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New funding for commercial pilot training

Rosie Williams12 Jun 2015 Posted in: Course fees, pilot training, Funding

FTA Announces New Funding for Commercial Pilot Training

FTA demonstrates further commitment to making pilot training more accessible.

FTA has launched new funding for their commercial pilot training courses, in conjunction with The Loan Partnership (TLP), in a further commitment to making pilot training more accessible for more people. A recent FTA survey, carried out at the Professional Flight Training Exhibition, highlighted finance as the main barrier to prospective pilots, preventing them from making their dream career come true. Over 50% of survey respondents stated that cost is a major factor when considering pilot training. In response, FTA has launched a secured loan through TLP; who in turn will process all finance applications and award qualifying loans through Shawbrook Bank, a listed, specialist lending and savings bank, which is fully regulated by the FCA (Financial Conduct Authority). The secured loan can be used by parents of students who are applying for the Integrated Flight Deck Programme or the Economy Integrated Flight Deck Programme, either with or without the Buckinghamshire New University degree option.

‘FTA wants prospective students and parents to know thatbecoming a pilot has never been more financially accessible and flexible. Not only does FTA offer one of the most competitive course prices in the UK but we now offer really flexible finance options and repayment terms through TLP, ‘ says Jonathan Candelon, MD at FTA. ‘It’s easier than ever for students to follow their dream without necessarily moving out of home! We believe that we now offer the most accessible integrated route to becoming a pilot in the UK’, he adds.

With finance through FTA and TLP, typical monthly repayments for parents can be as low as a few hundred pounds, over a potential 5-25 year period, if required. FTA believes the finance option through TLP makes a commercial pilot career more achievable for students and their parents, with monthly costs similar to putting a child into nursery or buying a new car on hire purchase. Parents, relatives and guardians can support students through the new FTA secured loan scheme, which offers flexibility and early settlement if required, with no early repayment penalties.

The application process is straightforward; parent applicants need to complete an enquiry form with TLP and book a visit for the prospective student with FTA. FTA also advises parents to contact TLP for a detailed loan illustration to meet their particular needs, as there are a variety of products and options available. Loans are available in England, Scotland and Wales and are secured against a residential property in those countries. The loan repayment period is between 5-25 years, depending on the applicant’s age and details of interest rates, loan and early settlement terms are available from TLP. To further assist students and parents, there are no loan arrangement fees and there is nothing to pay up front.

Andy Pelley, Managing Director at The Loan Partnership, commented, ‘We’re delighted to partner with FTA to provide financial solutions to their students. We have long been an advocate of the secured loan and now that the product has come under the regulation of the Financial Conduct Authority, consumers can apply for this finance with real peace of mind. Shawbrook Bank is a leading lender in the secured loan market and we believe the product being offered provides excellent value for FTA’s students. We look forward to developing a long working relationship with FTA, their people and their students over the coming years and can’t wait to get started’.

FTA and TLP do state that other forms of finance may also be available and should be carefully considered, including unsecured loans, re-mortgage or further advance and they recommend thorough research into various finance products, to ensure interested parties select the best option to suit their individual requirements. Additionally, seek independent financial advice as this could provide further help. Both TLP and FTA (Flying Time Ltd) are FCA authorised and regulated (Firm reference numbers are 625053 and 689863 respectively).

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