Pay Off Your Mortgage In Less Than 5 Years: Is It Possible?
Did You See The BBC Programme: "Did They Pay Off their Mortgage In 2 Years?"
Presenter: Rene Carayol
Did They Pay Off The Mortgage In 2 Years? was the follow up to the programme that two years ago challenged eight brave groups of people try to reduce their debts by paying their mortgage off in just 24 months.
Using advice by finance expert and presenter Rene Carayol, participants had to make radical changes to their lifestyles if they were to achieve their dream of owning their property outright.
Many did not manage to meet this huge task, but some have come surprisingly close to achieving what most borrowers would consider impossible.
This BBC programme showed how foregoing luxuries, strict financial planning and maximising your earning potential for two years could see decades wiped off your mortgage payments.
If you watched the series you will have seen that most failed in their quest. Why?
We think that the two year limit was an unrealistic figure, probably picked to make it feasible to turn into a TV Programme. If you consider a £100,000 Mortgage, to pay this off in 2 years would require, on average, additional payments of over £4,000 each month. Unrealistic for most people.
However, consider repaying the same amount over a 5 year period and you will need additional payments of just over £1600/month ..... now that is a more realistic figure. (Click Here for details on how £1600/month extra IS possible for ANYONE who's willing to put in some effort)
So, are you inspired to do something about your Mortgage?
Do you think it could be possible to pay off your mortgage in less than 5 years?
The message from this BBC programmes was 2 fold:
- 1. Reduce your outgoings
- 2. Increase your Income
1. Reduce your outgoings:
This requires a common sense, but disciplined approach to identify areas where money is wasted. You need to set strict but achievable weekly and monthly budgets and stick to them. See our hints and tips page for some money saving ideas.
2. Increase your income.
Following the money saving hints and tips from step one may help to save perhaps a couple of hundred pounds a month (.... if you're lucky!), but this is no way near enough to go towards paying off your mortgage. Each couple/family that was featured in the BBC Series had some way of making some additional income. Some had skills they could use to start a business. One guy was a trained Hypnotherapist and used this skill to developed a business providing entertainment in pubs/clubs. Another person was a skilled painter and decorator and managed to invest some time and capital in some overseas property development..... but the overall message is YOU HAVE TO FIND A WAY TO BECOME SELF EMPLOYED TO EARN THE EXTRA MONEY.
Do you have the desire and determination to start your own business (part-time) along side your existing job?
Have you got any idea of how you could earn the extra £1600/month you would need to pay off, say a £100,000 mortgage in less than 5 years?
Complete our questionnaire on the Increase your income page. If you have the ambition and desire to succeed, then click on the Get More Info Link on any page of this site. Complete the form on that page and you will be in contact with someone who can give you further advice on starting your own (spare time) business and they will be able to demonstrate how you can achieve these additional earnings, alongside your existing work and commitments.
