There’s a new BBC programme starting this week on how to pay off your mortgage in two years. Now, don’t get me wrong, it sounds absolutely wonderful being able to pay off your mortgage in two years. In fact, it wasn’t the first I had heard of it. The production team came to talk to me about the programme quite some time ago and to see if I’d be interested in taking part. Now, I’ll be honest with you, I didn’t say no. What I did say, however, is that the entire programme concept, which was thought up by a team of non-money people in a development meeting, was extremely worrying for me. What I actually thought, was that it was potentially dangerous, as the idea was to force people to committing into doing whatever it took to pay the mortgage off resulting in the potential people’s finances being pushed to a place where they no longer work for them.
Paying off your mortgage in two years is a great concept. But from what was being discussed with me at the time, the idea that people should take in lodgers, take on second or third jobs, do anything that they possibly could to be able to pay off their mortgage in two years, worried me greatly. I told them that I really didn’t like the idea. And I don’t. If it’s the same format I don’t think the BBC should responsibly be encouraging people to do it. Good sustainable financial management comes from being a savvy consumer and getting the best possible deals on everything. That’s the only sensible way to deal with your finances and that’s what I try and teach people about. Budget, plan, prepare and don’t pay more than you need to for anything, but do live your life in a way you’re comfortable with and that you can deal with. If you try to be too austere, if you try to push your finances to a point that’s not sustainable, you won’t succeed, you’ll end up falling off the wagon and hurting yourself. The idea that a mortgage should be got rid of at any cost isn’t right. It is good, cheap, sustainable borrowing so why pariah people who’ve got a mortgage.
I was very forthcoming for a good 20 minutes about how potentially dangerous I thought this programme could be. Luckily soon after ITV offered me Make Me Rich based on my own methods so all is good. Well, now it’s going to be on the TV and they’re using an independent financial advisor as an expert. Enough said there. They also have a presenter who is a motivational speaker to lead the programme. I’m not going to make any further comment on it. All I can say is that I hope they’ve listened to and taken on board what I’ve said. It will be very interesting to watch and see!