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

SuiDreams

Can I join please, not sure of target yet, would like to have the whole thing paid off by december 2012 but not sure if that will be managable yet, can I update my target nearer the time. Thanks

gingernutbizkit

welcome suidreams...... good luck.

thanks double trouble....... no 30 much appreciated

Ging x

financialbliss

gingernutbizkit wrote: »

welcome suidreams...... good luck.

thanks double trouble....... no 30 much appreciated

Ging x

DT / gingernutbizkit,

I'll swap you both around if you're both happy with that. I'll send a PM this evening to keep everything above board.

Aaagh and SuiDreams - I'll also allocate numbers for you both this evening.

FB.

diadeb

I too would like to join in. I have been hanging around on the board for a while, but think its about time I use my time spent here more wisely - ie putting into practice some of what I have learnt!

We will certainly not be mortgage free in three (I wish!) but we need to make some serious inroads as OH retires in 2020 and we have a very large interest only mortgage.

We have loads of investments - all of which have taken a nosedive of course, and we need to start getting our head around how we are going to pay this monster off in time. We have a real whammy ahead however as my OH is leaving work in a few weeks time, with no new job to walk into. :eek: So even more reason to batten down the hatches.

I will work out what actual figure we can work too in terms of overpaying nearer the time. Just hope I don't have to pull out because of the job changes. _pale_

maz123_2

More the merrier, and welcome aboard!
There's no need to make a definite figure now mine's a "guestimate" ( but i am growing mushrooms in the kitchen window so i might have to increase it!)
I'm spending the rest of the year getting prepared, at the mo re-mortgaging and getting the little one used to the word no!
Hope your OH gets some better news, welcome to the mad house

gingernutbizkit

LOL.... I'm growing mushrooms too..... but not the knid that are going to make me any decent money :rotfl:

We're trying to get as organised as possible for the start of this challenge. We've knocked just over £11K from our debt/mortgage since october (when we had our 'get real' experience) I would love to get that figure to £20K for the start of this challenge.

Our £150K mortgage is interest only and currently on a great deal (2%) but it's up for renewal in a year and I would like to have made a significant impact on our debts by then.

Our challenge to be debt free by 12/12/12 is massive as we do not even earn enough to do this without all our other necessary expenditure. So we both need to look at ways to make more money as well as restrict our spending.

Ging x

willow_girl

Please can I join in too? Been lurking around for a while now watching everyone on their MF journeys and think it's time to take the plunge . That, and finally realising that we (me+DH), finishing paying the mortgage 2032 _pale_ :eek: .

At present the mortgage stands around £81,900. We come out of our tie-in in October so will be looking around for new deals available soon.

I aim to overpay, where possible, until the challenge starts. I would be happy to reduce the mortgage as much as possible over the challenge.

SuiDreams

Well after getting an update on my mortgage from the BS I have decided that my target will be to pay my mortgage off by the end of the challenge (or have enough savings to pay off mortgage). Hopefully i will be able to afford to get some work done on the house along the way and even start to save towards a bigger property. Looking forward to the challeng starting.

financialbliss

SuiDreams wrote: »

Well after getting an update on my mortgage from the BS I have decided that my target will be to pay my mortgage off by the end of the challenge (or have enough savings to pay off mortgage). Hopefully i will be able to afford to get some work done on the house along the way and even start to save towards a bigger property. Looking forward to the challeng starting.

Great. Any idea what it may be come December, so I can update post #1 and the chart? Don't worry though, we can always update stats later.

FB.

SuiDreams

Well I'll estimate at Mortgage remaining of £22,400 with approx savings £7,500 so £14,900 to pay off(save), but I could be completely way off.

When you take off expected savings totals its not that much really. Hopefully I'll be able to pay off the amount above plus have an additional £5K in savings before the end of the challenge.