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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 590Posts
    • 2,506Thanks
    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 haven’t already, join the forum to join the challenge. If you aren’t 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 20000 Reduce my mortgage from 54,643 to 34,643.
    ...
    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.
    ...
    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; 17-11-2016 at 10:25 AM.
    - Mortgage: 53000 0! Mortgage Free!
    - Student Loan: 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
Page 18
    • Maximum Saving
    • By Maximum Saving 11th Sep 16, 5:47 PM
    • 154 Posts
    • 290 Thanks
    Maximum Saving
    Fixed mortgages
    Hello. It is a pity you can only overpay up to 10% a month. My mortgage is with Nationwide and it allows up to 500 overpayment a month. I pay a direct debit amount early in the month and then do my overpayments before the month ends. When my Regular Saver ends I wish to do a lump payment even though I will pay a fee.
    Last edited by Maximum Saving; 11-09-2016 at 5:47 PM. Reason: it and is
    • mrsp1987
    • By mrsp1987 11th Sep 16, 6:00 PM
    • 784 Posts
    • 3,802 Thanks
    mrsp1987
    Oh it's not a month it's per year. So if on January 1st my balance is 90K I can overpay a maximum of 9,000 without penalty. But the minimum I can overpay at one time is 500. So I have to save it up and then overpay
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 96,211.87 20 yrs 10 months left
    O/P Fund: 2,336.81/1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000. Currently 95,166.53
    • Maximum Saving
    • By Maximum Saving 11th Sep 16, 6:20 PM
    • 154 Posts
    • 290 Thanks
    Maximum Saving
    Hello mrsp1987. Oh, I see it is per year the 10% allowed overpayment. My current mortgage is 17.141 and if I had that rule it would be 1741.10. I can pay more because it is 500 a month which in a year is 600. How much is your fee if you pay more that your allowance? I have over 18,000 of overpayments . I began doing overpayments in 2013. My mortgage began in 2010. Good luck.
    • mrsp1987
    • By mrsp1987 11th Sep 16, 7:02 PM
    • 784 Posts
    • 3,802 Thanks
    mrsp1987
    Thanks, my fee is 5% so I assume if I paid more than my allowed 10% allowance I would pay an early repayment fee of 5% of the whole outstanding balance! I'm in no danger of reaching the 9,000 and whatever my allowance is this year, so that's good. I'm on a five year fix at the moment but I wish I could get out of it and re-mortgage but the 5% fee is a big hindrance.
    I imagine as I get significantly closer to the end of the mortgage then I would be looking at ones that didn't have caps on how much I could overpay or didn't have charges or whatever, but I'm still sitting at 95K so got a few more MFiT challenges to go I think
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 96,211.87 20 yrs 10 months left
    O/P Fund: 2,336.81/1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000. Currently 95,166.53
    • Maximum Saving
    • By Maximum Saving 11th Sep 16, 8:14 PM
    • 154 Posts
    • 290 Thanks
    Maximum Saving
    Hello mrsp1987. My mortgage is also a 5 year fix and it will end next August. Yes, I began it in 2012. The early repayment fee would be 5%. Therefore it would be too expensive to re-mortgage to a lower interest rate. Maybe when you can reach the end of your 5 year fix you reduce the term of your mortgage. I hope that in the future you will have a more flexible mortgage.
    • Pearla*Merle
    • By Pearla*Merle 1st Oct 16, 11:02 PM
    • 1,533 Posts
    • 8,919 Thanks
    Pearla*Merle
    I'm finally starting to make some proper headway! Still need to think up creative ways to make up for the ground lost earlier this year though.... I think I hear the Bay of E calling...
    a penny picker upper. every penny's a prisoner!
    26.65 til OnePoll payout! Round six! | Save 4000/15,000
    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.
    • Mysteek
    • By Mysteek 3rd Oct 16, 8:17 AM
    • 216 Posts
    • 501 Thanks
    Mysteek
    Just done my update for chart no. 3 as there will not be any more payments to the mortgage this month, after monthly payment gone through today. Maximum 10% overpayments made this year.
    MFIT #73 - Pay all mortgage off in 3 years 46,40034,295 PAID 12,105
    • juststuff123
    • By juststuff123 3rd Oct 16, 12:38 PM
    • 174 Posts
    • 490 Thanks
    juststuff123
    #80. Reporting in for chart No. 3.
    Mortgage Balance 43163
    MFW & DFW - Goal - to be Debt Neutral by Feb 2017
    Mortgage to pay -42343/66445 (started Feb 2010)
    Parent Loan to pay - 3552/15000 Student Loan to pay - 1126/9479
    Stoozing Credit Cards -3632
    Savings - 48427
    Debt Neutrality --2218
    • trix-a-belle
    • By trix-a-belle 3rd Oct 16, 5:59 PM
    • 590 Posts
    • 2,506 Thanks
    trix-a-belle
    #80. Reporting in for chart No. 3.
    Mortgage Balance 43163
    Originally posted by juststuff123
    Please can you send a form through (don't appear to have received one at the time of this post)


    I had hoped to post at the weekend but my router has given up the ghost so some of you have beaten me to it, its Chart 3 time coming round soon!

    Please please please submit your figures using The MFiT-T4 form and not just a post in the thread. Thank you
    - Mortgage: 53000 0! Mortgage Free!
    - Student Loan: 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • Lomcevak
    • By Lomcevak 3rd Oct 16, 10:07 PM
    • 615 Posts
    • 3,816 Thanks
    Lomcevak
    Now at 116,235 so a touch under 5k down since the last update - thanks to a quick rummage down the back of the sofa and an extra OP of 118.89 I've paid off exactly 18,750.00 of 75,000 since the start of the challenge, so exactly 25% there. So green by a single penny, I think

    (edit: looking at the spreadsheet it looks like I rounded my start value up to 135k so I'm a few quid past quarter distance according to the spreadsheet, but I'm penny-perfect really )

    I'm down from 128k at update 1 to 121,179 at update 2 so 7,235 in three months and almost 14k since the start. Not quite going to maintain the pace and my overall MFiT-T4 target remains a big ask but on the plus side will drop under 120k next month which is a nice milestone
    Originally posted by Lomcevak
    Last edited by Lomcevak; 03-10-2016 at 10:11 PM.
    MFiT-T4#126, 135k to 60k: 25,592/75,000(34.13%), 2017 MFW#12 600/10,000 (6.00%)
    30k-in-17#56 1,617.68/30,000 (5.39%)
    • Karona
    • By Karona 6th Oct 16, 9:01 PM
    • 12 Posts
    • 140 Thanks
    Karona
    #35 reporting in early. Balance 33458
    Not much headway being made until car paid off early next year but I'll keep plodding on. Good luck everyone
    ccard1 3000-paid. scard 1500-paid. od 3000-paid. ccard 2 996- paid Jan 17
    car finance 5000 ends feb 2020- aim dec 17

    M-FiT T4 no 35 starting 35217 250/10217
    WTSHTF 0.00/1000
    spc 9 no 526[/CO1074.59/600
    SPC 10 no 526 0.00/1000
    • Maximum Saving
    • By Maximum Saving 6th Oct 16, 10:46 PM
    • 154 Posts
    • 290 Thanks
    Maximum Saving
    My mortgage is currently 16,112.49 and will be paying my monthly mortgage amount of 738.11 next week. Later in the month,when it is more affordable, I will add my overpayment. I can't wait to see how much I owe once the payments are in for the month of October.
    • icklehelen
    • By icklehelen 7th Oct 16, 11:10 AM
    • 245 Posts
    • 1,078 Thanks
    icklehelen
    #3 with an early update (submitted on the form)
    Balance at 52200 so believe I will still be green.....getting ahead while I can as I think next year may need another budget squeeze
    OP Target 2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000 2015 1226.64/1200 2016 - 1775.50/1200
    OP Target 2017 - 506/2500
    MFiT-T4 #03 MFW2017 #6
    • getmyacttogether2016
    • By getmyacttogether2016 8th Oct 16, 12:56 PM
    • 134 Posts
    • 691 Thanks
    getmyacttogether2016
    Afternoon all

    #41 with an early update for the month.

    I now owe 0.00 on my mortgage. It feels so great not to be paying out each month.

    Will not be too long before I am back on here as currently in the process of buying another house.

    Take care all

    GMAT
    VSP 2017 #5 0/450 (2016 #5 493.26)
    2 savers 2017 #23 0/200 (2016 #32 228.00)
    PAYDBX 2017 #33 0/2253.59 (2016 #33 4372.37/4372.37)
    Saving for Xmas 2017 #57 0
    MFiT - T4 #41a 0/130,000 (#41 35,963/35,963)
    • Maximum Saving
    • By Maximum Saving 8th Oct 16, 2:19 PM
    • 154 Posts
    • 290 Thanks
    Maximum Saving
    Afternoon all

    #41 with an early update for the month.

    I now owe 0.00 on my mortgage. It feels so great not to be paying out each month.

    Will not be too long before I am back on here as currently in the process of buying another house.

    Take care all

    GMAT

    This is what you said so very well done. I wish you lots of luck buying your new home. I will be delighted when I have paid off my mortgage. This will hopefully be in May next year.
    • CathT
    • By CathT 9th Oct 16, 8:49 AM
    • 4,968 Posts
    • 33,964 Thanks
    CathT
    October update submitted, hope I've made it into the green!
    June 2010 121,287
    Jan 2017 84,422
    • A Frayed Knot
    • By A Frayed Knot 9th Oct 16, 9:12 AM
    • 1,791 Posts
    • 8,217 Thanks
    A Frayed Knot
    Afternoon all

    #41 with an early update for the month.

    I now owe 0.00 on my mortgage. It feels so great not to be paying out each month.

    Will not be too long before I am back on here as currently in the process of buying another house.

    Take care all

    GMAT
    Originally posted by getmyacttogether2016

    What !!!! you miss the forum so much, your willing to do it all - again Seriously


    Go for it
    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
    • pavlovs_dog
    • By pavlovs_dog 9th Oct 16, 2:05 PM
    • 9,698 Posts
    • 22,959 Thanks
    pavlovs_dog
    I've just submitted my update. Another 2,400 down since the last one.
    know thyself

    MFW 2017 #22 - 0 /7,000 (0%)
    MFi3 v4 #29 target 75,000

    Nid wy'n gofyn bywyd moethus...
    • shangaijimmy
    • By shangaijimmy 9th Oct 16, 6:32 PM
    • 1,814 Posts
    • 7,540 Thanks
    shangaijimmy
    Form submitted. Fingers crossed i stay in the green!! Thanks for organising everything as usual and well done everyone!
    MFW: Original June 2036 // Aim March 2025 - 21//120 payments // Avg Daily Interest 6.19
    Aug 2009: 163,051 // Aug 2012: 146,818 // Aug 2015: 131,010 Current: 113,533.22
    MFiT-T4 #8 - 17.63% of 41,000 // 2016 MFW #2 - 6,961.06/7,200
    • brila
    • By brila 10th Oct 16, 9:52 AM
    • 105 Posts
    • 395 Thanks
    brila
    Form submitted - over half-way there (although the pace is much slower now - had some easy wins at the start!).

    Well done GMAT! How awesome to be mortgage-free. Keep going everyone else!
    MFiT-T4 No. 61 ALL DONE!
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