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    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 758Posts
    • 3,201Thanks
    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 26
    • trix-a-belle
    • By trix-a-belle 12th Oct 17, 7:44 PM
    • 758 Posts
    • 3,201 Thanks
    trix-a-belle
    no worries Twiggy, congrats on the new landlording venture
    - Mortgage: £ 53000 0! Mortgage Free!
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • pavlovs_dog
    • By pavlovs_dog 14th Oct 17, 3:36 PM
    • 9,725 Posts
    • 23,186 Thanks
    pavlovs_dog
    I managed to miss the last update as I was away with work and then gallivanting around the US on my wedding moon.

    Mortgage continues to wind its way downwards, I'm now within less than £11k of my MFi3 target.

    Looking forward to seeing how everyone else has done
    know thyself

    MFW 2017 #22 - £5000 /£7,000 (71%)
    MFi3 v4 #29 target £75,000

    Nid wy'n gofyn bywyd moethus...
    • hiddenshadow
    • By hiddenshadow 16th Oct 17, 12:46 PM
    • 2,242 Posts
    • 10,113 Thanks
    hiddenshadow
    First is that it's really difficult for us to keep on track of our progress because FD don't provide online access to our mortgage (how stupid for an online only bank?!?!) and only provide 6 monthly statements.
    Originally posted by Twiggy_34
    Just FYI (as I find this maddening too), you can set up text alerts for activity on your mortgage account. They tend to arrive next working day, which is still a bit ridiculous, but at least it's more immediate.

    Congrats on the BTL.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • 2rea22
    • By 2rea22 17th Oct 17, 8:01 PM
    • 12 Posts
    • 36 Thanks
    2rea22
    OCT update
    Well, just sent in my update and I am just over half way to may target. Think I'm a bit behind if I want to be MF by target date so need a real push over next few months if i want to catch up. Might be a challenge with Christmas coming up. So wanted to clear 30K - 14.5K to go!
    • Suffolk lass
    • By Suffolk lass 18th Oct 17, 7:51 PM
    • 1,525 Posts
    • 17,303 Thanks
    Suffolk lass
    Just sent in my Chart 7 and we have tipped under the £100k with a small lump sum payment - by 97p!
    MFiT T4 #2 update 31.2% after Q6
    Save £12k in 2017 #64 - £8833.96 saved (80.31%) after September - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 70.68/75% including stores after July
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • icklehelen
    • By icklehelen 20th Oct 17, 10:32 AM
    • 264 Posts
    • 1,135 Thanks
    icklehelen
    Just sent in my update for chart 7. Really pleased with our progress. I have done some extra juggling with the numbers and it has paid off so have been able to put an extra OP through this month.

    It's great to have the support and motivation of like minded people - looking forward to seeing how everyone else is getting on!

    ickle
    OP Target 2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000
    2015 1226.64
    /1200 2016 - 1775.50/1200
    OP Target 2017 - 5529.24/5500
    MFiT-T4 #03 MFW2017 #6
    • brizzledfw
    • By brizzledfw 20th Oct 17, 10:40 AM
    • 7,120 Posts
    • 34,498 Thanks
    brizzledfw
    Just updated. Will have risen at little as remortgaged at a nice round number of £145,000. Sandbagged the upside when the 'old' mortgage was paid off - funnelled into savings (top rate as its a NW high interest current account) and its also paid for a new much needed replacement cooker

    Will keep ploughing on and from next month can make OPs for up to 20% p.a without penalty. Thats not going to happen but reckon 10% is doable.

    Thanks Trix and all

    Have a good weekend x
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    October '17 Savings Rate Goal: 25% [August 33%]
    Declutter 100 items before 31.10.17 40/100 ** LSDs Target 5 for October 0x/05 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 5 for October xx/05 Trying to be a Frugalista
    • Welshlassie
    • By Welshlassie 20th Oct 17, 3:39 PM
    • 1,717 Posts
    • 2,971 Thanks
    Welshlassie
    Looks like this challenge has gone out the window for us this time round as we've just had an increased (by £50k) mortgage agreed in principle so we can extend the house. We're going offset hopefully which will bring the balance down again that much quicker, but it won't be during this challenge period.
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