MAIN FEATURES: Maximum amount: Full cost of the course plus living expenses if required. Repayment period: Up to 10 years. Payment holiday: Up to 24 months. Interest will still be charged during this period and will be added to the loan balance. For up to 24 months after your payment holiday, your monthly repayments can be reduced by 25%. Interest will be charged on the unpaid monthly repayment amount and will be added to the loan balance. Security will be required: We will require a first or second ranking charge or mortgage over a property located in the UK to secure your loan. The maximum amount we will lend is 60% of the value of the property (whether for a first or second ranking charge). We do not offer unsecured lending for pilot training loans. Interest: Bank of England Base Rate (variable) plus 2.5% per annum. The overall cost for comparison is 3.6% APR. THE ACTUAL RATE AVAILABLE WILL DEPEND UPON YOUR CIRCUMSTANCES. ASK FOR A PERSONALISED ILLUSTRATION. Set up commission: £650.00 (any further advances or modifications will incur a commission of £350 per advance or modification). BBVA legal expenses: You would also need to pay our legal expenses for the loan. The precise amount will depend on your circumstances but we estimate that it will be approximately £1,250.00(including estimated third party guarantor’s legal fees). We will require any third party chargors to obtain independent legal advice at their own expense prior to granting the charge. We will require you to take out life insurance to cover the repayment of your loan in the event of your death before the maturity of the loan. You must open a current account with BBVA London and for the first 4 years of the loan any salary you receive must be paid directly into that account. Full or partial early cancellation commission: No fee for early repayment. We can also provide you with a wide range of banking services including current account services.
* Selected pilot training courses only. Lending subject to your and any guarantors’ credit status. Loans are offered on a non-advised basis only: BBVA does not give advice on the merits of entering into a particular mortgage contract. Banco Bilbao Vizcaya Argentaria, S.A. Pilot Training Loans Department 108 Cannon Street London EC4N 6EU Email address: ftl@bbvauk.com BBVA is a bank that provides some lending services. YOUR HOME OR OTHER PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING EQUIVALENT OF YOUR DEBT. Additional taxes or charges not imposed or paid by us may apply to your Pilot Training Loan. The information provided on this website is valid until we notify you of any change in accordance with applicable laws and regulations. The law of England and Wales shall be taken by us as the basis for the establishment of relations with you prior to the opening of your Spanish Link Account. The contractual terms and any written information during the agreement will be in English. BBVA is a trading name of Banco Bilbao Vizcaya Argentaria, S.A. Incorporated in Spain with limited liability. Registered in England (Company No. FC014702). Registered office address: 108 Cannon Street, London EC4N 6EU. Authorised by the Bank of Spain and subject to limited regulation by the Financial Services Authority. Details about the extent of our regulation by the Financial Services Authority are available from us on request.
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