new to this forum and wondering...

jay-jay

Has anyone had the means to actually pay of their mortgage in two years or is this totally unrealistic, I watched the programme and was so disappointed. We took our mortgage out for 25 years 6 years ago and at present were at 14.5 years left as well as paying £80 extra overpayment each month although Im not sure if this will make much difference in terms of years but were use to paying it now and dont think i could go back to not paying it as I would feel like we were getting done by the bank on the extra interest. Id love to pay more but only work 10 hours a week. Does anyone have any ideas that would bring in some extra income. I would like to pay off another £70 a month. (in an ideal world lol)
What do you do to pay of the mortgage quicker. My hubby does shift work and we have two young children so going out to work isnt very practical - we live away from family. Thank Jay-Jay

pink_fairy_7

Hi jay jay

Just a quick thought. How about trying to reduce your outgoings? Have you visited the Old Style board. There are loads of tips on there about reducing your grocery bill. Mine has reduced from £350 to £200 a month (5 of us)

Will be back later with more

pink fairy xx

BARGAINHUNTER!

Have you thought about selling things on Ebay and using the proceeds to pay into your mortgage account? This could be easily done whilst at home with the kids. You have two young children, you could start by selling the items that they no longer need/have grown out of. You could also buy their clothes/toys from Ebay and save a fortune, putting the money saved into your mortgage.

Wyndham

To answer the original question, paying off your mortgage in two years is probably unrealistic for most people. I'll be interested to see the programme when it returns to see how many have managed it - I suspect not many though they will have made significant in roads. Though, that will have taken dedication and sacrifice - it's the debate which is often on here, do you overpay your mortgage at the expense of 'living'. I suspect that to do it in two years, requires more sacrifices than most of us are willing to make, no matter how much we'd like to pay off the mortgage.

powerbase

I remember hearing about that program and thinking great, I'll put these things into action and then I watched it!

I think the people will have made a good stab at it.

After watching it I was severely disappointed (it was not what I was expecting) as it was clear that the people on the show were cleverly chosen. Each couple had several business ideas/contacts/additional means of earning money that Joe public does not have. Yes they still had to work very hard (we get to see the outcome next year) but they had those extras that many of us don't have.

I know people say you can make it yourself, and to some extent yes but as to what that program was claiming it's not for everyone.

Still good TV viewing and you may pick up some tips and it might inspire you but don't be disappointed if you don't pay it off in two years.

Good luck.



Your own business or something you can do a few hours in your free time each week all adds money into the "pot".

save-a-lot

Hi

For a little extra income have you thought about doing something like Avon, Betterware or Kleeneze? my wife did Avon and even though it got a bit monotanous after a while it did help bring in a little more into the household. The beauty of it was the fact it could be 'fitted' in around the life we have with a young child. Something to play with is an overpayment calculator to see what sort of reductions you can make realistically to the mortgage term.

skaff

powerbase wrote:

I remember hearing about that program and thinking great, I'll put these things into action and then I watched it!

I think the people will have made a good stab at it.

After watching it I was severely disappointed (it was not what I was expecting) as it was clear that the people on the show were cleverly chosen. Each couple had several business ideas/contacts/additional means of earning money that Joe public does not have. Yes they still had to work very hard (we get to see the outcome next year) but they had those extras that many of us don't have.

I know people say you can make it yourself, and to some extent yes but as to what that program was claiming it's not for everyone.

Still good TV viewing and you may pick up some tips and it might inspire you but don't be disappointed if you don't pay it off in two years.

Good luck.



Your own business or something you can do a few hours in your free time each week all adds money into the "pot".

I agree. This 'random' cross-section of the nation seemed to be already well on their way to new busines ventures.

I remember reading a similar idea in a magazine. In this case the couple wanted to get rid of 200K in 2 years. They 'looked' into the couples finances and, wouldn't you know it, the husband was a fully qualified accountant! Suddenly they were bringing in an extra £3-4K a month.

You see! We can all do it!!

Seriously though, the idea of finding a small business idea that might only bring in an extra £50 a week is a good start for reducing your mortgage. I took the idea on board and, last month, started my own cleaning business. I'm no Alan Sugar but the £200 i made last month came in very handy!

Sallys_Savings

For ideas how to earn a little extra have you looked on the sticky thread...a bit on the side?

There are lots of tips and ideas on there ...good luck

tawnyowls

powerbase wrote:

After watching it I was severely disappointed (it was not what I was expecting) as it was clear that the people on the show were cleverly chosen. Each couple had several business ideas/contacts/additional means of earning money that Joe public does not have. Yes they still had to work very hard (we get to see the outcome next year) but they had those extras that many of us don't have.

Agreed, plus they all had mortgages well under 100K. Even at that, it means getting together 30 or 40K a year - just not possible for most people. Pay off in 5 or 10 years would have been more realistic and made for a better programme, IMO, but probably not the length of time the 'Tristrams' (to use AA Gill's term) would be willing to follow up.

Thefunkygibbons

Do you have a mortgage pig

Any chance of squeezing an extra £20 a month out will make a difference

If you strtaed at £80 a few years back, syou should aim to push it on a bit

Those little amounts make a huge difference over time

jay-jay

Thank you all very much for your thoughts. I think cutting down on groceries a brilliant idea. We are really bad shoppers we never have a list just go and throw in what takes our fancy. This usually ends up a big bill with us returning sometimes days later because although our cupboards are full we always seem short of certain items to finish a meal. Going to start a meal plan this month and see what happens. Tried Betterware and hated it but thanks for the suggestion (you had to return to the houses at least three times to get the book back and it felt like I was permanently outside collecting for a small return) Funkygibbons- will try to get it up to £100, we pay at the beginning of the month when my hubby gets paid so I guess if we pay it then we cant spend it and have to make do by cutting back elsewhere. Ive also tried the mortgage pig but it didnt work kept dipping instead of going to the bank, lol. Will keep trying and will update if I find a good money earner on the side