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

cha97michelle

I've just submitted my 1st update as i have no more overpayments or mortgage payments to go in before the 12th of March. Our mortgage will be £33,852, reduced from £35,000.

To be on target i would need to be at £33,750 so we are only just over £100 away from that. I am sure i can claw that back later this year. I don't think that is too bad as we had christmas and also a weeks holiday in this quarter. Also my mums 50th, both cars MOT'd, one lot of car tax and the house building and contents for the year.

The next quarter should be a bit quieter. A few family birthdays including my DS2, but nothing too expensive heading our way (touch wood.)

I can't wait to see the first chart.

hypno my thoughts are with you. I am sure you can get through all this and i admire you staying so focussed.

Michelle x

loopy-juice

Well,I will be coming in short in period 1. This was always going to be the case as an endowment policy, due to mature next July for 10k, is factored into my mortgage free date. So far this period I have read of a few failures which I am sorry to read about. Always remember that as long as you have your health then nothing is irretrievable.

loopy-juice

Just to while away a bit of time I have come up with a bit of a quiz. Its relating to quotations and whom said what. Its just a bit of fun....

Have a look below. If you think you know the answer , copy and past all tne quiz with your answer next to it and I will respond with the correct answer in red.

Oh yeah. Please do not use the net to look up the answers ta......


Quotations.

1 Who said 'You can build a throne with bayonets but you can't sit on it for very long'
2 Who said 'The length of a film should be directly related to the endurance of the human bladder'.
3 Who said ' Things should be made as simple as possible but not any simpler'.
4 Who said 'My problem lies in reconcilling my gross habits with my net incame'.
5 Who said 'I'm tough, & I know exactly what I want'.

Louba

Number 62 here with a quick update on targets! Originally I had planned to reduce my mortage for £150,000 to £100,000 but...........I've just bought a house with my OH, ( now fiance - can't get used to saying that yet!). The new mortgage is £225,000 over 12 years at around 5.7% rubbish rate as it is 85% loan to value. The monthly payments are really high at £2100 so we could chop the term down - this is manageable but I'm not sure yet how much room there is for overpayment as we are also saving for a wedding!
Without overpayments we will be just over £200k at the end of the challenge. If we overpay £500 a month from December when we're hoping to get married then we would hit £170k by the challenge end date so I'm going to aim for that.
I'm still deciding what to do with my flat - it's rented and currently losing money but once the rate changes at the end of my fix in April it starts to look a bit healthier! For the moment I'm going to leave it out of the challenge.

Oops - sorry for the long post - hoping seeing the figures in black and white will help!!
FB, I'll PM you the targets.
L

ninky_2

i've decided to reduce some of my overpayments to take out a cash ISA. have psychologically been against this in the past but the promise of +3 about the base rate for 12 months is too good to ignore. especially as my mortgage is only base rate +0.5. i might even take one out in my OH's name and take some money out of the mortage savings pot.

financialbliss

Evening all... :wave:

I'm just looking at the pledges to reduce our collective mortgages - based on everyone's initial pledges, we're all aiming to collectively reduce our mortgages (currently) by £9,341,752.

As we're having 12 charts, this means we need to collectively reduce our mortgages by:

£9,341,752 / 12 ie £778,479

In other words, just over 3/4 of a million pounds per chart :eek::eek::eek:

I've logged just 16 updates so far for the March chart, so it's too early to determine if we will meet the 3/4 million, but here's hoping we get lots of updates in the first few days of March after the monthly mortgage payments clear.

Note: If your balance hasn't changed, please do report your balance all the same, so that you're noted as an active member.

FB.

taxi73

I definitely won't make it..mine has increased due to having to take some out over the snowy period and also because I'm clearin all debt first but by the time 3 years comes I'll still be mortgage free as I'll have loads to pay towards the mortgage from end of this year so will still update when my payment goes out this week.

canne_2

Hi FB!

Number #58 here!

I calculate that I have to get my mortgage balance down to 100 575 to make my target for the first chart. I'm not going to make that, the balance will be 101 200 so I miss out by $625... ...

I will send my official update via the google form after the 4th March as that is the last payday before the deadline...

Cheers

canne

Kaz2904

I just popped in to do a little update. Having had no computer access for what seemed like forever, I was unable to fully keep track of the start date and start figures.
I have recently had to rejig my debt repayments too. I also decided not to include our savings in this challenge.
I like round numbers so I decided that my target would be to pay off £46000. My starting figure was actually £52856.59.
I have a new shiny sig!

setmefree2

financialbliss wrote: »

Evening all... :wave:

I'm just looking at the pledges to reduce our collective mortgages - based on everyone's initial pledges, we're all aiming to collectively reduce our mortgages (currently) by £9,341,752.

LOL :rotfl::rotfl: