BBC2 now

olly300

in2deep wrote: »

The guy with the Audi was on a money program last year, he was in deep DooDoo back then over spending....and still is.!!

Yeah he got a part-time job as a mortgage advisor so he's off to China.

dean_ham

Cant find it on bbc i player

PasturesNew

This is now being shown on BBC2 Wales
So watching now.

dean_ham

PasturesNew wrote: »

This is now being shown on BBC2 Wales
So watching now.

Parallel worlds is on now on BBC2 wales. Are you watching it on terestrial like me?

PasturesNew

dean_ham wrote: »

Parallel worlds is on now on BBC2 wales. Are you watching it on terestrial like me?

Freeview. But I am new to all these extra new-fangled channels.
So could be confused.
Channel says: BBC 2W

poppy10_2

neas wrote: »

Yea... i was like "!!!!!!... you earn 50k but can't scrape a 5% deposit".... you couldn't write this stuff lol.

Also when the recession hits his income will most likely drop when people will 'do without' fancy photographers lol.

To be fair, the guy in question has just been posting over at HPC, seems like a genuine guy, and he says his position was edited beyond recognition.

And £50k was his photography business's profits; after taxes and other expenses he took home less than £20k. Hardly a prime borrower.

Benefits_Blagger

poppy10 wrote: »

And £50k was his photography business's profits; after taxes and other expenses he took home less than £20k. Hardly a prime borrower.

so why the fcuk is he looking for £185k mortgage, thats over 9x his earnings, you couldnt even get that in the stupid days of HPI!

people shouldnt be complaing about not being offered a mortgage, they should be complaining about why they cant afford one!

oldMcDonald

It is now up on BBCi player.

Linky

simon70_2

Benefits_Blagger wrote: »

so why the fcuk is he looking for £185k mortgage, thats over 9x his earnings, you couldnt even get that in the stupid days of HPI!

people shouldnt be complaing about not being offered a mortgage, they should be complaining about why they cant afford one!

Hello.

A few facts.
£50k is a gross business profit. £185k is not 9x salary. On £50k I have to pay over £15k tax. All mortgages are worked out on gross salary, not net. Also if you watch the programme you will see I was looking at buying a house for £175k and paying a £10k deposit. That's a £165,000 mortgage.

Why couldn't I save the £20k + needed for a deposit and stamp duty? What you are forgetting is I still have to live, still have to pay sky high rent (private rent, not council). Still have to support a wife and 3 kids. The costs of renting privately aren't that far removed from the cost of a mortgage.

So lets say you take home about 30k after tax, national insurance and pension. It was suggested on another forum I could save £20k in 6 months. I'm not sure how as I don't earn that much after tax.

Also I need to keep a business float, in my case enough to live on for several months should my business go quiet or should I become ill (self employed people don't get sickness pay or any of the other benefits employed people get). I also have to keep money aside for the £12k a year I pay in VAT, plus the tax system works by taxing you next years tax at this years profits and you often get a huge tax bill in January as you pay anything remaining for this year and half of next years tax together. I also have to set aside money to pay for new equipment for the business.

What the TV programme didn't say is that it is difficult for the self employed to get a mortgage. It's not a case of turning up with 3 months wage slips. You need to show 3 years audited accounts, these are then averaged, they then deduct some things that are claimed for business. For example car HP for a business car is taken as a personal expense by lenders.

It's very easy to sit on a forum and say , hang on, if you are earning that amount how come you can't save a 10% deposit. Life isn't that simple. I have far more than a 10% deposit in the bank. What I said to the BBC was I had £10k set aside for a deposit, not I only have £10k. The fact is I don't want to be in a position where the economy slows down and I have no money to sit on and see me through tough times. Being self employed is very different from being employed.

The actual story was that I got a 95% mortgage, had my offer on a house accepted and the lender withdrew the product and offered me an 85% mortgage. I think this was somewhat twisted in the way the programme was edited. I wasn't thinking lenders should fall over themselves to give me money, in fact I had already chosen to sit for a while and see what house prices do.

Don't believe everything you see on TV.

neas

Hmm,

I'd say if you find it hard to generate a deposit then your not mitigating the risk of houses falling and you falling into negative equity.

If you could save faster you'd know you would have more disposable income to offload into your mortgage should you need to.

Perhaps its because you have a family that screws you, I guess your photography business wasn't set up 7-10 years ago when houses were cheap relative to today?

As a 24 year old i had no choice, i couldn't position myself.