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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 594Posts
    • 2,515Thanks
    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 19
    • getmyacttogether2016
    • By getmyacttogether2016 13th Oct 16, 8:35 AM
    • 134 Posts
    • 691 Thanks
    getmyacttogether2016
    [QUOTE=Maximum Saving;71422616

    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.[/QUOTE]

    Thank you. It's quite daunting to be taking on another mortgage so soon but it's an opporrunity that I do not wish to miss. Couple of months and then start again with the biggest mortgage I have ever had.

    GMAT
    Last edited by getmyacttogether2016; 13-10-2016 at 8:45 AM.
    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)
    • getmyacttogether2016
    • By getmyacttogether2016 13th Oct 16, 8:42 AM
    • 134 Posts
    • 691 Thanks
    getmyacttogether2016
    What !!!! you miss the forum so much, your willing to do it all - again Seriously


    Go for it
    Originally posted by A Frayed Knot
    I know, must be mad

    It's quite daunting to be taking on another mortgage so soon but it's an opportunity that I do not wish to miss. The house is almost perfect (little more land and it would be perfect) so just need to get my moving date and then the work commences.

    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)
    • Radish72
    • By Radish72 16th Oct 16, 12:12 PM
    • 1,854 Posts
    • 11,589 Thanks
    Radish72
    Form submitted

    Mortgage now under 60K, so will now look forward to hitting the 40's (some time in the next year)
    Mortgage Aug12 165K, Jan17 56289
    OP's in 2017 892.44
    ISA challenge start 2017 4000/0 (0%)
    • Anagran
    • By Anagran 20th Oct 16, 4:35 PM
    • 148 Posts
    • 295 Thanks
    Anagran
    Just put in my update. Not really made much of an impact in the last three months as things are quite up in the air with work at the moment so feel happier keeping savings where I can access them. Hopefully things will settle down in the new year and then I can start to put more towards reducing the mortgage. I look forward to seeing how well others are doing as it really helps encourage me too.
    • A Frayed Knot
    • By A Frayed Knot 20th Oct 16, 6:49 PM
    • 1,800 Posts
    • 8,255 Thanks
    A Frayed Knot
    Updated, as my 10% allowance of o/p has been met, it's slowed down somewhat, but I do have 900 in the o/p pot so far, when Jan 17 comes along.

    Mortgage Balance now at 24,700.00
    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
    • mrsp1987
    • By mrsp1987 20th Oct 16, 7:32 PM
    • 784 Posts
    • 3,802 Thanks
    mrsp1987
    Must remember to do this over the weekend!
    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 20th Oct 16, 8:35 PM
    • 154 Posts
    • 294 Thanks
    Maximum Saving
    Today I put in my mortgage amount and it is 14,962.06. I am trying very hard to pay off my mortgage. I have a direct debit day once a month and then an overpayments day later in the month.
    • mrsp1987
    • By mrsp1987 21st Oct 16, 7:16 PM
    • 784 Posts
    • 3,802 Thanks
    mrsp1987
    Submitted, think I'm a little bit behind but I did set a challenging target. I'm ahead of where I initially thought I would be when I set my first O/P goal in February so cannot complain at all!
    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
    • trix-a-belle
    • By trix-a-belle 22nd Oct 16, 11:55 AM
    • 594 Posts
    • 2,515 Thanks
    trix-a-belle
    Some great updates coming through!

    2 weeks without internet courtesy of broken equipment in the exchange was painful & its so refreshing to finally get someone on the other end who doesn't just continually make you reset up the router which is clearly not the route of the problem.
    - Mortgage: 53000 0! Mortgage Free!
    - Student Loan: 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • mrsp1987
    • By mrsp1987 22nd Oct 16, 2:42 PM
    • 784 Posts
    • 3,802 Thanks
    mrsp1987
    I think most people are technologically savvy enough to try the 'switching it off and back on again' before they call for technological support, so it's rather frustrating when they tell you to try that and then call them back if it hasn't worked.
    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 22nd Oct 16, 2:49 PM
    • 154 Posts
    • 294 Thanks
    Maximum Saving
    Hello. My Internet didn't work this morning. I turned it off and waited a few minutes. Then it began working again. My broadband is with Plusnet and my current deal is ending on 11th November 2016. I already have Sky TV. I must decide on a new broadband deal.
    • mrsp1987
    • By mrsp1987 22nd Oct 16, 4:49 PM
    • 784 Posts
    • 3,802 Thanks
    mrsp1987
    Hello. My Internet didn't work this morning. I turned it off and waited a few minutes. Then it began working again. My broadband is with Plusnet and my current deal is ending on 11th November 2016. I already have Sky TV. I must decide on a new broadband deal.
    Originally posted by Maximum Saving
    From personal experience Sky TV great! Sky broadband not great!! We switched back to Virgin and it's been way faster and better reliability. But thats just me
    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 22nd Oct 16, 5:05 PM
    • 154 Posts
    • 294 Thanks
    Maximum Saving
    Hello Mrsp1987. I am delighted to read about your personal experience. I love Sky TV although it did keep rising in price. I phoned and asked them to give me a better deal. I took on a year of Sky TV at 24.00 a month. I won't choose Sky for my broadband. I had a very bad time with Talk Talk a few years ago. My main effort is paying off my mortgage and it is down to 14,900 and something.
    • uropachild
    • By uropachild 22nd Oct 16, 11:03 PM
    • 513 Posts
    • 3,390 Thanks
    uropachild
    Wow, I'm sorry I keep on forgetting about this!! I have made a note in my diary for the next one so I can be a bit more organised.

    I've paid off quite a bit I think so am looking forward to seeing the chart update to find out if I am where I think I am.

    We're still looking for another house, although a HUGE part of me really doesn't want to take out a bigger mortgage. We love the street we're in, the house is fab too - we just need one more bedroom and sadly the loft isn't great to convert and having already sunk too much money into a kitchen extension i'm loathe to extend again and then find we move anyway.

    So i'm cruising Rightmove every day but nothing comes up. Ho hum!
    Sarah.
    DD is 7 years old DS1 is 6 years old
    DS2 is 8 months old
    • trix-a-belle
    • By trix-a-belle 23rd Oct 16, 7:41 AM
    • 594 Posts
    • 2,515 Thanks
    trix-a-belle
    uropachild the chart 3 date isn't here quite yet so still time to get an update in.
    sounds like a a struggle a nice area counts for so much with houses, have any neighbours converted the loft that you could go and speak to on how they did it? you need an out of the box idea
    Round here on rightmove i'm finding houses are either getting put on and then dropped and dropped in desperation or just being tested and if they aren't getting much initial interest at the first price are withdrawing it.
    - Mortgage: 53000 0! Mortgage Free!
    - Student Loan: 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 24th Oct 16, 6:42 PM
    • 449 Posts
    • 1,993 Thanks
    SuperSecretSquirrel
    #47 - Update number three

    Mortgage: -27,057.25 (Quarterly progress 2,102.36)
    Tax: -490.83 (Quarterly regression 183.75)
    Cash: 46,087.30 (Quarterly progress 1,645.62)
    S&S: 11,831.80 (Quarterly progress 1,763.00)
    MN+: 30,371.02 (Quarterly progress 5,327.23)

    Another good quarter

    We need to average 3,772.25 per quarter to meet our final target. So far we're doing great, but we always expected it to be quite easy at the start, and that it would get more challenging over time...

    Happily, we were right Our second child is due in February We have another year(ish) of statutory maternity leave on the horizon, and beyond that more childcare expense or a drop to single income. Never have I been happier with the prospect of being short of cash
    Last edited by SuperSecretSquirrel; 24-10-2016 at 7:06 PM.
    Mortgage: 27,057.25 [MFiT4 MN+60k: MN+30,371.02] (24/10/16)
    Independence: 11.7% [300k in 2020: 72.9%] (1/10/16)

    • uropachild
    • By uropachild 24th Oct 16, 11:09 PM
    • 513 Posts
    • 3,390 Thanks
    uropachild
    uropachild the chart 3 date isn't here quite yet so still time to get an update in.
    sounds like a a struggle a nice area counts for so much with houses, have any neighbours converted the loft that you could go and speak to on how they did it? you need an out of the box idea
    Round here on rightmove i'm finding houses are either getting put on and then dropped and dropped in desperation or just being tested and if they aren't getting much initial interest at the first price are withdrawing it.
    Originally posted by trix-a-belle
    I don't think any neighbours actually have converted the loft. There are plenty with extensions but I can't see any dormers in the lofts etc. We did have a builder who specialises in loft conversions round and he said it would be a case of loosing the third bedroom to put the stairs in which kind of defeats the object! Haha!

    There just aren't many houses coming on the market full stop around here. I'm not sure why!!
    Sarah.
    DD is 7 years old DS1 is 6 years old
    DS2 is 8 months old
    • Suffolk lass
    • By Suffolk lass 25th Oct 16, 7:54 AM
    • 870 Posts
    • 13,278 Thanks
    Suffolk lass
    #47 - Update number three

    Mortgage: -27,057.25 (Quarterly progress 2,102.36)
    Tax: -490.83 (Quarterly regression 183.75)
    Cash: 46,087.30 (Quarterly progress 1,645.62)
    S&S: 11,831.80 (Quarterly progress 1,763.00)
    MN+: 30,371.02 (Quarterly progress 5,327.23)

    Another good quarter

    We need to average 3,772.25 per quarter to meet our final target. So far we're doing great, but we always expected it to be quite easy at the start, and that it would get more challenging over time...

    Happily, we were right Our second child is due in February We have another year(ish) of statutory maternity leave on the horizon, and beyond that more childcare expense or a drop to single income. Never have I been happier with the prospect of being short of cash
    Originally posted by SuperSecretSquirrel
    Congratulations! how fantastic is that news!

    By the way, I really like the way you are accounting for your savings to offset your mortgage payments and I have been thinking about doing similar.

    Our mortgage rate is just 0.74% thanks to the old-style base rate tracker from 15 years ago that I ported when we moved here almost 12 years ago. Looks like a really well-planned bit of financial savviness but was actually because I lost my concentration-memory after an accident so we have been nibbling away at our interest-only job for a few years now but still over 110,000 to go. We have paid 120,000 off but now facing just under half with a lot less than half the years remaining.

    SL
    MFiT T4 #2 Q3 update 11.53% after Q3
    Save 12k in 2017 #64 - just started and aiming for 11,000 (Save 12k in 2016 thread #92 10,488.04/10,000)
    OS Grocery Challenge 2017 budget of 3,600 - 102.02 so far
    Reading and learning about investing...
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 25th Oct 16, 9:23 AM
    • 449 Posts
    • 1,993 Thanks
    SuperSecretSquirrel
    Thanks Suffolk Lass

    I think the virtual offset is a good idea for anyone that is either not in a position to make actual OPs, or where doing so would be a bad idea. So whether you have maxed your OP allowance for the year, or have a low mortgage rate that's beaten by savings, virtual offsetting shows regular progress, and to me at least, that is a massive motivator!
    Mortgage: 27,057.25 [MFiT4 MN+60k: MN+30,371.02] (24/10/16)
    Independence: 11.7% [300k in 2020: 72.9%] (1/10/16)

    • trix-a-belle
    • By trix-a-belle 25th Oct 16, 11:01 PM
    • 594 Posts
    • 2,515 Thanks
    trix-a-belle
    & so that time has arrived again! Chart 3!
    Chart 3 link
    Last edited by trix-a-belle; 21-01-2017 at 1:51 PM.
    - Mortgage: 53000 0! Mortgage Free!
    - Student Loan: 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
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