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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 571Posts
    • 2,395Thanks
    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
    • 151 Posts
    • 254 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
    • 781 Posts
    • 3,751 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
    • 151 Posts
    • 254 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
    • 781 Posts
    • 3,751 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
    • 151 Posts
    • 254 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
    • 1,515 Posts
    • 8,776 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 £2950/£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
    • 211 Posts
    • 479 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 £46,400£34,295 PAID £12,105
    • juststuff123
    • By juststuff123 3rd Oct 16, 12:38 PM
    • 168 Posts
    • 476 Thanks
    juststuff123
    #80. Reporting in for chart No. 3.
    Mortgage Balance £43163
    MFW & DFW - Goal - to be Debt Neutral by Dec 2016
    Mortgage to pay -£42616/£66445 (started Feb 2010)
    Parent Loan to pay - £3700/£15000 Student Loan to pay - £1241/£9479
    Stoozing Credit Cards -£3359
    Savings - £48474
    Debt Neutrality --£2342
    • trix-a-belle
    • By trix-a-belle 3rd Oct 16, 5:59 PM
    • 571 Posts
    • 2,395 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
    • 605 Posts
    • 3,736 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: £23,965/£75,000(31.96%), 2016 MFW#12 £12,000/£12,000 (100.00%)
    £30k-in-’15#56 £31,845.60/£30,000 (106.15%)
    • Karona
    • By Karona 6th Oct 16, 9:01 PM
    • 12 Posts
    • 138 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. overdraft £3000-paid.
    ccard2 £1500 on 0% until aug17
    car finance £5000 ends feb 2020- aim paid by dec 17

    M-FiT T4 no 35 starting £35217 0/10217
    spc 9 no 526 1074.59/600
    • Maximum Saving
    • By Maximum Saving 6th Oct 16, 10:46 PM
    • 151 Posts
    • 254 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
    • 234 Posts
    • 1,054 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
    OP Target 2016 - 1407.38/1200
    MFiT-T4 #03
    • getmyacttogether2016
    • By getmyacttogether2016 8th Oct 16, 12:56 PM
    • 110 Posts
    • 556 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
    DEBT - CC 1872.37/1872.37, DAD 2500.00/2500.00 all paid Nov 2016
    VSP 2016 #5 395.36 131.79% £2 savers 2016 #32 220.00
    PAYDBX 2016 #33 4372.37/4372.37 100%
    MFiT - T4 # 41 0.00
    • Maximum Saving
    • By Maximum Saving 8th Oct 16, 2:19 PM
    • 151 Posts
    • 254 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
    • 4,885 Posts
    • 33,477 Thanks
    CathT
    October update submitted, hope I've made it into the green!
    June 2010 £121,287
    Nov 2016 £84,680
    WIOTW Nov £92,214
    • A Frayed Knot
    • By A Frayed Knot 9th Oct 16, 9:12 AM
    • 1,742 Posts
    • 7,989 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 someday it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    o/p 2014/£4000, 2015/£6294.69 MFW2016 #27 £3101.03/£3000
    £1000/£1000 51.44/33.29=84.73
    • pavlovs_dog
    • By pavlovs_dog 9th Oct 16, 2:05 PM
    • 9,679 Posts
    • 22,799 Thanks
    pavlovs_dog
    I've just submitted my update. Another £2,400 down since the last one.
    know thyself

    MFW 2016 #22 - £6469.53 /£6,000 (108%) 1% challenge £920.20 / £1000
    MFi3 v4 #29 target £75,000

    Nid wy'n gofyn bywyd moethus...
    • shangaijimmy
    • By shangaijimmy 9th Oct 16, 6:32 PM
    • 1,814 Posts
    • 7,525 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
    • 101 Posts
    • 347 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 £29,204/£55,947.
    £
    26,743 left to go!
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