BBVA finance

Something I don't feel has been well documented/explained is the finances. Firstly this is quite a big step. If you are very lucky and are on a sponsored scheme or have plentiful disposal income, this passage isn't for you.

If you, like many, go down the BBVA route (a bank who have ties with OAA) it can take 3 to 4 MONTHS to sort. So don't expect to pass the assessment and say ''see you next week''.

I was fortunate and only needed a little bit of help from BBVA, however I had to do the usual procedure.

You are putting your house, or parents house as a guarantee- known as a charge over a property. If you do not keep up your repayments your/parents house will be repossessed. Its a shared loan effectively and will effect you and your parents credit history. But don't let that scare you, the BBVA do not hand out money willie nillie.... (knew I could get that phrase in somewhere!)

In the application forms you have to do many things. Provide lots of financial information, business plans etc, OAA help you with these. You send the forms away, can take 3/4 weeks to get a response. The BBVA may require more information and then finally you get a initial agreement. Then you need to get a medical ( I already had one) join BALPA for insurances and jump through some more hoops. The the lawyers get involved writing up a deed for 2 things, one placing a charge over your property, second, if you.... die... your life insurance money will go to the BBVA and any remaining to your love ones, (maybe an idea to do a will). Then you are done.

The money side of it was a right pain to be honest and I was pleased to get it done, it can be a source of tension with loved ones as its a big ask- but they can see the juice is worth the squeeze.