BBVA Bank Loan Scheme - caeoaa.com/oxford
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BBVA Bank Loan Scheme
caeoaa.com/oxford
Key Loan Terms
CAE Oxford Aviation Academy has established a bespoke bank loan scheme with BBVA bank which offers students access to
funding and alleviates the financial pressures while students undertake their training.
PLEASE NOTE THAT YOUR HOME OR OTHER PROPERTY MAY BE REPOSSESSED IF YOU DO NOT
KEEP UP REPAYMENTS ON YOUR MORTGAGE.
BBVA is the trading name of Banco Bilbao Vizcaya Argentaria, S.A., operating in the UK via
Lender a branch.
For contact details and further information on how we are regulated, see page 4.
Eligibility 3 years UK residence and permanent leave to remain in the UK, or UK or EU citizenship
Security required Mortgage over a property in the UK.
Minimum loan amount is £45,000.
Loan amount 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
10 year maximum term (including 24 month payment holiday period). Interest will accrue and will
Repayment period
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.
The actual rate available will depend upon your circumstances. Ask for a personalised
illustration.
Interest
APR is variable and based on a usual case. The total fees and charges associated with the loan
are usually £2,540.
Examples of borrowed amounts and loan repayments are provided in the loan repayment
examples table.
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.
Insurance
You will also be required to send us a copy of your class 1 medical insurance policy and
your loss of licence insurance policy (when you receive it) as a condition of your loan.
Buildings insurance over the secured property will also be required.
You must open a current account with BBVA London and until the loan is repaid your
Other conditions
salary must be paid directly into that account.
24 months
Payment holiday
Interest will be charged during the payment holiday period and will be added to the loan balance.
For up to 24 months after your payment holiday, your monthly repayments will be reduced by
What happens after 25% from the full monthly repayment amount on your loan. Interest will continue to be charged
the Payment Holiday? on such part of the full monthly payment amount that has not been paid, and will be added to
your loan balance.
1Key Loan Terms Continued
£650.00 (any further advances or modifications will incur an arrangement fee of £350.00
Arrangement fee
per advance or modification).
You must pay our legal expenses in setting up the loan for you and our mortgage registration fee.
The amount of our legal expenses will vary depending on how much time our solicitor takes to
prepare the mortgage documents over your property and the location of your property in the UK.
BBVA legal expenses
The mortgage registration fee will depend on the amount of the loan you borrow and the location
of your property. BBVA’s legal expenses in setting up the loan are payable by you. Our legal
expenses usually cost £1,000 and the mortgage registration fee is usually £40.
If the Loan to Value Ratio on your property is more than 60% then we will require a formal
valuation of your property by an independent valuer or surveyor and we will charge you for this.
Valuation fees
Where a valuation is required it usually costs £250 however the actual cost will depend on the
location of the property to be valued.
Full or partial early
No fee for early repayment.
cancellation commission.
You or the guarantor of your loan will also be required to pay legal expenses in getting
independent legal advice on the security for your loan. The amount of these legal expenses can
Independent legal advice
vary but we estimate that they usually cost £250. These expenses are payable directly to your
guarantor’s solicitor, not to us.
Lending is subject to your credit status and BBVA’s responsible lending policy. You must be aged at least 18 years to borrow
from BBVA.
Loan Repayment Examples
The following table details loan repayment examples per month at an annual interest rate of 3.5% being 3.0% per annum plus the
Bank of England base rate (variable, currently 0.5%).
The overall cost
Amt. Borrowed Years 1-2 Years 3-4 Years 5-10
for comparison is
£45,000 Repayment Holiday £432.56 £631.90 4.5% APR
£50,000 Repayment Holiday £480.62 £702.11 4.4% APR
£60,000 Repayment Holiday £576.74 £842.53 4.3% APR
£70,000 Repayment Holiday £672.86 £982.94 4.2% APR
£80,000 Repayment Holiday £768.98 £1,123.36 4.1% APR
2Budget Estimates
Integrated Airline Transport Pilot Licence (ATPL) Multi-Crew Pilot Licence (MPL)
Plus Plus
APP First Officer MPL Airline Pilot
Accommodation Accommodation
Programme Programme
at Oxford 1 at Oxford 1
APPFO Course £87,500 £95,500 £100,500 £108,500
Oxford Accommodation Not Included Included Not Included Included
Phoenix Accommodation Included Included Included Included
Meals Estimate 2 £5k – £5.5k £5k – £5.5k £5k – £5.5k £5k – £5.5k
Medical (Initial & Renewal) 3 £491 £491 £491 £491
Loss of Licence Insurance 4 £400 £400 £400 £400
Payment Plan
APP First Officer Programme MPL Airline Pilot Programme
Plus Accommodation at Oxford Plus Accommodation at Oxford
Deposit (upon booking) £6,500 £5,100
Initial Instalment (7 days before course start) £27,000 £30,150
2nd Instalment (4 months after course start) £27,000 £32,625
3rd Instalment (9 months after course start) £27,000 £32,625
Total £87,500 £100,500
1
Offered based on availability in Oxford campus accommodation.
2
Meals not included in any course options.
3
Class 1 Medical charges are set by the UK CAA and are subject to change at their discretion.
4
AE Oxford Aviation Academy recommends that students take out this insurance policy. Figures provided are approximate and are intended for
C
budgeting purposes only. Please refer to Insurance provider for personalised quote.
Any course designs illustrated are current at the time of printing but are subject to change without notice. All prices include VAT at the prevailing rate
and are correct as of 27/08/2015. Terms and conditions apply.
3BBVA Contact Information
Elena Guillem David Barroso
elena.guillem@bbva.com david.barroso@bbva.com
0207 648 7585 0207 397 6016
Alexander Crespo Tania Ramirez
alexander.crespo.contractor@bbva.com tania.ramirez.benavent@bbva.com
0207 397 6050 0207 648 7651
BBVA is a trading name of Banco Bilbao Vizcaya Argentaria, S.A. Registered in England with Company No. FC014702 and Branch No. BR001254.
Registered office: One Canada Square, 44th Floor, Canary Wharf, London E14 5AA. Authorised by the Bank of Spain and subject to limited regulation by
the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and
Prudential Regulation Authority are available by BBVA on request.
4CAE Oxford Aviation Academy BBVA
Oxford Airport One Canada Square
Kidlington 44th Floor
OX5 1QX Canary Wharf
E14 5AA
+44(0)1865 84 1234
oxfordacademy@cae.com
www.caeoaa.com/oxford
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