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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 737Posts
    • 3,153Thanks
    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 25
    • shangaijimmy
    • By shangaijimmy 8th Jul 17, 7:24 PM
    • 2,198 Posts
    • 10,048 Thanks
    shangaijimmy
    Update submitted and am really excited to see what my percentage is (hoping for green, hoping for green)! Extra motivation which comes in my mid month lack of activity slump!

    As ever thanks for the thread!
    MFW: Turning June 2036 into March 2023... 30//120 Payments Challenge, Diary Reduction £32,077.72
    Aug 2009: £163,051 // Current: £103,922.28 // Avg Daily Interest £4.67
    MFiT-T4 #8 - 47.86% of £41,000
    • porgiegeorgie
    • By porgiegeorgie 18th Jul 17, 10:05 PM
    • 159 Posts
    • 1,127 Thanks
    porgiegeorgie
    Hi Trix and team!

    July update also submitted.

    I completely missed the last update! I'm 26 weeks pregnant and was in the throes of early pregnancy (well, until 20 weeks) nausea and vomiting when the last update was due, only remembered it last month!

    I have no idea how I'm doing mortgage over-payment-target wise (not too badly, I think...) but seventeen months after moving into this house we've actually started to get serious about getting it into a more comfortable and liveable condition, it's funny how a hard deadline forces you into action

    Mortgage is now down to £115,841 from £142,480. Feeling good

    Keep up the good work everyone!
    MFiT-T4 #75: £142,480 to £86,700 by Jan 2019
    Feb16: £142,480. April16: £138,900. July16: £132,242 Oct16: £129,824, July17: £115,841
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 24th Jul 17, 12:26 PM
    • 572 Posts
    • 2,542 Thanks
    SuperSecretSquirrel
    MFiT4 Update #6
    Today is the halfway point!

    I'm happy to report that we are more than halfway to our target

    Mortgage: -£17,912.48 (Quarterly progress £2,234.56)
    Tax: -£367.19 (Quarterly progress £133.58)
    Cash: £40,313.69 (Quarterly regression £2,260.03)
    S&S: £20,569.41 (Quarterly progress £3,643.93)
    MN+: £42,603.43 (Quarterly progress £3,752.04)

    The plan is to pay off the mortgage in January. We've been "virtually offset" or "mortgage neutral" for a while, but it's still weirdly exciting to think that we should now only have five more monthly mortgage repayments left!

    Keep pushing everyone
    Last edited by SuperSecretSquirrel; 24-07-2017 at 12:29 PM.
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,182.66
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£45,783.87 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £258,813.46 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16.5%
    • Suffolk lass
    • By Suffolk lass 24th Jul 17, 2:36 PM
    • 1,476 Posts
    • 16,886 Thanks
    Suffolk lass
    Today is the halfway point!

    I'm happy to report that we are more than halfway to our target

    Mortgage: -£17,912.48 (Quarterly progress £2,234.56)
    Tax: -£367.19 (Quarterly progress £133.58)
    Cash: £40,313.69 (Quarterly regression £2,260.03)
    S&S: £20,569.41 (Quarterly progress £3,643.93)
    MN+: £42,603.43 (Quarterly progress £3,752.04)

    The plan is to pay off the mortgage in January. We've been "virtually offset" or "mortgage neutral" for a while, but it's still weirdly exciting to think that we should now only have five more monthly mortgage repayments left!

    Keep pushing everyone
    Originally posted by SuperSecretSquirrel
    Thanks for the reminder SSS - I'm not doing so well but I am off to do my update
    MFiT T4 #2 update 31.2% after Q6
    Save £12k in 2017 #64 - £8112.39 saved (73.74%) after August - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 61.61/66.66% including stores after July
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • A Frayed Knot
    • By A Frayed Knot 24th Jul 17, 7:55 PM
    • 2,116 Posts
    • 9,543 Thanks
    A Frayed Knot
    Update submitted, sorry for the last minute announcement, was away the long weekend and internet connection was practically non existent.

    Eyes nearly popped out my head, when I had to do a double take - so near to my target goal at the end of this challenge and it's only half way through.
    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
    • tattycath
    • By tattycath 24th Jul 17, 8:55 PM
    • 6,803 Posts
    • 35,745 Thanks
    tattycath
    I've updated. a long way to go to catch up with target but I am not defeated.
    GE 36 *MFD
    MFIT-T4 No 106
    Mortgage overpayments: August: £203.90
    July : £5.05/£200 grocery 1/7/17 £98.36/£150
    Emergency savings £67.00/£2000
    Savercard Christmas savings £60
    12/3/17 175lb - 15/3/17 173lb - 28/6/17 167lb - 14/7/17 164lb - 12/9/17 160lb
    • catriona79
    • By catriona79 26th Jul 17, 9:28 PM
    • 849 Posts
    • 1,626 Thanks
    catriona79
    I sent my update yesterday, sorry about the delay...
    Need to get my skates on and build back up the savings!

    Good luck to all!
    * * * Catriona's Credit Card Countdown * * * from -£16k to debt neutraldom - for my debt diary click here
    Barclaycard -£5,867.52;
    mbna1 - 3,009.22
    mbna2 - 1,755.70
    Savings £5,017 MFiT #25 £2,627/£10k; daily interest £5.04
    • trix-a-belle
    • By trix-a-belle 26th Jul 17, 9:54 PM
    • 737 Posts
    • 3,153 Thanks
    trix-a-belle
    bit busy at work this week (read insanity on various fronts plus migraine looming) so will likely do the chart release and stats on sunday
    - 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 28th Jul 17, 9:01 AM
    • 7,091 Posts
    • 34,300 Thanks
    brizzledfw
    NP Trix..thanks for all you're doing.

    Hope migraine didn't materialise x
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    September '17 Savings Rate Goal: 33% [August 33%]
    Declutter 100 items before 30.09.17 67/100 ** LSDs Target 5 for September 02/05 **AFDs 12//15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 5 for September 01/05 Trying to be a Frugalista
    • Suffolk lass
    • By Suffolk lass 29th Jul 17, 8:53 AM
    • 1,476 Posts
    • 16,886 Thanks
    Suffolk lass
    I've updated but I am way off target. The reasons are numerous but mainly because we have the house on the market. And I need to make sure I have the cash available in August to clear the balance of an expiring 0% credit card deal.

    Overall debts are reducing and savings creeping up - just not within my mortgage account.

    Ditto Trix - no problem and hoping you feel better
    MFiT T4 #2 update 31.2% after Q6
    Save £12k in 2017 #64 - £8112.39 saved (73.74%) after August - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 61.61/66.66% including stores after July
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • trix-a-belle
    • By trix-a-belle 30th Jul 17, 1:22 PM
    • 737 Posts
    • 3,153 Thanks
    trix-a-belle
    Chart 6 has arrived, finally.

    Thanks for the best wishes, migraine didn't take hold thankfully but work challenges continue to try and push it & all that i'm throwing at myself probably isn't assisting either.

    So since chart 5 i've seen a lovely house, offered, put mine current house on the market, had lots of unrealistic ritas look round, accepted an offer on my lovely mortgage free house and by chart 7 should be in my new house, complete with larger than last time mortgage, am I bonkers? probably, so i'm now knee deep in solicitor and mortgage paperwork to get it all rolling as its a nice short chain & my agent is fab at lubricating things rather than the usual sitting back and waiting for their fee.
    Not sure what to do with my current challenge target and new mortgage at the moment - ideas on a postcard please.....

    SE work is trundling along, really need to grasp SEO and do more marketing to pick it up a notch from current but think i'll be getting all the house stuff out of the way first

    am keeping my fingers crossed for you on yours SL, whatever is meant to be will happen
    Last edited by trix-a-belle; 30-07-2017 at 1:26 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
    • Suffolk lass
    • By Suffolk lass 30th Jul 17, 4:46 PM
    • 1,476 Posts
    • 16,886 Thanks
    Suffolk lass
    Ooh well done Trix - how exciting.

    Hm, you could change your target, or move the current one down to number 151 and make the number 1 target your new house - I think I'd want your number 1 to reflect your current target and just make it realistic for the remaining 18 months
    MFiT T4 #2 update 31.2% after Q6
    Save £12k in 2017 #64 - £8112.39 saved (73.74%) after August - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 61.61/66.66% including stores after July
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • trix-a-belle
    • By trix-a-belle 12th Aug 17, 3:37 PM
    • 737 Posts
    • 3,153 Thanks
    trix-a-belle
    Just realised I didn't do any half time stats...
    of the starting total £8,858,911 to be reduced by £3,718,587 we have paid back or saved £1,129,230 so far across 90 challengers as logged against the update submissions
    The biggest % target goes to GETMYACTTOGETHER on their original challenge target who hit 194% of target so hopefully they will give their second target the same treatment

    They are amazing figures! Its a marathon rather than a sprint so lets keep plugging away to the end
    - 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 15th Aug 17, 11:33 PM
    • 7,091 Posts
    • 34,300 Thanks
    brizzledfw
    Excellent thanks Trix...and huge congrats on your plans....I like a bit of *uck it, just do it on this kinda thing...you gotta follow your gut reaction on these things..

    Hope it goes smoothly x
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    September '17 Savings Rate Goal: 33% [August 33%]
    Declutter 100 items before 30.09.17 67/100 ** LSDs Target 5 for September 02/05 **AFDs 12//15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 5 for September 01/05 Trying to be a Frugalista
    • 2rea22
    • By 2rea22 11th Sep 17, 9:58 PM
    • 11 Posts
    • 32 Thanks
    2rea22
    Still battling on!
    I'm ashamed to say I've not posted an update since the start of the tread! My original goal was to pay the remainder of my mortgage off in three years, 30K! eek! However, things immediately didn't go to plan. Threat of redundancy and family problems meant that priorities changed and tbh I forgot (or put to the back of my mind!) the fact that I had signed up for this challenge. However, I've been battling on. Although I survived the redundancy threat it has never really gone away and hubby's job is not exactly safe either - so buttled down and managed to pay off £13,250 to date. It would be a relief to think at least the house is paid for if the worse comes to worse. Also managed to squirrel a bit away in savings so we have a buffer for a few months too. So I'm back on it and determined to see the back of the mortgage. I've also managed to get rid of a few debts along the way too. Fingers crossed the 13 year old VW golf will last a bit longer so I don't have to replace it!!
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