Funding Pilot Training

Spangle18

We need to capital raise £120k to fund our Son's upcoming pilot training. Can anyone recommend a lender they have successfully approached recently and what lending rate did you obtain please?

worried_jim

Join the R.A.F. and get paid to learn. Also get to serve his country. Bonus.

dealer_wins

OP you will be looking at a remortgage on your home for that sort of size of loan.

Robin9

Is your son a member of Air Training Corp ?

Spangle18

No he isn't.

Robin9

The ATC would give him the opportunity to fly at minimum cost. He may not like it.

tripled

If you're paying 120 grand you're presumably looking at an integrated course through someone like CTC (L3) or Oxford. They will be able to point you in the direction of finance. I believe it will be in his name, but secured on your home. There are some schemes where an airline will guarantee the loan instead but he has to pass interviews and assessments.

Can I ask why you are going for one of the 120 thousand pound integrated courses? There are "modular" routes where the cost is around half that (although there is no finance available that I'm aware of for modular routes). There are also scholarships available to reduce the cost further, although you may have missed the boat for this year's funding - search for "Air League" and "Air Pilots" scholarships.

Advice to join the forces may be well meaning, but they don't actually train that many pilots these days, so competition is fierce. It's a good route for those that get selected though!

Spangle18

Yes you are right Tripled,it is an integrated course. My Son went down this route because of the school's excellent reputation and their success rate in placing their pilots in jobs really quickly after graduation.
I will certainly look into the scholarship side of things although,as you say,it may be too late for funding this year.

bertiewhite

tripled wrote: »

Advice to join the forces may be well meaning, but they don't actually train that many pilots these days, so competition is fierce. It's a good route for those that get selected though!

But the ATC suggestion is a good one.

OP - how old is your son?

HAMISH_MCTAVISH

Spangle18 wrote: »

We need to capital raise £120k to fund our Son's upcoming pilot training. Can anyone recommend a lender they have successfully approached recently and what lending rate did you obtain please?

The only practical way to borrow at that level, and with anything resembling decent rates for most people, is to remortgage a house.

Or as others have noted, to approach the integrated training schools for referral to more expensive finance company options, which will then be secured against your house.

But parents borrowing £120K to self-fund a full zero-hours to ATPL integrated pilot training course is far from the only way to fund pilot training...

In the first instance I'd recommend applying to the cadet schemes run by BA, Easyjet, Flybe, etc...

You can find details of them here....

https://www.flightdeckfriend.com/airline-pilot-jobs/cadet-airline-pilot-programs/

Successful applicants will get their training funded by the airline in return for a commitment to work for the airline for a certain number of years and pay back the loan. If a student leaves early or (in some cases) fails to complete the course they'll also need to pay the airline back however.

If that is a route your son chooses to take he should absolutely study and prepare in advance as much as possible prior to applying or interviewing with the cadet schemes. There are a number of resources online that can assist the process - google is your friend.

The other common way to do it is to self - fund learning up to the level of flight instructor, and then spend a few years as a paid flight instructor building time and experience until you're ready to apply to airlines.

There are a number of ways to go about this but from memory you're looking at closer to £50K - £60K in training costs spread over a few years rather than £120K all in advance.

Costs will vary depending on aptitude, where you train, how long it takes to complete the elements (full time versus part time, etc) and the various training routes to get there, but the rough breakdown of that would be approximately...

- £7.5K - £10K for PPL

- £20k to £25K for hour building to get to the 250 hours required

- £15K to £20K for Commercial/Multi/Instrument rating

- £5K for instructor rating

Plus a whole lot of online courses and self study (and lets say another £5K) to pass the ATPL exams prior to the commercial rating in order to get a frozen ATPL.

Again google is your friend with that route but if you have any questions just post them and I'll see if I can help.

DCFC79

I obtajned a rate of 7.3% but thats pointless in knowing since everyones circumstances will be different.