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

inkie

I would like to join in this, as a transferer from the original MFi3 thread. Our outstanding mortgage as of today is £13266.96. The aim is to completely clear this within the duration of the challenge.

inkie

We are on a fixed standing order of £500 per month (of which £176.xx is the actual required mortgage payment)

TheBees

Evening everyone

Just wanted to share my news. The temporary extra job at MrW supermarket has been made permanent. :j:j:j And I also get a discount card. So we should easily achieve the £3000 target for this year plus a bit more and a holiday too!!

taxi73

Fantastic news.

KazLA

Mmmm... What to do...

I've managed to save £86 to put towards the overpayments since the start of the challenge and if my husband was able to match this, that would be the £50 a month that I want to achieve.

Unfortuately, he's not in a position to do this at the moment, have had to re-tile bathroom due to leaks and he also owes me money that I lent him to get his car fixed and from when we replaced our dead laptop at the end of the year...

I'm not inclined to pay my money into the joint mortgage without his, but what to do?

Thinking I might just save it towards wardrobes that we have had our eye on for the last 18 months (£1800 :eek:) and hope he can pay his share at some point... That blows out the mortgage challenge though... Humph...

Do really *want* the wardrobes, we've looked around for cheaper and can't find anything else that fits as well, or is half as good, having currently got second hand, repainted wardrobes, I really don't want to go for a half measure and pay £600ish for tall, wall length wardrobes that will help, but not completely do the job and still end up wanting the originals.

The thing that is swaying me to get them is that we will need a chest of drawers and wardrobe for our spare room (baby due in June) and if we replace ours, can use our old ones, rather than spending out for them...

Ok, I'm waffling now!

(Fab news TheBees!)

brizzledfw

Well Kaz 2904..us living in the SouthWest have to fly the flag for MSEs..sorry not to have been posting recently have kinda stuck to some of the other DFW diaries but making some additional small OPs as well as the regular OP as part of my monthly payment.

Miscalculated how much (£200 extra a month needed - yikes!) I need to OP to meet my target so may be tough but oh well it"ll be worth it..and at least I worked it out in Month 2..also if the BoE keep base rates low this is the time to pay down. Who needs ISAs at a miserly 3%??!

Roll on March and the formal updating of our SoAs..I think everyone sounds like they are doing really well

Kaz2904

Aha! So I was right then lol! I'm in Weston. When you tell people you live in Weston, they ask where so I give up and say Bristol!

brizzledfw

Weston Super Mud..much loved little sister of the big city.. good to know there are MSEs and DFWs so close to home..

financialbliss

inkie wrote: »

I would like to join in this, as a transferer from the original MFi3 thread. Our outstanding mortgage as of today is £13266.96. The aim is to completely clear this within the duration of the challenge.

Hi inkie,

Your question was asked a week or so ago by another MFW. I responded with this:

"The challenge was open for people to register their interest between 9th January 2009 and 31st December 2009.

Even if you registered in December, you will be getting nigh on a full 3 years for the challenge - there had to be a cut off date somewhere, and this was always going to be an issue. Continually extending the opening period means you'll no longer get 3 years for the challenge."

If, say I extend the joining period until 12th March (first chart), then you can pretty much guarantee that on 13th March someone would come along asking to join...

Hope you can understand the reasons why I'm saying no. There's always the 2010 MFW challenge for a shorter challenge.

Financial Bliss / Maz123.

cazmanian_minx

January's VAT bill and tax bill savings transferred into the offset - £1150 in total :j:j OK, so some of it will be disappearing in the next few months/year, but it temporarily makes the totals look better - and the paying interest on figure is now in the £125k zone, nearly £20k lower than when we started just over 18 months ago

Caz