Looking for a loan with a fixed holiday period

lomasca

Hi guys.

Is anyone aware of specific loans, banks or products that offer a loan with an 18 month/2 year holiday period, or perhaps a bank that's open to doing so?

Im looking to embark on commercial pilot training. I've managed to source the bulk of the tuition fees (by some miracle) from the family, but need about £6000 to cover living expenses and certain insurances over the 2 years of training. I would have no income over those 2 years.

I currently bank with Natwest, but they do not offer any such solution. Unfortunately I must start the course before the end of 2017, and dont have the time to save anywhere near that amt.

Thoughts much appreciated. :beer:

DCFC79

I dont know of any bank that offers what your after, it would get abused so often, what would be stopping you from leaving the country with x amount of cash/money in the bank and not return.

What about a family member takes out the loan, pays the monthly payments and once you get trained and get a job you then pay them back.

Have you looked at some of the other threads on MSE ?

1 of the posters tells you the cost was considerably more than what the OP had stated, how would you deal with it if the cost increased ?

DCFC79

lomasca wrote: »

Hi guys.

Is anyone aware of specific loans, banks or products that offer a loan with an 18 month/2 year holiday period, or perhaps a bank that's open to doing so?

Im looking to embark on commercial pilot training. I've managed to source the bulk of the tuition fees (by some miracle) from the family, but need about £6000 to cover living expenses and certain insurances over the 2 years of training. I would have no income over those 2 years.

I currently bank with Natwest, but they do not offer any such solution. Unfortunately I must start the course before the end of 2017, and dont have the time to save anywhere near that amt.

Thoughts much appreciated. :beer:

Out of curiosity how much are the tuition fees ?

What about starting at the bottom and work your way up or get into the RAF to become a pilot ?

Arleen

If all you need is 6k for 2 years of living expenses, you can make that working very part time throughout the course.

iolanthe07

What about starting at the bottom and work your way up or get into the RAF to become a pilot ?

Many commercial pilots started off by joining the RAF or Fleet Air Arm, but it does require a lengthy return of service commitment.

dresdendave

Arleen wrote: »

If all you need is 6k for 2 years of living expenses, you can make that working very part time throughout the course.

I agree, 6k over 2 years is about £60 per week. A couple of nights bar/restaurant work each week should cover that.

lomasca

Its an incredibly intense course, essentially zero to first officer in 18 months, its considered impossible to work along side it. The flight training school's contract prohibits you from doing so.

Arleen

lomasca wrote: »

Its an incredibly intense course, essentially zero to first officer in 18 months, its considered impossible to work along side it. The flight training school's contract prohibits you from doing so.

Then your only real option is to work hard for few months, multiple jobs etc, and save up for the living expenses, there are no loans with 2 years of holidays. There is plenty of months left in 2017 if you are willing to put every waking hour into work.
And as it somehow prohibits you from working, you will need to have more than the planned 6k for all sort of incidentals.

T9090H

Another alternative is a money transfer card and pay the minimum payments which for 6k would be about £60 per month. A family member could pay this for the period and then your salary after could pay the remainder off or transfer to a 0% card.

DCFC79

T9090H wrote: »

Another alternative is a money transfer card and pay the minimum payments which for 6k would be about £60 per month. A family member could pay this for the period and then your salary after could pay the remainder off or transfer to a 0% card.

Nice idea, depends if a family is able to get a 0% card/loan or even wants to go there, money and family rare goes well.

JJG

DCFC79 wrote: »

Nice idea, depends if a family is able to get a 0% card/loan or even wants to go there, money and family rare goes well.

It rarely goes well. But the op has managed to source about £100k for the tuition fees, so another 6k should be small stuff