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

gallygirl try this again


https://docs.google.com/spreadsheet/formResponse?formkey=dE1iTjMwaFQ3Y3EtOS1GQ0NkUnUwdUE6MQ&theme=0AX42CRMsmRFbUy1lNjA2ZGVkNy0yYjViLTRiNzQtYWZhYy0yNjI0OGQ0NTlhODE&ptok=1823176206916396742&ifq




FB isn't around as often as before

An exciting day tomorrow. My mortgage will below the £81'000 mark and edging closer to the 70s!

Mortgage minus savings currently stands at £76'540.

My target for the September update is £75'031.25 so I have £1508.75 to go to remain green.

gc_bus wrote: »

Paid a few more "on-call called" payments into my mortgage so now it's down to £56,300....... so that makes more or less £9000 paid off it in 10 months. Getting there and heading for retirement at 55 (I'm 52 in Sept.)

Race you - I'm 52 a few days ahead of you :rotfl:

We are only about one fifth of the way into this challenge, and already it's time for me to move the goalposts!

Original target was to reduce mortgage from £81,055 down to £60,000. The plan was a couple of hundred pounds overpaid monthly by direct debit, plus a little extra as and when we scraped something together... We are now aiming much higher

I've reduced the term of our mortgage from 25 years to 12 years, a whacking great 13 year reduction, we now have just 9 years remaining! The higher monthly payments mean our balance should be around 55k come December 2015, and that's without any extra overpayments. 60k is clearly no longer a good enough target

Halving the mortgage in three years sounds like a great target... But "reduce mortgage from £81,055 to £40,527.50 doesn't have a good ring to it"... I'm going to be bold and set a new target of a nice even £40k

This target is very ambitious for us, and anything can happen in the next two and a half years, but this is the aim - if we aim for it and come up short, so be it, but we're gunning for 40k

I do have an unofficial target to go hand in hand with this, and that's to be mortgage neutral by the end of this challenge. I like the idea of having a 40k mortgage and about 40k in cash and shares (excluding pensions) come December 2015. It sounds like it should be impossible, but spreadsheets don't lie, provided life goes perfectly smoothly between now and then (Ha! As if!) it really IS possible...I won't be recording savings progress here as it's always a bit confusing figuring out exactly what I have to my name at any one particular time (annual tax returns, stocks and shares rising and falling, outstanding invoices awaiting payment, etc), not to mention figuring out the same for OH, what a headache! At the end of the challenge I'll do a full review of our finances and see if we've managed to achieve mortgage neutrality or not.

fb, sorry to be a pain, but can I please change my official MFiT3 target to 40k balance end 2015?

Apologies - haven't been on MSE since beginning of Feb. Updates for quarters 1 & 2 now sent by googledocs and I promise to be better in the future!