Pay off your mortgage in 2 yrs - Episode 3

Tondella

silverfoxuk wrote:

Martin mentioned in his blog that he bumped into Alvin Hall recently and they discussed a possible tv show double act format. Martin would focus on straightforward 'deals' and ways to save money aka moneysavingexpert style and Alvin would take the behaviour changing emotional journey with the patrticipant to meet their long term goals "do you want that product or do you need that product"? style.

This is essentially what spendaholics does on BBC3, I like it because they get to the root of a person's overspending, but it's let down by putting all the focus on reducing spending, not on how to manage your debts effectively thereafter.

linda.b_4

I think the unrealistic goal of two years makes this prog a non starter. Presumably the point is to make us "average" earners see how possible it is but I should think most people think exactly the opposite and go to tescos and blow a fortune. I would have thought a longer term of around 7-10 years, which would still save a lot of interest for most people, with the emphasis on saving rather than making money would make the whole thing seem more acheivable. My opinion only but what the hey, I've just extended my mortgage from 12 to 20 years for a new house and don't see any way of paying it off much earlier!

Hawksmuir

Tondella wrote:

This is essentially what spendaholics does on BBC3, I like it because they get to the root of a person's overspending, but it's let down by putting all the focus on reducing spending, not on how to manage your debts effectively thereafter.

IMHO Spendaholics is rubbish, according to the guy all the overspending is do with either
a) A parent dying
b) Parents splitting up

As someone who has had the second then the first happen to them at a relatively formative age, I find this excuse pathetic, is the truth (in the case of this programme) not

a) I want want want

I would love Martin and Alvin to do a programme with the same people as Spendaholics as there aint no BS with Martin and Mr Do you Really Need.

I feel better already

defender_of_the_weak

So, put on an exhibiion at the other end of the country spending hundreds on transport, flog some stuff and come up with various small business ideas for part time income that would cost almost as much to promote as they would have made. Couple this with spending your entire time knitting your own muesli and having fun evenings out on one cup of tea and a glass of water, no thanks.

I appreciate this whole site is about saving money, but surely life is way too short to stay indoors and enjoy books on opening canasta gambits.

Russe11

I'm only 21 and find the BBC is shocking in showing such dross, people only need apply commom sense to see they are being totally unrealistic....

Inteligence tells me that if these people owe sums of 80k 140k etc, yes the fact that saving 60/80 here and there may help, but why do they think they have had to agree these on terms of 15-25 years.

I could understand the point if it has been acheived before, there fore now challenged to do the same.

The facts are that mortages will cost you double at least what you borrow.

Perharps a better option would be looking at alternatives, though are there any.

As for the people they have chose to be on the show are generally shocking in there ability to think for themselves, I say get some go getters on there that show it can be done instead of proving it seems impossible.

This show enforces the banks purpose, but what do you think the banks will do if you say no we plan to have this paid off in 5 years, instead of making money over a long period they will try get you if you wish to pay off early.

Take no notice though i'm only young and have not lived in the real world yet

billy_bulldog

I thought the idea of showing the couple 'the studio of their dreams' was at odds with the whole 'pay off your mortgage in 2 years' principle.

If they scrimp, save, sell, take on extra work for 2 years they could potentially have their own art studio to work from at a cost of £76k. But how would they then pay for this - presumably with another mortgage!!

caseys

tomstickland wrote:

I thought it was on a par with prog 2 but not as entertaining as prog 1. I'm bored with the bit where he points at the house and says "there's how much you own" etc.

The children's party was funny. All they need is to find the right idea now.

Hi Tom, once again you talk a lot of sense, especially about prog one :T

I cringe when he points at the house and tells you like little children how much you own and what % the bank owns, it doesn't take a rocket scientist to work that out and I would imagine that all the couples like Anne-Marie and I are probably well aware of this :rotfl: I hated filming that bit.

Most members on here are probably aware now that it was my wife and I in the first programme.

We will where possible ( BBC contract permitting ) answer any questions on here, but I must admit I am getting really racked off by people asking if we realise we will A: Have to pay more tax if we earn more DOH !!!!!!!!!
and B: If we are paying tax at all.

Well rest assured that someone from the tax office will be watching and right now will be sharpening their pencils in anticipation of making a nice little earner from us.
I also keep receipts for everything that we spend and keep a book for my business adventures.
I am not going to end up like a well known person in my entertainment profession.

Sean Casey-Poole

p.s I still haven't decorated, A-M and I are still together, I have packed in my day job, and the kids still love us and are not neglected.

p.p.s If anyone else mentions about us going on celebrity big brother next year I might just do that !!!!

caseys

Russe11 wrote:

I'm only 21 and find the BBC is shocking in showing such dross, people only need apply commom sense to see they are being totally unrealistic....

Inteligence tells me that if these people owe sums of 80k 140k etc, yes the fact that saving 60/80 here and there may help, but why do they think they have had to agree these on terms of 15-25 years.

I could understand the point if it has been acheived before, there fore now challenged to do the same.

The facts are that mortages will cost you double at least what you borrow.

Perharps a better option would be looking at alternatives, though are there any.

As for the people they have chose to be on the show are generally shocking in there ability to think for themselves, I say get some go getters on there that show it can be done instead of proving it seems impossible.

This show enforces the banks purpose, but what do you think the banks will do if you say no we plan to have this paid off in 5 years, instead of making money over a long period they will try get you if you wish to pay off early.

Take no notice though i'm only young and have not lived in the real world yet

For a 21 year old you have some strong opinions.
I truly believe we can think for ourselves, and as for go getters did you not watch our programme? We were first on.
I challenge you to do half of what we do, and your half my age.
Your only saving grace is you are intelligent enough to read and take part on a superb site like this.

Sean Casey-Poole

Bullygig

billy_bulldog wrote:

I thought the idea of showing the couple 'the studio of their dreams' was at odds with the whole 'pay off your mortgage in 2 years' principle.

If they scrimp, save, sell, take on extra work for 2 years they could potentially have their own art studio to work from at a cost of £76k. But how would they then pay for this - presumably with another mortgage!!

I thought exactly the same thing!!

I don't suppose it would have had so much impact if he'd have said "If you pay off your mortgage in 2 years you will save £76k in interest that you would have paid over the next 23 years.
Then, If instead of paying the mortgage you save the money you now have available after 23 years you will be able to afford to buy this studio outright!"

I think it's another case of not letting the facts get in the way of the presentation.

charlotte3

caseys wrote:

We will where possible ( BBC contract permitting ) answer any questions on here, but I must admit I am getting really racked off by people asking if we realise we will A: Have to pay more tax if we earn more DOH !!!!!!!!!
and B: If we are paying tax at all.

Well rest assured that someone from the tax office will be watching and right now will be sharpening their pencils in anticipation of making a nice little earner from us.
I also keep receipts for everything that we spend and keep a book for my business adventures.
I am not going to end up like a well known person in my entertainment profession.

Hi,

I didn't watch the particular programme you were featured in, but I did watch the one last week, where they had to pay off a £90,000 mortgage. I didn't quite get all of it, but as far as I am aware they make no mention on tax liability.

I have to say however, I really do feel that they should bring the taxation aspect of this amount into the programme as it would be a substantial sum if the original mortgage were to be paid off in full, especially considering the money they used to pay it off would have to be profit, as expenses would already have been paid out.

I feel the programme misrepresents the real cost and amount of extra income which is needed to pay off the mortgage until they address the taxation aspect along side.

Congrats on getting on the programme, anyway and good luck.