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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 720Posts
    • 3,117Thanks
    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 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: £ 53000 0! Mortgage Free!
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
Page 24
    • Mortgage Minimiser
    • By Mortgage Minimiser 24th Apr 17, 5:40 PM
    • 37 Posts
    • 179 Thanks
    Mortgage Minimiser
    Thanks Trix....I'm not really with at the moment

    MM x
    2016MFW# 46 O'Pd-104% ; 2017MFW #46 Tgt £7500. Paid £4302.69
    MFiT-T4 # 59 - reduce mortgage to £195,000 (60% LTV)
    Mortgage at start (01/2/2015) - £243,750.
    Mortgage at 31/12/15 - £235,906.71.
    Mortgage @ 31/12/16 - £224,120.98
    • A Frayed Knot
    • By A Frayed Knot 24th Apr 17, 11:09 PM
    • 2,096 Posts
    • 9,487 Thanks
    A Frayed Knot
    Just updated was hoping for another tiny o/p, but that can wait.

    Thanks for all your hard work.

    Balance now £20,500
    Last edited by A Frayed Knot; 24-04-2017 at 11:11 PM.
    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 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • trix-a-belle
    • By trix-a-belle 27th Apr 17, 1:20 PM
    • 720 Posts
    • 3,117 Thanks
    trix-a-belle
    Chart 5

    Some great progress made, I can't quite believe the next chart will be half way through!!!

    I'm not quite sure how I have caught up but currently in the final stage of completing my first camper interior for a paying customer to their specification, long may that continue. I have dropped to 4 days at my main job to free up some time for the upholstery so that reduction will show in the next quarter.
    I went over the PSA limit by a whole 35p I want to try and arrange sending the tax due from it to HRMC by cheque

    I may do some half way stats from chart 6 if people are interested?

    Keep on going everyone!
    - Mortgage: £ 53000 0! Mortgage Free!
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • Pearla*Merle
    • By Pearla*Merle 27th Apr 17, 9:13 PM
    • 1,598 Posts
    • 9,337 Thanks
    Pearla*Merle
    What lovely news on the camper project, trix! & on the 35p!

    Would love to see some halfway (halfway! ) stats

    Thanks for another chart!
    a penny picker upper. every penny's a prisoner!
    £26.65 til OnePoll payout! Round six! | Save £7200/£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.
    • brizzledfw
    • By brizzledfw 28th Apr 17, 9:41 AM
    • 7,012 Posts
    • 33,852 Thanks
    brizzledfw
    Brilliant. Thanks Trix.

    I am firmly in the red, but plodding on. Given differences between mortgage rates and current stock market rates/tax benefits from pension payments, am feeding any spare cash into this, but plan to gradually up my rate of payments into the mortgage soon.

    Well done all

    Brizzle
    Last edited by brizzledfw; 28-04-2017 at 9:47 AM.
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    August '17 Savings Rate Goal: 25% [July 23.9 %]
    Declutter 100 items before 31.08.17 22/100 ** LSDs Target 5 for August 01/05 **AFDs 8/20 ** Sales Target '17 £750 £140 so far
    **NSDs Target 5 for August xx/05 Trying to be a Frugalista
    • Welshlassie
    • By Welshlassie 28th Apr 17, 1:58 PM
    • 1,713 Posts
    • 2,964 Thanks
    Welshlassie
    So I haven't updated for a while *hangs head in shame* sorry!

    We've had a change of focus and now instead of actually paying off our mortgage we are saving frantically to extend the house next year. Our current deal comes to an end in January so we're planning on extending the mortgage to pay for the extension. We anticipate it all costing us about £50k so want to save as much as possible. The pot is currently at £11k so making lots of progress. Hoping it will be nearly £20k by the end of the year so don't have to borrow quite so much in January.

    Not sure how to reflect that for the challenge though??
    • ang4k
    • By ang4k 3rd May 17, 8:47 AM
    • 38 Posts
    • 224 Thanks
    ang4k
    Hi. Back on track now after a bad year. I have some catching up to do. I see everyone is doing great so it is a good incentive to keep going. Thank you
    2015 MFW no 17 : 2600/2000
    2016 MFW no 17: 4000/4000
    MFiT-T4- reduce mortgage from 61000 to 40000
    • mrsp1987
    • By mrsp1987 21st May 17, 10:10 PM
    • 811 Posts
    • 3,917 Thanks
    mrsp1987
    Oh rats, been away from the website for AGES and totally forgot about April's update!
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000
    • shangaijimmy
    • By shangaijimmy 14th Jun 17, 4:07 PM
    • 2,162 Posts
    • 9,722 Thanks
    shangaijimmy
    Huge apology but i've been AWOL for 6 months and missed 2 chart updates. I've just submitted forms for Jan and Apr but accept i'm very rudely late and worthy of being sacked from the challenge!
    MFW: Turning June 2036 into March 2023... 29//120 Payments Challenge, Diary Reduction £30,703.25
    Aug 2009: £163,051 // Current: £105,296.75 // Avg Daily Interest £4.73
    MFiT-T4 #8 - 47.86% of £41,000
    • trix-a-belle
    • By trix-a-belle 14th Jun 17, 4:17 PM
    • 720 Posts
    • 3,117 Thanks
    trix-a-belle
    No worries Jimmy life happens, have put them in, looks like you haven't been slacking on the overpayments
    - Mortgage: £ 53000 0! Mortgage Free!
    - 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 14th Jun 17, 5:45 PM
    • 2,096 Posts
    • 9,487 Thanks
    A Frayed Knot
    Huge apology but i've been AWOL for 6 months and missed 2 chart updates. I've just submitted forms for Jan and Apr but accept i'm very rudely late and worthy of being sacked from the challenge!
    Originally posted by shangaijimmy

    Consider yourself ticked off - Glad your back
    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 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • trix-a-belle
    • By trix-a-belle 3rd Jul 17, 8:33 AM
    • 720 Posts
    • 3,117 Thanks
    trix-a-belle
    & so chart update time rolls round again, Chart 6 the halfway point is approaching!!
    - Mortgage: £ 53000 0! Mortgage Free!
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • brizzledfw
    • By brizzledfw 7th Jul 17, 5:30 PM
    • 7,012 Posts
    • 33,852 Thanks
    brizzledfw
    Hello Trix and gang

    Just updating..could be worse. As before, all spare cash going into ISA and pension. But healthily below £150k now which I adore. I reckon I will get to below £140k by November which will be excellent.

    Hope everyone has a good weekend

    Brizzle x
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    August '17 Savings Rate Goal: 25% [July 23.9 %]
    Declutter 100 items before 31.08.17 22/100 ** LSDs Target 5 for August 01/05 **AFDs 8/20 ** Sales Target '17 £750 £140 so far
    **NSDs Target 5 for August xx/05 Trying to be a Frugalista
    • A Frayed Knot
    • By A Frayed Knot 7th Jul 17, 6:55 PM
    • 2,096 Posts
    • 9,487 Thanks
    A Frayed Knot
    & so chart update time rolls round again, Chart 6 the halfway point is approaching!!
    Originally posted by trix-a-belle
    just given you your 3,000th thanks and would give you another 3,000 for half way stats
    Last edited by A Frayed Knot; 07-07-2017 at 7:01 PM.
    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 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • trix-a-belle
    • By trix-a-belle 7th Jul 17, 9:19 PM
    • 720 Posts
    • 3,117 Thanks
    trix-a-belle
    Haha cheers AFK, I like round numbers
    Some amazing updates coming through for chart 6!

    My 4 day weeks are helping but also hindering, no additional team member quite yet to pick up at the day job but self employment on the side is progressing and growing steadily, my sleep is occasionally suffering thanks to the one awkward customer so far, regular job craziness & dealing with house viewers on a regular, but not regular enough to keep the house clean enough in between, basis but if I can get through all that then it only makes you stronger doesn't it.
    So to add to my challenge target if I get an offer on my house I should be moving and taking on a mortgage again, I like making things interesting lol
    - Mortgage: £ 53000 0! Mortgage Free!
    - 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 7th Jul 17, 10:23 PM
    • 2,096 Posts
    • 9,487 Thanks
    A Frayed Knot
    Haha cheers AFK, I like round numbers
    Originally posted by trix-a-belle

    It's in my signature ! ! !


    You must really like this MFW malarky - to be taking on another mortgage - didn't think it was quite that addictive Good Luck

    ps ooops just messed your neat figures up
    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 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • Lomcevak
    • By Lomcevak 8th Jul 17, 7:08 AM
    • 646 Posts
    • 3,939 Thanks
    Lomcevak
    Now at £104,492, with £4.9k repaid over the last three months - think that means I now drop out of green but that's always been expected, my target is very ambitious. Still, I'm now past £30k paid off since the start of the challenge, and I'm happy with that
    Originally posted by Lomcevak
    And now at £99,557 - so under the great £100k barrier

    £4935 repaid since the last update, a bit over £35k repaid since the start of the challenge with just under £40k to go to my target - that means I'm a little behind at the halfway point (£2072, to be precise ) but i'm delighted to even be close to on-track.

    Next big milestone is to get under £90k, which will mean I've repaid £100k since I remortgaged four years ago. Currently looks like Jan '18, but i'd really like to drag it into this year...
    Last edited by Lomcevak; 08-07-2017 at 7:12 AM.
    MFiT-T4#126, £135k to 60k: £37,081/£75,000(49.45%), 2017 MFW#11 £4,800/£10,000 (48.00%)
    £30k-in-’17#56 £21,090.46/£30,000 (70.30%)
    • Suffolk lass
    • By Suffolk lass 8th Jul 17, 11:20 AM
    • 1,402 Posts
    • 16,431 Thanks
    Suffolk lass
    So to add to my challenge target if I get an offer on my house I should be moving and taking on a mortgage again, I like making things interesting lol
    Originally posted by trix-a-belle
    My estate agent reports that "footfall" is the lowest they have ever known it for the last two weeks. I hope you get your offer (no sign of one here now, after Mr and Mrs Keen disappeared).

    I haven't done my update chart yet but I'm also trying to round down to a nice round number each month
    MFiT T4 #2 update 25.95% after Q5
    Save £12k in 2017 #64 - £5617.21/£5500 (51.64%/50%) after June - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 58.88/58.33% including stores after July
    My DFD is here
    • trix-a-belle
    • By trix-a-belle 8th Jul 17, 12:28 PM
    • 720 Posts
    • 3,117 Thanks
    trix-a-belle
    You must really like this MFW malarky - to be taking on another mortgage - didn't think it was quite that addictive Good Luck
    Originally posted by A Frayed Knot
    i'm not sure about liking it or it being addictive, it will be bigger this time but I feel far better prepared about how to manage it and what is achievable in terms of escalation to pay it off but its a complete change of mind set from the full on savings one of the last 12-18 months.

    My estate agent reports that "footfall" is the lowest they have ever known it for the last two weeks. I hope you get your offer (no sign of one here now, after Mr and Mrs Keen disappeared).
    Originally posted by Suffolk lass
    Thanks SL, fingers crossed for you as well. My footfall has been pretty consistent but it doesn't stop me getting twitchy. I've got at least 2 parties interested however both have not yet sold their houses, had a viewing yesterday who are sstc & another shortly who are also sstc but won't get feedback on these two till monday to know whether they are goers.
    - Mortgage: £ 53000 0! Mortgage Free!
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • Suffolk lass
    • By Suffolk lass 8th Jul 17, 5:32 PM
    • 1,402 Posts
    • 16,431 Thanks
    Suffolk lass
    Thanks SL, fingers crossed for you as well. My footfall has been pretty consistent but it doesn't stop me getting twitchy. I've got at least 2 parties interested however both have not yet sold their houses, had a viewing yesterday who are sstc & another shortly who are also sstc but won't get feedback on these two till monday to know whether they are goers.
    Originally posted by trix-a-belle
    I'd be happy to show any spare buyers around if you want to send them "next door" to Suffolk. I hope it goes well for you
    MFiT T4 #2 update 25.95% after Q5
    Save £12k in 2017 #64 - £5617.21/£5500 (51.64%/50%) after June - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 58.88/58.33% including stores after July
    My DFD is here
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