The Mortgage Free in Three - Take 3 challenge (MFiT-T3)

#47 reporting in!

Have just called the mortgage company and submitted my first chart update, balance currently stands at £73,242.52 That's a whacking great £7,812.48 less than it was three months ago

We've managed this mainly by withdrawing 6k of savings and paying that off the mortgage towards the end of December 2012. In addition to that, we've paid a total of £1,429.17 in standard repayments, £970.83 in automatic direct debit overpayments, and £375.33 extra adhoc overpayments. We won't manage a quarter like this again anytime soon, but it's one hell of a good start!

A bit of arithmetic tells me that we must have paid £962.85 in interest since the challenge started 3 months ago. I hate paying interest, and am so happy knowing that the amount we'll pay over the life of the mortgage will be massively less than if we'd not overpaid. It's also nice to know that as the overpayments chip away at the capital our interest payments will shrink, so we'll never pay over a grand a quarter in interest

I'm not changing my challenge target just yet, but unofficially my aim for this year is to try to max out the 10% annual overpayment allowance, and if we pull it off I may well be setting a more ambitious MFiT3 target...

Can't wait to see the published chart

Mortgagefreeby50 wrote: »

Thanks, FB! I was wondering if you had booked the day as annual leave in order to deal with the mountain of admin that I'm sure this challenge creates! Thank you for spending your well-earned relaxation time on this :T

Ditto! :T:T

Yellow for me, but I expected it, and probably next time too, but after that I plan on making big inroads.

K_K