BBVA Bank Loan Scheme

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1 BBVA Bank Loan Scheme caeoaa.com/oxford

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3 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. Lender Eligibility Security required BBVA is the trading name of Banco Bilbao Vizcaya Argentaria, S.A., operating in the UK via a branch. For contact details and further information on how we are regulated, see page 4. 3 years UK residence and permanent leave to remain in the UK, or UK or EU citizenship Mortgage over a property in the UK. Loan amount Repayment period 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 10 year maximum term (including 24 month payment holiday period). Interest will accrue and will be added to the balance of your loan during the payment holiday period. Interest 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. 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. Insurance 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. 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. Other conditions You must open a current account with BBVA London and until the loan is repaid your salary must be paid directly into that account. Payment holiday What happens after the Payment Holiday? 24 months 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 25% from the full monthly repayment amount on your loan. Interest will continue to be charged on such part of the full monthly payment amount that has not been paid, and will be added to your loan balance. 1

4 Key Loan Terms Continued Arrangement fee (any further advances or modifications will incur an arrangement fee of per advance or modification). BBVA legal expenses 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. 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. Valuation fees 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. 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 cancellation commission. No fee for early repayment. Independent legal advice 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 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%). Amt. Borrowed Years 1-2 Years 3-4 Years 5-10 The overall cost for comparison is 45,000 Repayment Holiday % APR 50,000 Repayment Holiday % APR 60,000 Repayment Holiday % APR 70,000 Repayment Holiday % APR 80,000 Repayment Holiday , % APR 2

5 Budget Estimates Integrated Airline Transport Pilot Licence (ATPL) Multi-Crew Pilot Licence (MPL) APP First Officer Programme Plus Accommodation at Oxford 1 MPL Airline Pilot Programme Plus Accommodation at Oxford 1 APPFO Course 87,500 95, , ,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) Loss of Licence Insurance Payment Plan APP First Officer Programme Plus Accommodation at Oxford MPL Airline Pilot Programme 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 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 CAE Oxford Aviation Academy recommends that students take out this insurance policy. Figures provided are approximate and are intended for 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. 3

6 BBVA Contact Information Elena Guillem Alexander Crespo David Barroso Tania Ramirez BBVA is a trading name of Banco Bilbao Vizcaya Argentaria, S.A. Registered in England with Company No. FC and Branch No. BR 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. 4

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8 CAE Oxford Aviation Academy Oxford Airport Kidlington OX5 1QX +44(0) BBVA One Canada Square 44th Floor Canary Wharf E14 5AA