambition ....?)

Perhaps he needs to grow up ....and perhaps you need to stop enabling him. He can't even keep his credit clean and he wants to borrow £100K in YOUR name and use YOUR savings -as he has no credit himself, no savings and no assets (Oh but it is OK because you DO !)

andyfromotley

Your boyfriend seems to have a habit for living beyond his means and expecting you to kinda pick up the pieces or lend a hand in some way?

I have seen this entitled behaviour a few times before and without fail the entitled one has trotted of into the sunset at the drop of a hat (when a better prospect comes along!). They have never settled their debts either!!

meer53

I have an idea. Get him to fund it.

I have a friend who is training to become a pilot, he works full time and does loads of overtime.

DCFC79

If your OH wants to be a pilot then he needs to pay for it himself, do go bailing him out, well you could but you will regret it.

duchy

So has he always wanted to be a pilot and it is something he has being working towards with flying lessons and studying navigation and maths or is it a sudden idea that has just occurred to him ?

ehelps

Thanks all. Wrote a massive reply to this then pressed wrong button & not sure where it's gone!

To sum up I appreciate all the advice, and it all might seem crazy/it is all crazy!