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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 780Posts
    • 3,323Thanks
    trix-a-belle
    The Mortgage Free in Three - Take 4 challenge (MFiT-T4)
    • #1
    • 7th Dec 15, 10:32 PM
    The Mortgage Free in Three - Take 4 challenge (MFiT-T4) 7th Dec 15 at 10:32 PM
    Read our Mortgage Guides for fully researched, up to date help on cutting your mortgage

    If you havenít already, join the forum to join the challenge. If you arenít sure how it all works, view our New to Forum? Intro Guide.


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

    First I must give a huge thank you to Financial Bliss who ran T3, he is a great inspiration to many having reached mortgage free status in T2, I wish to continue this legacy.

    This is a the fourth in a series of three year mortgage challenges on this MFW board. Anyone who has joined a previous challenge should be aware of the format and timescales. If not see the next few posts below.

    This fourth challenge runs from January 2016 to January 2019 and is open to anyone who wants to devote the next three years to greatly reduce or completely pay off their mortgage, or build up a pot of savings.

    Below is a list of the challengers who have signed up and their own challenge:

    1. trix-a-belle Build up my savings from £33,123 to £85,000.
    2. Suffolk lass Reduce my mortgage from £114,882 to £80,000.
    3. icklehelen Reduce my mortgage from £56,800 to £40,000.
    4. lorriedriver1988 Reduce my mortgage from £79,000 to £50,000.
    5. A Frayed Knot Reduce my mortgage from £33,000 to £15,000.
    6. floxxie Reduce my mortgage from £88,500 to £30,000.
    7. megela Reduce my mortgage from £78,955 to £57,500.
    8. Shangaijimmy Reduce my mortgage from £126,000 to £85,000.
    9. muppets Reduce my mortgage from £204,414 to £173,232.
    10. dano17439 Completely clear my £95,000 mortgage.
    11. Ang4k Reduce my mortgage from £61,000 to £40,000.
    12. ourcornercottage Reduce my mortgage from £127,000 to £87,000.
    13. VoucherMan Completely clear my £25,858 mortgage.
    14. dark^knight Completely clear my £100,000 mortgage.
    15. hiddenshadow Reduce my mortgage from £159,500 to £69,500.
    16. JoeyGrey Reduce my mortgage from £195,000 to £100,000.
    17. Radish72 Reduce my mortgage from £ 74,200 to £ 36,400.
    18. uropachild Reduce my mortgage from £62,872 to £40,000.
    19. helibob Reduce my mortgage from £198,230 to £152,000.
    20. Runders Reduce my mortgage from £103,524 to £85,000.
    21. selloptape Reduce my mortgage from £77,000 to £57,000.
    22. AvidSaver Reduce my mortgage from £ 140,000 to £ 95,000.
    23. Dalradian Completely clear my £95,849 mortgage.
    24. Maybe_its_because Reduce my mortgage from £ 209,000 to £ 174,000.
    25. Catriona79 Build up my savings from £0 to £30,000.
    26. Wombatchops Reduce my mortgage from £ 149,294 to £ 134,294.
    27. Pearla*Merle Build up my savings from £0 to £ 15,000.
    28. Chutney86 Reduce my mortgage from £ 109,000 to £ 95,000.
    29. pavlovs_dog Reduce my mortgage from £103,798 to £75,000.
    30. taka Reduce my mortgage from £24,278 to £12,000.
    31. 2rea22 Completely clear my £ 30,000 mortgage.
    32. skaps Reduce my mortgage from £172,987 to £140,000.
    33. princess295 Reduce my mortgage from £68,709 to £50,000.
    34. Diamondsonly Build up my savings from £0 to £72,000.
    35. Karona Reduce my mortgage from £35,216 to £25,000.
    36. XSpender Reduce my mortgage from £117,553 to £87,000.
    37. My Lovely Carrot Reduce my mortgage from £153,900 to £120,000.
    38. HelenDaveKids Completely clear my £7,800 mortgage.
    39. Anagran Reduce my mortgage from £102,500 to £92,500.
    40. Mrs Money Penny Build up my savings from £10,000 to £40,000.
    41. GETMYACTTOGETHER2016 Reduce my mortgage from £35,963 to £17,500.
    42. Maximum Saving Completely clear my £24,351 mortgage.
    43. Lexi-lu Completely clear my £90,472 mortgage.
    44. CathT Reduce my mortgage from £89,501 to £69,501.
    45. Penny pauper Reduce my mortgage from £115,500 to £85,000.
    46. pathtofreedom Reduce my mortgage from £153,892 to £120,000.
    47. SuperSecretSquirrel Build up my savings from £14,733 to £60,000.
    48. Trying to be good Completely clear my £46,000 mortgage.
    49. Rachiedabbler70 Reduce my mortgage from £70,800 to £45,000.
    50. ielond Completely clear my £255,850 mortgage.
    51. Sox77 Reduce my mortgage from £177,764 to £100,000.
    52. utopiah Reduce my mortgage from £54,000 to £4,000.
    53. bunty109 Reduce my mortgage from £139,386 to £99,999.
    54. Haras_nosirrah Reduce my mortgage from £225,000 to £175,000.
    55. littlemonkeywolf Reduce my mortgage from £58,000 to £35,000.
    56. Needhelpsaving Reduce my mortgage from £83,710 to £65,000.
    57. SueP19 Reduce my mortgage from £70,350 to £50,350.
    58. Socks779 Reduce my mortgage from £30,600 to £6,000.
    59. Mortgage Minimiser Reduce my mortgage from £234,787 to £195,000.
    60. afoolandhermoney Reduce my mortgage from £157,500 to £140,000.
    61. brila Completely clear my £55,947 mortgage.
    62. mummytummy Build up my savings from $0 to $100,000.
    63. Hollysan Reduce my mortgage from £67,342 to £40,000.
    64. shala_moo Reduce my mortgage from £116,871 to £65,000.
    65. new mortgageeee Completely clear my £16,569 mortgage.
    66. jodles16 Reduce my mortgage from £177,472 to £156,000.
    67. mrsp1987 Reduce my mortgage from £99,311 to £80,000.
    68. FreedomGirl Build up my savings from £ 160,537 to £ 250,000.
    69. Welshlassie Reduce my mortgage from £150,140 to £130,000.
    70. ajmoney Reduce my mortgage from £109,544 to £80,000.
    71. SusanneCape Reduce my mortgage from £80,000 to £35,000.
    72. Daisy Duck Reduce my mortgage from £184,000 to £164,000.
    73. Mysteek Completely clear my £46,400 mortgage.
    74. Annaharky Completely clear my £38,190 mortgage.
    75. PorgieGeorgie Reduce my mortgage from £142,480 to £86,700.
    76. brigzy Completely clear my £22,962 mortgage.
    77. tim_n Build up my savings from £0 to £168,000.
    78. Stingy_3000 Completely clear my £73,350 mortgage.
    79. PennyJar Reduce my mortgage from £101,062 to £81,062.
    80. juststuff123 Completely clear my £45,232 mortgage.
    81. kizzie01 Reduce my mortgage from £54,643 to £34,643.
    82. lincoln-potter Reduce my mortgage from £85,000 to £38,000.
    83. tattycath Reduce my mortgage from £148,750 to £131,750.
    ...
    92. icontinuetodream Completely clear my £25,913 mortgage.
    ...
    96. brizzledfw Reduce my mortgage from £166,000 to £100,000.
    ...
    106. tattycath Completely clear my £58,500 mortgage. Retired number
    ...
    126. Lomcevak Reduce my mortgage from £135,000 to £60,000.
    ...
    148. Twiggy_34 Reduce my mortgage from £ 58,500 to £ 45,000.
    ...
    150. ElusiveLucy Completely clear my £5,619 mortgage.


    Please see the posts immediately below for further information. Good luck in your own challenges.

    Registration / update form: The MFiT-T4 form

    Trix.
    Last edited by trix-a-belle; 17-06-2017 at 10:55 PM.
    - Mortgage: 1st one down, 2nd: £114800
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
Page 2
    • VoucherMan
    • By VoucherMan 8th Dec 15, 5:28 PM
    • 2,400 Posts
    • 4,893 Thanks
    VoucherMan
    Well I had hoped to clear mine in the next 3 years, but a change in spending plans has made that unlikely.
    New car needed, new bathroom wanted!

    I'll still give it a good try though.
    MFiT-T4 No. 13 _ _ _ _ _ __ __ _ _ _ _ _ 2015 MFW No. 13 - £6750/£8000
    Mortgage debt at moment (May 2012) - £54145, Original MF date Jan 2032.
    Current Mortgage debt £20487 £19997 £19669, Estimated MF date - June 2022, July 2021, April 2020, November 2019
    • ourcornercottage
    • By ourcornercottage 8th Dec 15, 6:01 PM
    • 1,506 Posts
    • 7,483 Thanks
    ourcornercottage
    Have set my target to reduce the mortgage by a whopping £40,000 in 3 years. Looking forward to having a longer term target
    £119,375.00 MFW16 #9 £3952.49/£6000 Jan-£536.60 Feb-610.39 Mar-£1006.22 Apr-£549.92 May-£739.57 Jun-£504.79 July-£5 (reg op £199.17)
    Kw gen'd 12/15-94 1/16-132 2/16-236 3/16-231 4/16-419 5/16-438 6/16-375 7/16-0
    Save 12k 2016 #59 - £3708.48/£3000 || MFiT-T4 #12 - £67000
    • 666paw
    • By 666paw 8th Dec 15, 9:23 PM
    • 330 Posts
    • 2,481 Thanks
    666paw
    Have just registered for MFiT-T4

    If possible could I keep my number from the last challenge, if yes then #75.

    Thanks Trix and co for taking on this challenge and heres hoping I do better than last time.

    Take care
    666
    MFI3 T3 # 75
    • dark^knight
    • By dark^knight 8th Dec 15, 9:41 PM
    • 463 Posts
    • 930 Thanks
    dark^knight
    I have registered, please let me know if hasn't filtered through and I'll register again.

    Thanks
    Aiming to be mortgage free by Dec 2018.
    • hiddenshadow
    • By hiddenshadow 8th Dec 15, 9:45 PM
    • 2,394 Posts
    • 10,858 Thanks
    hiddenshadow
    Excited to sign up for my first challenges!

    Going ambitious and shooting for £75,000 ending balance (reduction of just over 86k).
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • trix-a-belle
    • By trix-a-belle 8th Dec 15, 11:50 PM
    • 780 Posts
    • 3,323 Thanks
    trix-a-belle
    got everyones inputs so far I think, those who have filled in the form but not said hello please join in we don't bite
    i'll fill the T3 people in who are wanting to keep their challenger numbers first then input the challenge newbies, i'll do a chunk at the weekend & update the first post then
    - Mortgage: 1st one down, 2nd: £114800
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • A Frayed Knot
    • By A Frayed Knot 9th Dec 15, 12:13 AM
    • 2,199 Posts
    • 9,901 Thanks
    A Frayed Knot
    Registered this morning for my first challenge.

    Amazing how events can change at the drop of a hat. My target/goal from this morning has changed due to events unfolding today, just a sign of things to come, but will still try my very best,

    Aiming to reducing my mortgage by at least half.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £4068.97
    • lorriedriver1988
    • By lorriedriver1988 9th Dec 15, 8:32 AM
    • 207 Posts
    • 463 Thanks
    lorriedriver1988
    I registered yesterday. Hoping to reduce mortgage from £79,000 to £50,000.

    Does anyone have a OP spreadsheet template or a link to one they could kindly PM me pretty please. I'm rubbish with excel and need all the help I can get.

    Looking forward to the challenge ahead
    Savings for H2B Loan £3928.84/£20,000 April's Monthly H2B target (24th March-23rd April: £334.69/£530.00Emergency Fund: £112.00/£1000 Car Maintenance Fund £75.00/£900 Clear Remaining Debts ASAP: Halifax Loan March '15 WAS: £7000 NOW: £1918.93 Barclays (0%): £4,389.07

    Mortgage:October 2013: £87,264 April 16: £78,934.48-£160.00= £78,774.48
    • hiddenshadow
    • By hiddenshadow 9th Dec 15, 9:16 AM
    • 2,394 Posts
    • 10,858 Thanks
    hiddenshadow
    lorriedriver sent you a PM.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • VoucherMan
    • By VoucherMan 9th Dec 15, 10:22 AM
    • 2,400 Posts
    • 4,893 Thanks
    VoucherMan
    Does anyone have a OP spreadsheet template or a link to one they could kindly PM me pretty please. I'm rubbish with excel and need all the help I can get.
    Originally posted by lorriedriver1988
    Locoblade's spreadsheet is popular with many, although it may not be ideal if you struggle with Excel.
    It's excellent once you get all the figures in though, and easy to play with the figures to see what difference various ops could make.
    • Suffolk lass
    • By Suffolk lass 9th Dec 15, 10:58 AM
    • 1,641 Posts
    • 18,468 Thanks
    Suffolk lass
    got everyones inputs so far I think, those who have filled in the form but not said hello please join in we don't bite
    i'll fill the T3 people in who are wanting to keep their challenger numbers first then input the challenge newbies, i'll do a chunk at the weekend & update the first post then
    Originally posted by trix-a-belle
    I don't really want to be 129 for T4 - I was late to join last time - only seeing the challenge over the Christmas holiday and reading all of T2 before I committed (sad, I know!).

    I would be happy to take the place of someone a little higher up the list (a lower number) - especially if they cleared their mortgage last time - you know, sort of setting me a good example! I had already submitted my form with 129 in it when you suggested that was the method for keeping it.

    Sorry to be a nuisance
    SL
    MFiT T4 #2 update 42.67% after Q7 £5,465 behind where I should be
    Save £12k in 2018 #53 - my annual target is £10,000
    OS Grocery Challenge 2018 budget of £3,500 including stores
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • A Frayed Knot
    • By A Frayed Knot 9th Dec 15, 12:44 PM
    • 2,199 Posts
    • 9,901 Thanks
    A Frayed Knot
    Just handed in my notice to the Mortgage Free in 2025-2030 Club mixed emotions.

    As my new mortgage free date is 2023 with a target of 2020.

    I lowered my mortgage free date by remortgaging, - taking 7 years off my term, upping my payments, and thanks to new deal a massive reduction in interest payments, which now goes towards upped payments.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £4068.97
    • trix-a-belle
    • By trix-a-belle 9th Dec 15, 1:11 PM
    • 780 Posts
    • 3,323 Thanks
    trix-a-belle
    I don't really want to be 129 for T4 -
    Originally posted by Suffolk lass
    SL, noted, if people don't thats absolutely fine i'll fill through once any who want them pop over.

    For the time being i've reserved peoples T3 numbers in T4 if they have expressed an interest or signed up already so if you want a newer shiny number just shout
    (looking at you lilmonkeywolf, ajmoney, Lomcevak, avidsaver)
    Last edited by trix-a-belle; 09-12-2015 at 1:16 PM.
    - Mortgage: 1st one down, 2nd: £114800
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • A Frayed Knot
    • By A Frayed Knot 9th Dec 15, 1:17 PM
    • 2,199 Posts
    • 9,901 Thanks
    A Frayed Knot
    I didn't have a number before - but i've hopefully registered early enough to get a nice early number, if that's what you mean.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £4068.97
    • ajmoney
    • By ajmoney 9th Dec 15, 8:09 PM
    • 4,852 Posts
    • 55,531 Thanks
    ajmoney
    For the time being i've reserved peoples T3 numbers in T4 if they have expressed an interest or signed up already so if you want a newer shiny number just shout
    (looking at you lilmonkeywolf, ajmoney, Lomcevak, avidsaver)
    Originally posted by trix-a-belle
    Please can I keep mine, it is the same as my MFW one and makes it easier on my brain!
    2018 MFW No. 70 £500/£6000
    MFiT-T4 No. 70 £22444.95/£29544
    Mortgage £116574.84 Savings £87991.97
    Total left to pay/save £28582.87
    • brizzledfw
    • By brizzledfw 9th Dec 15, 8:47 PM
    • 7,157 Posts
    • 34,810 Thanks
    brizzledfw
    I'm in!!! Shiny new challenge.. LETS DO THIS!!

    Planning to 'shave' £66k off the mortgage

    Thanks Trix (also for PM )
    Last edited by brizzledfw; 09-12-2015 at 8:50 PM.
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • tattycath
    • By tattycath 10th Dec 15, 12:09 AM
    • 6,818 Posts
    • 35,959 Thanks
    tattycath
    I've registered.
    Thanks Trix-a-Belle.
    GE 36 *MFD
    MFIT-T4 No 83
    Mortgage overpayments:

    Emergency savings £100/£2000
    Savercard Christmas savings £10
    12/3/17 175lb - 15/3/17 173lb - 28/6/17 167lb - 14/7/17 164lb - 12/9/17 160lb - 29/12/17 155lb
    • uropachild
    • By uropachild 10th Dec 15, 11:20 AM
    • 517 Posts
    • 3,396 Thanks
    uropachild
    I'm in. Hoping to clear my £62k down to £40k.
    Sarah.
    DD is 8 years old DS1 is 6 years old
    DS2 is 14 months old
    • Runders
    • By Runders 10th Dec 15, 2:23 PM
    • 160 Posts
    • 461 Thanks
    Runders
    I have registered, seems like an excellent way to keep the motivation high!

    I'd like to get my £103k down to £85K

    Thanks Trix-a-Belle
    MFW: Start: September 2014 - £110844
    Jan 2018: £96,407
    • catriona79
    • By catriona79 10th Dec 15, 9:23 PM
    • 850 Posts
    • 1,629 Thanks
    catriona79
    Hello Trix, I've registered for a saving of £30k, to be paid off the mortgage at a later date, for now to be on savings, as my mortgage is a lowish 1.69% APR.

    I have just remortgaged to a tracker and my mortgage is £110k

    Id like a low number too, please, though understand the previous year's contestants will want to go first.

    Let the fun begin!!! Looking forward to it!
    * * * Catriona's Credit Card Countdown * * * from -£16k to debt neutraldom - for my debt diary click here
    Barclaycard -£5,867.52;
    mbna1 - 3,009.22
    mbna2 - 1,755.70
    Savings £5,017 MFiT #25 £2,627/£10k; daily interest £5.04
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