Pay off your mortgage in 2 yrs - Episode 3

lottie26_2

thanks savingforoz,
I thought it was the last one the other week, I agree too it doe's not go into enough detail but its good viewing and makes you think.

IN_LIKE_EVERYONE_ELSE!

Idea for a show, it's gonna be called "Pay Off Your Mortgage in 25 Years" You visit a high street estate agent, find a house and then apply for a mortgage. What do you guys reckon, a winner or what !! I read in Private Eye that the presenter was being pursued by the Inland Revenue for tax, nearly 100k !! He must have screwed the BBC for more than that!

XX

sallyjo_2

I agree, they would be a brilliant duo and both aspects need to be explored! Would be a cracking show.

Jarnie_2

I enjoy the programme too, but am just wishing I could think of a quicker way to pay off MY mortgage. Am always money saving (of course!) and looking for new ways to cut back or make my money work harder for me, but hey, I guess it's back to the drawing board for the big idea...!

ducky2004

Joannaclaire wrote:

What I'd like to know is whether these people (I've not seen the previous two programmes, but assume they too get second/after hour jobs to boost their income) pay tax on their income as party planners, declutterers etc? Tax was never mentioned in the programme I noticed...

And these people may get into trouble for:
(a) Not telling HMRC that they are going self employed
(b) If they do pay the money off, they may have problem trying to pay the tax bill (imagine paying off 100k, the tax bill will be 40 oddsk when it comes) and if the business they started was seasonal anyway, they might just have to remortgage :-p

ducky2004

Book at Amazon

The presenter also written a book at Amazon and (search pay off mortgage two years) and not everyone was impressed (one commentor said basically spent most of the pages explaining different type of mortgages).

biblejohn

Jarnie wrote:

I enjoy the programme too, but am just wishing I could think of a quicker way to pay off MY mortgage. Am always money saving (of course!) and looking for new ways to cut back or make my money work harder for me, but hey, I guess it's back to the drawing board for the big idea...!

Well, ive watched the program a few times and the only thing ive learnt is that unless you have a really small mortgage and a massive salary then you arnt going to pay your mortgage off in 2 years.

Ive got a 70k mortgage on my place and after ive paid all bills I can only save £250 a month. My old banger car is only worth a few hundred quid. Its a diesel so my fuel costs are low. My utility bills are as low as i can get them. I never have a holiday, and dont have any hobbies which would use any money. I live on jacket potatoes & value baked beans and do everything I can to save money. But, at £250 overpayment a month it will take me a lot longer than 2 years to pay my mortgage off. Planning in occasional expenses like if i need any repairs to my car or house, i reckon i`ll have paid my mortgage off in 15 years.

lipidicman

Biblejohn, that is why you need an additional income stream. Cutting back will never be enough.

lipidicman

ducky2004 wrote:

Book at Amazon

The presenter also written a book at Amazon and (search pay off mortgage two years) and not everyone was impressed (one commentor said basically spent most of the pages explaining different type of mortgages).

The book isn't written by the presenter, it is by Graham Hooper with a foreword by Rene Carayol, the presenter. It looks like quite a loose tie-in with the series but might be the basic advice that some here have been asking for

cheggers

I can not stand the show as it is not practical to pay every penny you make onto your mortgage.

The highlight of the show was the bloke that thought he could become a Cliff Richard club singer to pay of his mortgage, I wish him well.