RosieTiger MFI5 Challenge

RosieTiger

Signature retention before update
RosieTiger - Highest £242,000 Feb 2004 :mad:
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 No 28 - Dec 2009 Start Balance £117,000
Est. End Date Oct 2018 ( as at Dec 09)
Current Position end Aug 2010 £75,600
Current Est End Date June 2017

RosieTiger

Right, what have we been up to - trying to decide between savings and MF and coming up with a hybrid solution.

While we have had a declared target in the MFi3T2 of getting to £65K by the end of the challenge - in secret we have had our own private goal. Whilst it would be really nice to walk in and pay the mortgage off in person the key thing for us is the overall security.
We have now adopted our spreadsheet to take into account savings and subtract them from the overall mortgage.

So here goes with the revised plan:

To be in a position of Mortgage minus Savings = Zero by the end of 2012

Not something you can generally talk about to friends or family but on here it acts to spur us both on - once published we have to do it !!!!:rotfl:

cha97michelle

You are doing so well. I might start looking at mortgage minu savings once we finish our DIY in the house and i know what we have left. Maybe something for 2011 for me.

RosieTiger

Just submitted our figures for the MFi3T2 quest and they are as per last posting ( frustrating that it's the same but that's the danger of reading ahead on the spreadsheet once you get the payments in !!!).

This gives a mortgage position of £67,010 and a Mortgage less savings position of £42,000.

Looking back to December 2009 when the MFi3T2 started we were sat on £117,000 mortgage

At the moment I frequently allow myself to feel annoyed at what seems like a lack of progress - but reading back through this diary ( and quite a few of the others on here), I realise I should snap out of it and begin to think about just how far we have come.

So what has 2010 done for us so far??
We have seen a £50,000 reduction in the mortgage (so far !)
We have completed some fairly pricey work on the house that would have needed doing in the next 5 years anyway.
Been in a position to help out family when needed.
Mrs RT has been able to give up work.
Still managed to maintain a good balanced lifestyle.

Note to self - we will be effectively MF within the next 18 months, start feeling happy about what you have achieved and don't get too frustrated with figures !!!!!

RosieTiger

RosieTiger - Highest £242,000 Feb 2004
Lightbulb Dec 2008 £146,000 by March 2026
MFi3T2 No 28 - Dec 2009 Start Balance £117,000
Est. End Date Oct 2018 ( as at Dec 09)
Current Position (end Nov 2010) £67,010 / Finish Nov 2016
Mortgage less savings = £42,132

RosieTiger

We finally got round to creating a spreadsheet of our Christmas presents this year and looking at it it now tells me that we spent £1700 on presents ( including ourselves and kids).
We started early and managed to get lots of them bought from the web, before the weather caused chaos, which was lucky.
The bad news was that we have both felt quite skint over the last few months in doing it.
Having read some recent posts we really need to look at this far earlier for the coming year making better use of the sales, but at least we didn't get caught in the usual walking in circles around the shopping centre finding things at the last minute with a matching top price!
However, we seem to have come through without being stupidly overdrawn or with anything too horrendous on the credit card.
We also have over a £100 from quidco coming our way at some point and the credit card will owe us just on £100 in cashback which will pay in March.
Mortgage should be just over £66,000 which means we have paid back £50,000 in 12 months :j

[Deleted User]

Well done those are fantastic OPs!!! How have you managed to throw that much at the mortgage? Any tips gladly welcomed

RosieTiger

Hi, we have had a couple of one off releases of savings, plus very early on the sale of a 2nd property from when we first got together.
Our main solution is consistent and regular OP's by standing order - the day after salary is paid to ensure there is no slippage. It does mean there are times when things can be quite tight ( as described in last post) but, at the same time it ensures the OP happens !!

RosieTiger

Sold some shares and paid the cash received into an additional OP so another £448.80 ( sorry to be so precise) now paid alongside £1 from Quidco!!!
Avoiding a signature update until we can get the Mortgage less savings balance below £40,000 !!!

SmlSave

Good to hear from you Rosie