Mortgage Free by 40 Challenge!

Welshlassie · 2 March 2010 at 11:47PM

This is the official "Mortgage Free by 40 " challenge thread.

I've always wanted to be mortgage free by 40 and over the last few weeks noticed a lot of other people who had a similar goal and decided to see if anyone wanted to join me in it. My initial thread had a fair bit of interest so after spending some time to come up with how it will work in practice, this is the shiny new thread that will hold and track the challenge.

Below is the list of challengers, their allocated challenge number, their "free by date" and amount to clear. I hope I have captured everyone correctly from the original thread, if I haven't please drop me a PM or complete the Google docs form (which I hope will work).

1 Welshlassie - Mar 2019 - £178,106
2 sweetdaisy - Jul 2019 - £88,000
3 Littlebit - Aug 2021 - £174,098
4 hillcats - November 2015 - £88,987
5 11cas - May 2020 - £100,717
6 hillycats - Jan 2017 - £160,400
7 Sleepy head - Apr 2020 - £73,000
8 Barny1979 - Jul 2019 - £142,700
9 miss_corerupted - Mar 2019 - £78,000
10 Lo-lo - 2018 (need month) - £89,000
11 Bufger - May 2024 - £127,000
12 pencekeeper - May 2011 - £23,400
13 Norman Bean - Oct 2012 - EUR80,000
14 skaps - Oct 2021 - £236,000
15 kathym79 - Oct 2019 - £100,000
16 mortgagenomore - Apr 2017 - £32,470
17 pammyj74 - Jul 2019 - £80,655
18 voiceofreason - Mar 2021 - £51,000
19 wkdhoney - Aug 2025 - £87,600
20 lewdawg - Jan 2023 - £88,000
21 nonometre- Jan 2018 - $250,500
22 Jock_Tight - Jan 2013 - £36,199
23 bigg2001 - Nov 2016 - £143,817
24 MarieAAp - Apr 2017 - £4,300
25 deefadog - Nov 2013 - £115,000
26 chirpchirp - £200,874
27 ixwood - Apr 2016 - £106,000
28 sdd7677 - Jun 2018 - £140,000
29 shangaijimmy - Feb 2021 - £156,000
30 kiwigirl - Oct 2017 - £130,000
31 u02ja3 - Apr 2010 - £91,000
32 cherylypop - Jan-2022 - £133,854
33 lil.mouse Jun 2020 - £178,052

The following people expressed an interest but I wasn't actually sure if they were pledging to join the challenge or not:

Tesco Points Addict

You are more than welcome, but could you let me know so I can give you a challenge number if you are.

Thanks all, looking forward to getting to know you and clearing these mortgages. :j

Welshlassie · 2 March 2010 at 11:47PM

This page will hold the link to the current challenge sheet, this lists all the current challengers, with their start date, end date, mortgage amount they will be paying off. I have used the first day of your end month for ease of calculations and to preserve your complete birth date to reduce the risk of ID theft

This challenge will be run on a quarterly update basis with the first quarter running from 1 March 2010 to 30 May 2010. The final column in the challenge sheet therefore is the amount you would need to reduce your mortgage by each quarter in order to reach your target.

Progress sheets will be published quarterly by the 15th of the month following the end of the quarter, meaning the first progress sheet will be published on 15th June 2010. Updates can be provided by using this form preferably.

Challenge sheet

As the weeks and months go on I will tweak the sheets to show how we are progressing so will hold off publishing a link for the progress charts for the time being, but promise it will follow soon.

Welshlassie · 2 March 2010 at 11:48PM

Holding post for information to come

Welshlassie · 2 March 2010 at 11:49PM

Optimistic holding post for charts

Welshlassie · 2 March 2010 at 11:49PM

Q&A holding post

Welshlassie · 2 March 2010 at 11:50PM

Another holding post - optimistic? we'll see!

Bufger · 3 March 2010 at 9:55AM

Thanks for organising this! i'll keep an eye on it and keep my stuff updated.

Jock_Tight · 3 March 2010 at 10:44AM

Add me please, have complete the Google Docs Form.

If the doc update does not work, my details are:

Mortgage remaining £36199
40 in January 2013

Cheers,
Jock_Tight :cool:

Norman_Bean · 3 March 2010 at 11:18AM

Thanks Welshlassie x

Hope my number 13 is lucky

Just an admin note - my mortgage is €80,000 not £ .... I'm in France and fed up of being the only ex-pat here with a mortgage

Looking forward to our journey together

Norman x

lewdawg · 3 March 2010 at 12:04PM

Cool, the list is growing.

My month Welshlassie is Jan, handy enough it's defaulted to that in your spreadsheet anyhow... but just gives me a few less months!

LittleBit_2 · 3 March 2010 at 12:43PM

Thanks Welshlassie, I'm 40 in August 2021. Hope this will help me along by seeing how everyone else is doing...

Mortgage Free by 40 Challenge!

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