BBC2 now

silvercar

Thanks for posting your side to the story.

I couldn't actually believe that you and the presenter were traipsing round the high street looking for a mortgage; hasn't anyone heard of mortgage brokers? A broker would have known straight away which lenders would accept the self-employed with limited accounts.

You also need an accountant if you are paying 12k VAT on a 50k gross income!

simon70_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.

Excuse me. You know nothing about my business, do you? You don't know who my clients are or how they might be hit by a recession.

Also it was a 10% deposit plus fees I was having problems with, not 5% which I already had. The actual story was I got a 95% mortgage offer and this was removed and replaced with an 85% mortgage offer. The best I could find anywhere else was 90% (with higher interest rates). 15% of £175k plus legal fees plus stamp duty is actually a lot of money.

simon70_2

silvercar wrote: »

.

You also need an accountant if you are paying 12k VAT on a 50k gross income!

You don't pay VAT on your gross profit, you pay VAT on your turnover.

simon70_2

neas wrote: »

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.

What they didn't say was I did own a property before, I got into huge negative equity in the early 90's. My house was worth half my mortgage.

10 years ago I was earning £10k a year. It takes a long while to build up a business, And a lot of hard work (by which I mean no days off or holidays for the past 5 years).

This is the first year I have actually been able to even consider buying a house again. In the past my income has been too low. (remember they average you last 3 years profit)

As I already mentioned, it's not easy saving when you already have the comittments of rent, bills, taxes, family.

mrs_deadline

Agreed, but if you could opt out of VAT until you actually hit the 64K threshhold, would that not help a little bit?

carolt

Thanks for bothering to post your side of the story, Simon. It's always interesting to see how editing can change the story, and I have full sympathy with your difficulties of trying to save for a deposit whilst having 3 kids - I do too and agree it is very expensive!

If you've experienced negative equity before, TBH I'd advise against putting yourself through it again, though it sounds like you've come to that conclusion yourself.

Even if you save nothing more than the interest, as prices fall, 10% of lower prices will mean lower deposit too, so you should be fine.

Best of luck for the future - you're a brave man to appear on telly to talk about it!

BiggaThanBen

Even on a permanent, 50K-ish job is not easy to save anything when you have a family of 5 and live in South East, rent alone wipes away 1/3 - 1/2 of your net take home ...

ruggedtoast

carolt wrote: »

Thanks for bothering to post your side of the story, Simon. It's always interesting to see how editing can change the story, and I have full sympathy with your difficulties of trying to save for a deposit whilst having 3 kids - I do too and agree it is very expensive!

If you've experienced negative equity before, TBH I'd advise against putting yourself through it again, though it sounds like you've come to that conclusion yourself.

Even if you save nothing more than the interest, as prices fall, 10% of lower prices will mean lower deposit too, so you should be fine.

Best of luck for the future - you're a brave man to appear on telly to talk about it!

Ill second that - Simon , they made out like you were loaded bro, though the context it was presented in didnt really stack up.

Phirefly

simon70 wrote: »

I think this was somewhat twisted in the way the programme was edited.

I didn't see it but had a potted rundown from mr P this morning.

Further reason as if I needed it why I don't bother to watch these programmes. Why would you bother to go on it either? Hardly an education service for the masses.

Shame on BBC2. Doubt they'd be interested in making a programme about someone who's self-employment dispite the economic climate is going from strength to strength allowing them to considerably overpay their mortgage and relax next to the water in the garden of the home they get closer to owning outright with evey passing day do they??? Even if Tabloid DcDonald did come knocking for my story I'd tell him I was too busy

dean_ham

simon70 wrote: »

Hello.

So how much did the BBC give you towards your deposit to go on there