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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 794Posts
    • 3,351Thanks
    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: 1st one down, 2nd: £114800
    - 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
    • 794 Posts
    • 3,351 Thanks
    trix-a-belle
    no worries Twiggy, congrats on the new landlording venture
    - Mortgage: 1st one down, 2nd: £114800
    - 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
    • 9,747 Posts
    • 23,558 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 2018 #22 - £500.02 /£6,000 (8%)
    MFi3 v4 #29 target £75,000

    Nid wy'n gofyn bywyd moethus...
    • hiddenshadow
    • By hiddenshadow 16th Oct 17, 12:46 PM
    • 2,430 Posts
    • 11,080 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: £197,100 (2013) to £103,055 (Feb '18)
    2018 MFW #56: £1,591/£105,000 1% / MFiT-T4 #15: £56,445/£90,000 62%
    • 2rea22
    • By 2rea22 17th Oct 17, 8:01 PM
    • 12 Posts
    • 37 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
    • 1,744 Posts
    • 19,277 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 51.75% after Q8 £5,203 behind where I should be
    Save £12k in 2018 #53 - after Jan £634.93/£10,000
    OS Grocery Challenge 2018 spent £238.47/£3,500 including stores so far
    My DFD is here
    • icklehelen
    • By icklehelen 20th Oct 17, 10:32 AM
    • 276 Posts
    • 1,181 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
    2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000
    2015 1226.64
    /1200 2016 1775.50/1200 2017 10068.90/5500
    OP Target 2018 - 563.58/2500
    MFiT-T4 #03 MFW2018 #6
    • brizzledfw
    • By brizzledfw 20th Oct 17, 10:40 AM
    • 7,195 Posts
    • 35,124 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
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 60 items before 28.02.18 xx/60 ** LSDs Target 10 for Feb xx/10 **AFDs xx/15 ** Sales Target 2018 xx/£500 NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • Welshlassie
    • By Welshlassie 20th Oct 17, 3:39 PM
    • 1,718 Posts
    • 2,990 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.
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 24th Oct 17, 1:50 PM
    • 643 Posts
    • 2,838 Thanks
    SuperSecretSquirrel
    MFiT4 Update #7
    Code:
    Mortgage: -£15,649.20 (Quarterly change: +£2,263.28)
    Tax:         -£450.15 (Quarterly change:    -£82.96)
    Cash:      £39,442.61 (Quarterly change:   -£871.08)
    S&S:       £24,186.17 (Quarterly change: +£3,616.76)
    MN+:       £47,529.43 (Quarterly change: +£4,926.00)
    When signing up I thought MN+45k was a realistic target, and MN+60k was an ambitious but hopefully doable target.

    I'm very pleased to see that we have now surpassed the realistic target Fifteen months left to crack the ambitious target!

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£51,713.71 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £270,817.92 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 29.1% (exc SP)
    • trix-a-belle
    • By trix-a-belle 25th Oct 17, 10:44 PM
    • 794 Posts
    • 3,351 Thanks
    trix-a-belle
    Thank you for all the updates some amazing progress and also good strategies based on current circumstances.
    Chart 7 is published and therefore we begin the downward descent of the second half of the challenge.

    i'm still up slightly at the moment as I haven't paid the solicitors bill to complete my house sale/purchase just yet (completing monday so needs paying this week) so will have to see what I can do before the next chart to minimise the impact of that.
    - Mortgage: 1st one down, 2nd: £114800
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • brizzledfw
    • By brizzledfw 28th Oct 17, 4:02 PM
    • 7,195 Posts
    • 35,124 Thanks
    brizzledfw
    Thanks as ever Trix...I am £17.5k adrift so plenty to aim at..I think I prefer looking at the £21k or so that I have paid off since we started

    Anyhow, had better get cracking....
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 60 items before 28.02.18 xx/60 ** LSDs Target 10 for Feb xx/10 **AFDs xx/15 ** Sales Target 2018 xx/£500 NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • Anagran
    • By Anagran 27th Dec 17, 5:34 PM
    • 149 Posts
    • 305 Thanks
    Anagran
    Hi, just realised I completely missed the last update, oops! Gonna put one in now so that I won't miss the next one. Not in a position to overpay much at the moment, but hopefully that will change soon. Am in the red just now but hope to turn it around!
    • Trying to be good
    • By Trying to be good 29th Dec 17, 1:13 PM
    • 1,903 Posts
    • 2,413 Thanks
    Trying to be good
    My plan hasn't quite gone to plan. After 18 months off work with acute anxiety, I was retired on ill-health grounds at the beginning of November. It's quite a lot to get my head around, but I did get a pension lump sum that paid a chunk off the mortgage and, because of my efforts o this and the three previous challenges, things aren't dire moneywise. They're just challenging!
    Mortgage Free in Three T4; target to clear (or offset) mortgage by 25 Jan 19
    £17,800 for a target Mortgage balance of £NOTHING
    £61,000 of a £20,000 target Cash ISAs
    £2,000 of a £6,000 target Savings
    • tattycath
    • By tattycath 29th Dec 17, 7:47 PM
    • 6,819 Posts
    • 35,962 Thanks
    tattycath
    My plan hasn't quite gone to plan. After 18 months off work with acute anxiety, I was retired on ill-health grounds at the beginning of November. It's quite a lot to get my head around, but I did get a pension lump sum that paid a chunk off the mortgage and, because of my efforts o this and the three previous challenges, things aren't dire moneywise. They're just challenging!
    Originally posted by Trying to be good
    Sorry things aren't gong to plan. Pleased you managed to pay a chunk off the mortgage-one less think to worry about (or at least a smaller amount).
    When one door closes another door opens. Chin up Trying to be good.
    GE 36 *MFD
    MFIT-T4 No 83
    Mortgage overpayments:

    Emergency savings £100/£2000
    Savercard Christmas savings £10
    12/3/17 175lb - 15/3/17 173lb - 28/6/17 167lb - 14/7/17 164lb - 12/9/17 160lb - 29/12/17 155lb
    • A Frayed Knot
    • By A Frayed Knot 29th Dec 17, 10:07 PM
    • 2,260 Posts
    • 10,146 Thanks
    A Frayed Knot
    Hi, been awol a few months, why ?? well I received some unexpected good news and had to decide what to do with it.
    For now have decided - I WILL manage without it for the moment (it was a lump sum) everyone needs a goal in life and this is mine - let's see how long that lasts

    However on checking my aim and goal for this challenge - I have just discovered that I am a whole £1 under my target for the MFIT T4 challenge

    Mortgage at the moment stands at £14,999 would never have believed I would ever reach it so quickly, so just shows what your challenge and a little focus can do

    Thank you to each and every one for their hard work and encouragement, as without it, a lot of us would still be plugging away instead of light years ahead.

    Pat on the back to you all have a lovely New Year when it comes. Wishing you all good health and happiness.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 24 months 1/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • Lomcevak
    • By Lomcevak 10th Jan 18, 7:15 PM
    • 682 Posts
    • 4,106 Thanks
    Lomcevak
    All done for this quarter, now at £93,834 so £5,723 paid off since July, making it just over £41k repaid since the start and a touch under £34k to go. Still slowly slipping behind where I should be (now £2,589 short of being 'green') but still delighted to be close

    Unless something dramatic happens will drop under £90k in December, which will mean that I've paid off half the mortgage in four years (was £180k in Jan '14).
    Originally posted by Lomcevak
    Now at £86,779, so £7055 paid off since the last update, and a bit over £48k paid off in the last two years (and £102k in the last four!), with a bit under £27k left to go in the challenge. Still a bit behind the curve, now £1794 away from green, but closed the gap a little since last update. Going to be a big ask to get to the target, but will give it a go

    Onwards and downwards ... and it is already two years since the start of MFiT-T4!?
    MFiT-T4#126, £135k to 60k: £50,007/£75,000(66.69%), 2017 MFW#11 £1,320/£12,000 (11.00%)
    £30k-in-’18#11 £7,246.30/£30,000 (20.13%)
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 12th Jan 18, 10:02 PM
    • 643 Posts
    • 2,838 Thanks
    SuperSecretSquirrel
    Our mortgage is no more! It has ceased to be! It has expired and gone to meet its maker! It's a stiff! Bereft of life, it rests in peace... IT IS AN EX-MORTGAGE!

    The challenge that lies ahead of us now is to maintain discipline and keep on saving... That might be something that's easier said than done

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£51,713.71 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £270,817.92 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 29.1% (exc SP)
    • A Frayed Knot
    • By A Frayed Knot 12th Jan 18, 10:22 PM
    • 2,260 Posts
    • 10,146 Thanks
    A Frayed Knot
    Our mortgage is no more! It has ceased to be! It has expired and gone to meet its maker! It's a stiff! Bereft of life, it rests in peace... IT IS AN EX-MORTGAGE!

    The challenge that lies ahead of us now is to maintain discipline and keep on saving... That might be something that's easier said than done
    Originally posted by SuperSecretSquirrel

    Well done Excellent news. What are you going to do now ??


    Congratulations
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 24 months 1/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • SuperSecretSquirrel
    • By SuperSecretSquirrel 13th Jan 18, 8:05 AM
    • 643 Posts
    • 2,838 Thanks
    SuperSecretSquirrel
    Thanks AFK

    As for what next... There's a couple of small trips away to arrange for later in the year, and OH is already eyeing up a few little to not quite so little home improvements. Other than that - keep soldiering on towards financial independence I guess

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£51,713.71 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £270,817.92 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 29.1% (exc SP)
    • trix-a-belle
    • By trix-a-belle 13th Jan 18, 8:33 AM
    • 794 Posts
    • 3,351 Thanks
    trix-a-belle
    great news SSS

    well where has the time gone, chart 8 is just round the corner! some great numbers coming through already
    - Mortgage: 1st one down, 2nd: £114800
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
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