The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

gingernutbizkit

Kaz2904 wrote: »

Maybe if there's another poster they could slot above you?
Although I think it's hideous that you could pay off that amount by the time you're 30 (seeing as I'm rapidly aproaching 31 but Shh don't tell anyone!)
So now I feel the need to know more details, like partenr, children interest rate, are you planning on going to Florida summer 2013 etc (I'm very nosy you see- and 3 of us so far are planning on Florida 2013!)

LOL, come on then someone needs to slot in above me so I can be number 30!!!! (your secret's safe with me Kaz :silenced: ).

As you can see my debt/mortgage is massive so this really is a challenge - we actually won't even earn that much over the three years so will have to both up our income and reduce our spendings - further than we have already.

For the nosey ones here (of which I am a proud member ) I am married, haivng been with my wife for 8 yrs. I have two lovely children to look after which takes up the majority of my time. I'm currently on an interest only mortgage for £150000 which fortunately was a tracker and has come down £500pcm :j (now 2%) It's up for review april 2010. I'm hoping to pay off all my 'non-mortgage' debts by the end of this year - 2yrs ahead .

Would love to go to Florida..... I currently have another challenge going on which is to take my wife away for free for our 5 yr wedding anniversary in 2011.

I think you now know the important stuff, oh except that I also take a size 7 shoe and only like milk chocolate :rotfl:

Ging x

MoneySavingNovice

Hello all MFiT-T2'ers and financialbliss.

I haven't read this thread before today, but can I say how fantastic it is that you are all up for this challenge!

As encouragement - since I started the MFiT 24 months ago I have paid £4,704 in interest charges (excluding repayment), on my mortgage. If I had not joined the MFiT - I would have payed £6,998 over the same two years! - That saved me £2,294 or £1,147 a year just in interest!

The above takes into account the interest rate movements - I have a tracker rate - if I was on a fixed rate the amount would be even higher. I paid off £38k over the two years - from a total of £65k - (I still need to repay the remaining £27k)

I hope that encourages more people to join!

RosieTiger

Hey with the BoE dropping rates to an all time low this is just about the best opportunity we'll get to make a HUUUUUGE impact !!!!

maz123_2

Well i've finally done it and put my first direct mortgage application in the post, it's been a ball ache getting my bank statements though, you have to print them off then take them to a branch for them to stamp them, but the nearest bank is about 15miles away!
But anyway the rate is 2.89% :j i'm sadly so excited at having an interest rate like that and not being capped with over payments. I WILL be on target for Dec of £47,000 and I'm getting excited at the thought.:D
Bring it on!!!

gingernutbizkit

that's great Maz - well done!

Ging x

Double_Trouble

Hi since posting on your diary yesterday FB I have been thinking about this all day. I have decided that the motivation of seeing the mortgage coming down beats any marginal benefit of saving so I would like to join. My CCs won't be paid off until May 2010 can I add what is remaining of them at 12/12/09 to my mortgage debt as otherwise if it is my mtg only I will hardly be moving for the first 4 months and adjust my target accordingly. It will also then take over from my current challenge of paying off 40K off CC by Christmas 09. I am not going to include my mtg in my sig until this challenge starts to avoid clutter but for info it is £207,702.15 with £190K being interest only.

DT

financialbliss

Double_Trouble wrote: »

Hi since posting on your diary yesterday FB I have been thinking about this all day. I have decided that the motivation of seeing the mortgage coming down beats any marginal benefit of saving so I would like to join.

Nice one Double Trouble.

Don’t worry about the numbers too much at this stage. I’ve (gu)estimated what my mortgage could be in December at £48,947. Clearly this could vary enormously over the course of the year, depending our on cash available to put towards the mortgage.

If people are reducing their balance by a set amount but not clearing the mortgage completely, then hopefully they will give a reasonably accurate balance come December ’09, so that we get an accurate target amount. I'm sure things will all fall into place nearer the time!

Anyway, more importantly, gingernutbizkit, if you could slip myself, Maz123 and Double Trouble a few used tenners each, then I’m sure we could arrange you to be questee 30 instead of 29 on the quiet… :rotfl:

Off to update the chart as that is a little behind post #1.

FB.

Aaagh

I wouldn't want GNB to be deprived of his number 30, so have plucked up the courage to sign up too.

It should be manageable but I have worked out that I need to OP by a further £200 pm to do it. Quite a challenge, but this is less than we pay into ISA's between us, and I plan to use the ISA money to pay off the mortgage anyway.

So could I sign up for:

Clear my £25,000 mortgage completely (should be about that if I meet this year's OP challenge)


Edit: Doh! Double Trouble beat me to it. Oh well, I'd like to sign up anyway if that's OK.

gingernutbizkit

financialbliss wrote: »

Anyway, more importantly, gingernutbizkit, if you could slip myself, Maz123 and Double Trouble a few used tenners each, then I’m sure we could arrange you to be questee 30 instead of 29 on the quiet… :rotfl:

FB.

Hmmmm..... a few used tenners is a lot of money...... how about I put them towards my mortgage and you have the pleasure of knowing that you are helping me to get closer to my goal :rotfl: :rotfl: :rotfl:

ging x

Double_Trouble

gingernutbizkit wrote: »

Hmmmm..... a few used tenners is a lot of money...... how about I put them towards my mortgage and you have the pleasure of knowing that you are helping me to get closer to my goal :rotfl: :rotfl: :rotfl:


ging x

Against my mortgage would be better:D

Seriously I don't mind swopping as I reached the ripe old age of 50 last month numbers in relation to age seem less important - in relation to paying off debt ah well that is a different matter.

DT