RosieTiger MFI5 Challenge

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 Aug 2011) £35,710 / Finish Dec 2014
Mortgage less savings = £10,143

RosieTiger

Opted to sell some shares we had been holding, timed it fairly well to get a good price.

Watching the fluctuations and how they played havoc with our savings was too much to put up with. Opting to cash them in was an easy decision, deciding on the price tougher but worked on them being at an equal level to anything they had been in the last 6 years seemed logical.

Brings us down to a new mortgage balance of £14,974 today 7th December 2011. A couple more milestones broken and anticipated pay off if we stay at the same regular payment level is now Jul 2013 so thats falling nicely.

Down side is that it's been a lot tougher for the last few months to maintain this and next year looks to be a high spend one, but still looking to finish before the end date for the Mortgage Free in 3 Take 2 challenge on 12/12/12.

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 2011) £14,974 / Finish Jul 2013
MFW 2012 No 93

RosieTiger

Current status - feeling frustrated that it seems to move ever slower !!!!

Need to keep focussing on where we have come from rather than where we are trying to get to!

uzubairu

You have done an amazing job so far and the finish line is in sight.
The progress you have made so far impresses me greatly.

If you look back at 2004 when your mortgage was nearly £250K, I bet you didn't think that it would be sub £14K in early 2012.
Given your determination, I reckon you will clear the mortgage before the end of this year.

Keep up the good work and the rewards will arrive before you know it.

RosieTiger

Guilty of not paying enough attention to this thread and realising it's a long time since i updated.
Big spending year has so far been exactly as expected - a big spend!
Happily major expenses within this of some big birthdays and holidays are now over and paid for.
Still in the process of trying to build up savings but lots of unexpected "surprise" spendings have come out of the woodwork - but, some we are happy to do and others like HMRC just makes you mad!!!
This means that we have been trying to save rather than overpay, so not seeing the major falls previously, although our actual position is better than the £11,700 showing in the signature if we subtracted savings.
We expect to be slightly short of being able to hit the 3 years of the MFI3T2 challenge, but accepted this ( not with good grace !) a few months back as the spending we did was worthwhile.
In real terms we have come to terms with missing the 3 years, but will be well inside the original 5 years of this thread title and that didn't really seem possible when we started out, if I was being honest, so overall, more than happy with our position.

*Jellie*

Every day you move the MFD forward is money saved from interest so you're doing well keeping on tack with your original goal.

RosieTiger

Now into the final section of the MFi3T2 challenge.

Will also be joining the MFi3T3 challenge starting December 2012.

We are currently sitting at around £6,000 if we take savings away from mortgage. This year continues to be expensive, lots of very good things to celebrate in the family so worthwhile but it's put our progress on to the backburner.

That said we expect to see ourselves totally clear at the end of Q1 2013 even with Christmas and some additional costs coming our way.

Found ourselves going back to reading more of the posts on this site and beginning to find inspiration to get back with the programme and get this debt off our hands.

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 Aug 2012) £11,522

RosieTiger

Just submitted the final figures for the Mortgage Free in 3 Take 2 challenge which leaves us at £11,200.

We could really have made completion for this date but with a few hurdles thrown in the way, it became easier to accept that we wouldnt - but not forgetting the fact that we have paid back £106,000 in 3 years.

I am not sure we ever really believed we could do that when we set out - probably confirmed by the fact that we set 5 years a sthe target time in this thread title !!

So we are now moving on to the MFi3T3 challenge will be more than disappointed if we are not one of the early finishers in that challenge.