Pay Off Your Mortgage In Two Years Blog Discussion

savedup

Hi

I agree with you temba that the final figures have a lot of holes in them.

I don't want to take anything away from the people in the program who worked their socks off to make the progress they did.

51K came from commisions, which the guy would have got anyway from his employer - this was half the money needed to clear the mortgage.

The show made no mention of how the Bulgarian property was funded, or was costing , if they have taken a second mortgage etc. which would have to be subtracted from the profit made , say after 6 months, when they where completed and could be sold or rented out.

In all of these programs, to date, the figures do seem to have been massaged to meet the mortgage total as much as possible.

All that said though, trying to pay a mortgage off in 2 Yrs is a hell of a challenge - in fact , they don't come much bigger !!

MisterMonty

david69 wrote:

just to let people know if you do miss it you can watch it on catch up tv if you have freeview ,cable or sky just press your red button on your remote and you will find it .

Hi David,

I've got cable, and I've just tried the red button, but I still can't work out how to find the repeat. Any help would be appreciated. The cable provider is Telewest (if that makes any difference).Thanks. MM

adon30

I do find these programs frustrating. Although I appreciate it can be done you have to be willing to risk a lot and have something to invest in the first place. No gain without pain. Some of the things people have to 'cut back' on seem ridiculous. £1000 a year going to the west end!! Thats my petrol allowance for the year.
I am mortgaged to the hilt and the recent interest rate hike hasn't helped. However I am determined to try and pay a little extra off each year... even if its only £500. I would be happy if I cut my mortgage to 20 years.

The program has however got me thinking again.... if only the lightbulb would burn a little brighter


As for the 7:30pm start... I recorded it on my PVR and watched it at 9. Great invention these digital recorders.

savedup

Hi

I think the 2 Years time frame is far too short - and means that big risks and a huge workload have to be undertaken to pull it off.

The guy in the program tonight made a very good point towards the end, when he said that to pay the mortgage off in, say , ten years instead of 25 is still a magnificent achievement for anyone.

To try to do it in a mere 2yrs means not only taking bigger financial risks, but also putting a huge strain on yourselves and your relationships.

Is this worth it ?

I paid mine off after 5Yrs, and don't consider that a failure, quite the opposite actually.

watcherman

temba - completely agree....the figures are complete journalistic sensationalism, "they are trying to pay off £100K in 2yrs while earning £32K a year", oooh, this looks interesting......then we get "he's managed to earn £50K commission", so in reality his salary could be knocking nigh on £100K per annum.

That's when I lost interest, all the business about selling her dog items on eBay for £2 etc was just whitewash, he husband is on £100K, like her eBay sales are making any difference!

Shame, there could be so much more depth to these programmes.

arthur_dent_2

Have to completley agree with everything said so far. These programmes appear to be very fixed. Programme 1 we have a real business idea which would have succeeded or failed with or without the programme. Programme 2 was a little better but then again he suddenly had a load of money to purchase extra property. Programme 3 the blokes income was massive and he actually lost commision due to the website that didn't materialise.

It should have been done with couples that had savings to be made on shopping or by reclaiming bank charges or cutting out Sky all those normal everyday money saving ideas that this forum is so good at providing.

Nothing against the people, I am sure they are lovely, but this programme is very very flawed.

graham73

adon30 wrote:

I do find these programs frustrating.
The program has however got me thinking again.... if only the lightbulb would burn a little brighter

Quite agree with everything said obviously, but like adon said, it sure has got me thinking.

jollyanna

I like the programme but feel as others here do that the figures don't add up reallistically, or at least in my world they don't. No mention was made of how the bonuses would put the guy in a higher tax band and he'd have to find that money, though with no mortgage next year it wouldn't be a problem.

looneyleo

Boy this programme has got me thinking! Agree with all the others with the apparent whitewash over the figures...no tax on incomes.. etc. Been sat here with OH for 2 hours this morning trying to work out how to pay off £140000 early and easily without turning into work psycho's like last nights couple...did they spend any time with poor little Josh in the last two years????!!!! When I come up with something...I'll let you know!

Moonbeam

Agree with what everyone has said about this programme - interesting experiment, but thing that the pressure put on families to pay off a big lump sum in a small period of time is unrealistic for most people. It also depends on the size of the mortgage - as Martin :money: is always saying - debt is not necessarily a bad thing - and for a lot of people a mortgage is a very useful way of borrowing so long as the repayments are manageable.

I've already paid of my mortgage twice on different properties (before children) and now have much larger property with a low ltv and small mortgage, but also a small family to provide for....I aim to repay it early through overpayments, but not as quickly as 2 years.....

If only we could pay off council tax in the same way then my monthly payments would be much reduced !!!!!!;) - that costs more every month than my mortgage repayments.......