The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

llydaw · 22 May 2009 at 1:51PM

Thanks FB onwards and downwards

Double_Trouble · 24 May 2009 at 12:56PM

Well I have been doing a lot of thinking whilst suffering from a really bad cold and I have decided to write a diary and also I have set my MFiT - T2 challenge to pay off £75K of my mortgage in the challenge period hopefully more depending on interest rates and reducing interest payable. Need to remortgage in Aug 2010 and need to find a more flexible mortgage than the one I have at present. As soon as the bank holiday is over I will ring my mortgage provider and get it activated on line.

DTxx

hypno06 · 24 May 2009 at 2:12PM

Prompted by Double Trouble, I too would like to join.

I am on target to clear my remaining unsecured debt by Christmas, so this will leave me with just (!) my mortgage of approx £175k and my secured loan of £11k at that point - so an appropriate time to join a challenge.

I too will pledge to clear £75k in the three years.

I am actually hoping to move house during that period, so my figures might need adjusting, but we will cross that bridge when we come to it.

fabfuture · 24 May 2009 at 10:50PM

Hi there, I would love to join this challenge. I'm not entirely sure what my target will be. I'm aiming to have all unsecured debt clear by March next year and this would be the next challenge. I like the idea of a goal for 12/12/12. Will finalise what the goal is closer to 12/12/09, and when I know how this year's debts are going. I have a £200K IO mortgage, so might see if I could clear half in the three years ... but want the goal to be possible without killing myself.

financialbliss · 24 May 2009 at 11:15PM

hypno06 / fabfuture,

We've allocated you questee numbers as follows:

hypno06 : 52
fabfuture : 53

I've PM'd you both. Thanks for taking an interest. I've added provisional stats for you both. With fabfuture joining, that takes the mortgage total past 3 million, with a pledge to reduce by over 1.5 million. Way to go! :j

FB / Maz123.

hypno06 · 25 May 2009 at 9:06AM

Thanks FB! My mortgage has been IO while we have been tackling the rest of the debt, but I am very aware that time is ticking by without having paid anything off, so I will relish this challenge.

In three years of being a DFW, I have paid off around £75k of unsecured debt, so if I can do the same with the mortgage I will be very happy.

atypicalblonde · 27 May 2009 at 8:50PM

Please may I join in? As you can see from my signature, I aim to be MF by September 2015. Setting a target to achieve by December 2012 will help me to focus on this goal.

My aim... *deep breath*... is to reduce our £98,000 mortgage to £50,000. I am waiting to hear at work whether I have got a promotion that will result in a £10k payrise, which would greatly help out! Hang onto your hats guys, we're in for a wild ride! xx

Edited to say - Nice to see you on here Hypno, and congratulations on the bonus!! x

hypno06 · 28 May 2009 at 7:07AM

Thanks ATB! Good luck on getting that promotion - a £10k increase is significant and will make a huge difference! Fingers crossed for you.

Kaz2904 · 28 May 2009 at 11:11AM

Wow, I can't believe you're on here now hypno, you'll be whipping us all into shape! I've read some of your diary posts on DFW and the way you have just kept plugging on at it is inspiring! I really hope you do manage to clear all your unsecured by Christmas so that you can move into the new year with this fresh (and exciting) new challenge!

Well another payday has been and gone. Signature has been duly updated with current figures. My debt free date currently stands at 22/05/13. So I now have less than 4 years to go until everything is gone (God willing!)! I think that by Christmas I will have cleared another month which would make it 22/04/2013. That is 1 week before my 35th Birthday. DH will be 36 on 12/01/2013 so would lurve to get it down to then (but I get paid on the 22nd so it would have to be cleared on 22/12/2012).
I shall just keep plodding along with my payments and overpayments. I'm not doing any overtime until September at least and will have to pay for some childcare over the summer holiday. I will also earn less because I won't have done any night shifts but I'll end up working less days so it's worth the sacrifice (ask me again after I've done 9 14 hour shifts in 3 weeks!).
I still have an overtime shift to claim for from March so will shove that into savings to pay for the childcare. It's only 4 days in 3 weeks so I'm hoping that I may be able to strike a deal with another working Mum.

atypicalblonde · 28 May 2009 at 5:26PM

Good Afternoon All,

I have decided that I am going to try and bring my total down to £94k by December ready and raring to start the challenge. I plan on making a £1,000 lump OP at the start of August, which will take me well on my way.

I love a good challenge

The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

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