How to pay off your mortgage in 2 years...

[robin3]

Is anyone else watching this on BBC2? I think it's great and has really made me think about being more thrifty and entrepreneurial...not that I can think of anything to sell!

The only draw back is that so far the participants mortgages have been so small...our mortgage seems huge in comparison and a much bigger hill to climb. The title of our programme would be 'How to pay off your mortgage in 20 years'.

LOL robin, that'll be 50 years for us!

what kind of size mortgage have they been looking at paying off?

think £50k has been highest so far

The book is quite good too. We are not looking to pay off our mortgage yet ( too big ) but are using the ideas to save enough to get all our other debts paid off. At leas, I am, dh is willing in theory but not so much in practice. We are, however, off to join Costco at the w/end!

I couldn't save £50k in a year!!!

great programme - what did you think of the baby time capsules in last night's prog?

KateF - be careful - in my experience, joining Costco is not a way of saving money...I swear I buy more when I'm there as I see loads of stuff and think 'ooh that's great value' so I end up buying it. Great IMO for bulk buying, but not for saving cash!!

It's been interesting so far that both wives in past 2 episodes have set about being thrifty and done really well meantime both husbands set about spending large sums of money on re-training or buying a house to do up and sell, in order to make big gains.

It's like the story of the hare and the tortoise and it'll be interesting to see when they revisit which strategy made the biggest difference.

Not sure about the time capsules but she was trying....thought the allotment was very impressive and laughed with horror when she gave the whole family porridge for dinner!

Yes-that was just a bit extreme . I'm going to revive the veg patch at the bottom of the garden though.
HandbagAddiction-I will be very wary with CostCo. Dh will not be allowed in and I will go with a list. I loathe shopping so will be v.quick and can stick to a list.

The first couple's mortgage was £85K but their income was never mentioned. From a few bits of conversation it looked like he earned less than £20K when full time in the bank, plus they both worked in banks & would get discounted rates on their mortgage. How they could afford to save anything like their outstanding amounts was beyond me. The couple who earned £50K & had 3 teenagers wouldn't have much spare cash I'd have thought £200 for flying lessons would have been a bit much even without trying to save.

I think the 1st year has been about getting spending under control. However saving alone is not going to pay off their mortgages in 2 years. Last week's couple I think saved about £15k - with a mortgage of £85k, savings alone will take them 6 years to pay off (altho I would settle for that given the size of my mortgage).

The guy is pushing them to find additional ways of generating income, eg week 1 NLP/hypnotism and the slimming club, week 2 property development and time capsules. I guess he is hoping that the extra income these provide will make the difference.

I'd actually say that shopping at Makro is cheaper than Costco. Makro have bulk cheaper brands, Costco tend to have bulk but more expensive brands IMO