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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 571Posts
    • 2,399Thanks
    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
    • 111 Posts
    • 563 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.
    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
    • getmyacttogether2016
    • By getmyacttogether2016 13th Oct 16, 8:42 AM
    • 111 Posts
    • 563 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
    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
    • Radish72
    • By Radish72 16th Oct 16, 12:12 PM
    • 1,853 Posts
    • 11,578 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, July16 £64500
    OP's in 2016 £3204
    ISA challenge start April 16 £3000/£1250 (42%)
    • Anagran
    • By Anagran 20th Oct 16, 4:35 PM
    • 144 Posts
    • 289 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
    • 1,742 Posts
    • 7,993 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 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
    • mrsp1987
    • By mrsp1987 20th Oct 16, 7:32 PM
    • 781 Posts
    • 3,760 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
    • 151 Posts
    • 265 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
    • 781 Posts
    • 3,760 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
    • 571 Posts
    • 2,399 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
    • 781 Posts
    • 3,760 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
    • 151 Posts
    • 265 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
    • 781 Posts
    • 3,760 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
    • 151 Posts
    • 265 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
    • 3,387 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
    • 571 Posts
    • 2,399 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
    • 435 Posts
    • 1,955 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
    • 3,387 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
    • 795 Posts
    • 12,729 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 Q2 update 11.53% after Q3
    Save £12k in 2016 thread #92 - so far £9689/£10,000 (target inc from £6000 in Aug)
    OS Grocery Challenge budget of £3000 - 86.97/84.62% after 11/12 months
    Reading and learning about investing... lots to learn and I am consciously incompetent
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 25th Oct 16, 9:23 AM
    • 435 Posts
    • 1,955 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
    • 571 Posts
    • 2,399 Thanks
    trix-a-belle
    & so that time has arrived again! Chart 3!
    Chart 3 link
    Last edited by trix-a-belle; 28-10-2016 at 9:49 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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