The Mortgage Free in Three - Take 4 challenge (MFiT-T4)

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  • Maybe_its_because
    Maybe_its_because Posts: 440 Forumite
    First Anniversary Combo Breaker First Post
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    Doesn't time fly - almost time for the 4th challenge. Was always a Financial Bliss fan and really pleased to be part of the legacy.

    Our plan is to try to stick to the plan of MF by 2025. Lots of curve balls recently resulting in 3 months unpaid time off work for me which has scuppered any OPs at the mo.
    We'll pick ourselves up though.

    Consequently, our target is to reduce our mortgage by £35,000. From £209k to £174k
    That might be a little over ambitious, but this is a challenge after all :)

    Thanks Trix

    MIB xx
    MFW2020 #5 £2,000/2,000 MFW2021 #5 £1,850/3,500MFW2022 #5 £3.001/3,000Sep'12 £233,750 Jan'15 £222,329 Dec’21 £139,584 MFiT T4 #24 £48k/£34k MFiT T5 #24 £22,186/£41k MFiT T6 #24 £4,700/£29k
  • Radish72
    Radish72 Posts: 2,073 Forumite
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    Newbie (to this) joining the challenge

    £74200 down to £36400

    So in theory MFI3 - Take 5 would see me mortgage free :)
    Mortgage Aug 12 £165K, Aug 19 £0
    ISA challenge start 2019 £3000/£1500 (50%)
  • brizzledfw
    brizzledfw Posts: 7,302 Forumite
    Debt-free and Proud!
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    Trix - Happy to be allocated a new number or stick to the old one. No worries, whichever is easiest.

    Have just phoned bank and I am £89 under where I thought I'd be...just love the overpayments nudging that interest liability down, month on month

    So I end the MFiT -3 challenge at just sub-£165k, had wanted to be at £120k but ho hum..next time..bring it on MFiT-4 :)

    Have a good weekend folks

    Brizzle
    MFiT-T4 Member No. 96 - 2022 is my MF goal :D
    Winter 17/18 Savings Rate Goal: 25% [October 30%] :T
    Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 £25/£500 NSDs Target 10 for March 02/10 Trying to be a Frugalista:rotfl::T
  • megela
    megela Posts: 755 Forumite
    First Anniversary
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    Thanks for all your hard work Trix-a-belle.


    MFi-3 number 7 registering for MFi-4 - new target £57,500.
    Re-mortgaged 20/04/12 MTiT-T3 No.7
    Start balance £89611.10 + £22500 = £112111.10/Current balance £85436.53
    Original Mortgage Free Date April 2032
    Target Mortgage Free Date July 2022/Currently August 2029 (based on no offset)
    Total overpayments from 20/04/12: £8152.95
  • Wombatchops
    Wombatchops Posts: 177 Forumite
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    Thanks trix-a-belle, I've registered. We are remortgaging in February and the balance will be £149,294, and I want to shave that down to £134,294, so £15k off. We've had a bit of bad luck recently, so I've no idea if this is possible, but I'm going to damn well try. Ultimately, I want to be mortgage free by August 2028.
    2016 MFW no. 47 £0/£3,000
    MFiT T4 no 26 Start bal £149,294, Current bal £149,294, Target bal £134,294
    Make £2,016 in 2016 £1180.55
  • Pearla*Merle
    Pearla*Merle Posts: 1,611 Forumite
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    Hurrah - I'm finally more settled and can at last join in with this. :D

    I'm going to build up my savings by £15,000. This should be achievable but definitely needs some hard graft being put in.

    With any luck taking part will seriously make me get my skates on with some self-employed work I do to make some extra pennies, so I'd like the smash the above target ideally. Can't wait to get started! :D

    Good luck everyone :D
    a penny picker upper. MFW approx 78% to go | FIRE 3 years worth (30% savings rate: now aiming for 40%!) | Normality is a paved road; it's comfortable to walk, but no flowers grow on it | Whatever you're meant to do, do it now. The conditions are always impossible | The only thing you absolutely have to know, is the location of the library
  • Chutney86
    Chutney86 Posts: 307 Forumite
    First Anniversary Combo Breaker
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    Have just registered for this challenge. Aiming to reduce our mortgage by £15,000 - from £110k to £95k

    Thanks trix-a-belle :)
    SPC #23 - 2015 = £319.60 / 2016 = £315.50 / 2017 = £490.75 / 2018 = £295.50 / 2019 = £267
    MFW #93 - 2017 = £1942.84/£1900 / 2018 = £8591.23/£9050
    MFiT-T4 #28 = reduced mortgage from £109,000 to £77,000
    MFiT-T5 #34
  • 2rea22
    2rea22 Posts: 14 Forumite
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    I've got my last 2K of debt to vanquish then it's onward and upward to MFW!! Never done a challenge before but think this might just be the thing for me. I've got 30K left on the mortgage and would love to pay it off before I'm 55 so I can get a part time job and kick back a bit! So here goes!
  • muppets
    muppets Posts: 1,476 Forumite
    Name Dropper First Post First Anniversary Debt-free and Proud!
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    This will be my 1st year on this challenge, I filled in the request form a few days back, just waiting for a number so I know I did it correct.
    PAYDBX 2020 - #01 Pd £15,029.29 / £13,140.66 - 114% 🎉

    MFiT-T5 #36
    3-6 mth EF #5     €2,445 / 11,100
    Mortgage - PD 126,846.35/ 271,495.07 46.72%[ MF was Aug 2038 now Sept 2035 😲
  • Trying_to_be_good
    Trying_to_be_good Posts: 1,989 Forumite
    First Post First Anniversary
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    Hello! I'm back for my fourth MFIT - and hope to make it all the way to Mortgage Freedom with this one! Will need to update my sig, and have asked to stick with number 48, please, as that's been me since the original MFIT :-)

    Thanks for all the hard work, looking forward to sharing progress and the support of the MFIT community - let's do this!
    Mortgage Free thanks to ill-health retirement
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