FLIGHT TRAINING LOANS
KEY TERMS AND CONDITIONS
YOUR HOME OR OTHER PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Lending is subject to your credit status and our responsible lending policy. You must be aged at least 18 years to borrow from us.
|Lender||BBVA located at One Canada Square, 44th Floor, Canary Wharf, London E14 5AA|
|Security required||Mortgage over a property in the UK.|
|Loan amount||Minimum loan amount is £45,000. Maximum loan amount is the full cost of your flight training course with an approved flight training organization plus up to £5,000 in living expenses.|
|Repayment period||Up to 12 years (including a payment holiday period for the first 24 months of the loan). Interest will accrue and will be added to the balance of your loan during the payment holiday period.|
3.0% per annum plus Bank of England Base Rate - variable.
The overall cost for comparison is 4.1% APR.
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. We estimate the total cost of premiums on your life insurance policy will be £600 for the term of the loan although the actual cost will depend on your personal circumstances.
As a condition of your loan, you will also be required to send us a copy of:
|Arrangement fee||£650.00 (any further advances or modifications will incur an arrangement fee of £350.00 per advance or modification).|
|Other conditions||You must open a current account with BBVA London and for the duration of the loan your salary must be paid into that account when you start earning.|
|Payment holiday period||24 months. Interest will be charged during the payment holiday period and will be added to the loan balance.|
|After the payment holiday period||For up to 24 months after your payment holiday, your monthly repayments will be reduced by 25% from the full monthly repayment amount. Interest will continue to be charged on such part of the full monthly payment amount as has not been paid during this period, and will be added to your loan balance.|
|BBVA legal expenses||You must pay our legal expenses in preparing the mortgage deed and life insurance assignment deed, in carrying out our property searches and in registering the mortgage registration. The amount of our legal expenses will vary depending on how much time our solicitor takes to do this work and the location of your property in the UK. The mortgage registration fee will depend on the amount of the loan you borrow and the location of your property. Our legal expenses usually cost £700.00 including VAT, and the mortgage registration fee and property searches are usually no more £335.00 although this figure can be higher.|
|Valuation fees||If the Loan to Value Ratio on your property is more than 40% then we will require a formal valuation of your property by an independent valuer or surveyor acceptable to us. Where a valuation is required it usually costs £250.00 however the actual cost will depend on the location and value of the property.|
|Early repayment charge||No early repayment charge.|
|Independent legal advice||Any third party mortgagor or guarantor of your loan will also be required to pay legal expenses in getting independent legal advice in respect of the provision of the mortgage or any third party personal guarantee securing the repayment of your loan. The amount of these legal expenses can vary but we estimate that they will be £250.00 per third party guarantor. This legal expense is payable directly to your guarantor's solicitor.|
Loan repayment examples per month assuming a 10 year term:
|Loan amount||For a period of 24 months from the 25th month following drawdown (25% reduction from full payment amount)||Full repayment amount from the 49th month until maturity||The overall cost for comparison is|
Canary Wharf Branch
One Canada Square, 44th floor
London E14 5AA
For further informatioin regarding these loans please contact :
Elena Guillem 0207 648 7585
Tania Ramirez 0207 648 7651
Noelia Pons 0207 397 6050
Martha Daza 0207 397 6016
BBVA is a bank that provides some lending services.
Your home or your guarantees or other property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.