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

cha97michelle

This is such a hard challenge i'm finding. I need to be at £32499.50 to be on target. I am just above this at £32735.00.

so that is £235.50 over. Mad as we have had to spend £240 on car repairs and £140 on 2 new tyres all within about a week. If this could have gone to the mortgage instead i would have been alright.

We also have a short break to sort out in June, and we are swapping the boiler and bathroom. We are very fortunate in that the ILs are paying for the work, and also lending us their house for a holiday. Spends should therefore be minimal but it is slow going towards the mortgage.

I am hoping this next quarter to get a some money back from being underpaid by the tax credits. Also the family birthdays quieten down a bit until August. Might get a better run at it again and hopefully be at target on the next report.

SuiDreams

Update from Number 32. Our Net mortgage Balance is £19,455, (mortgage less savings since start of the challenge). Unfortunately this means that we are £788 behind on the challenge so far, but we had a few disaters at the beginning of the year and recently Holiday expenses. Hoping to catch a little before the next update.

I will update via google Docs when I get home tonight.

wynnvegas

Morning Folks,

Almost certainly back on track as at this month. Another few family loans issued (I'm a wee bit ashamed to say I swithered about lending out more money but quickly came to my senses - if the mortgage eventually needs to run another month to help family in times of crisis then it's hardly the end of the world! - and, mainly due to a couple of months worth of expenses being paid, we're back with our requisite buffer ahead of the holiday which might allow just a few more shows or a wee bit more shopping in Vegas.

As at ten minutes ago, the mortgage now stands at £15,750. There was a tiny bit of temptation to lop the £750 off to make it nice and round and potentially take a further month of the mortgage (5 payments of £3,000 aren't that much more than 6 payments of £2,625) but I'm currently sticking to the original plan to allow for any disaster that may befall us! Having just written this though and solidified the thought, the pull to make November the last payment may prove too much but I'll leave this decision until August / September.

Cheers,

Billy (#85)

black_taxi_2

only managed £161 THIS MONTH---total balance is now £43105

---

total payments off £5410(11.15%)

twinklie

My update has taken me to £38,121.35! Yey!

WorkingHardDFW

Just done my update with my balance now at £104k. This still leaves me in amber I think however its great progress and I think we'll be sub £100k next time!!

Well done everyone

lunar

Well done to everyone for all the mortgage payments, I cant believe the new charts are due again.

I just updated our total as the payment went out overnight. I will still be behind my aim, because we are still paying off the debts. £8000 to go there, then we will be saving to pay a lump sum in may 2011 when our fixed rate ends. Currently we are just overpaying the 20% extra per month that the mortgage allows.

hypno06

My monthly payment has come out, reducing my balance by £600. That takes me to just over 25% of my target for this challenge, which I am very pleased about. It will slow again this quarter, but I should remain on track.

I will update via googledocs with the proper figures this evening.

Have a good month, everyone x

WorkingHardDFW

Well done you H - I am so impressed 25% already!! Respect as always

Trying_to_be_good

Hi everyone.

I'm showing a shortfall against my target at the moment, as I'm only reporting on the actual mortgage payments for the chart. As you'll see in my sig, I'm leaving my overpayments in the offset account as there's a possibility I'll be made redundant and I might need them for the 'basic' mortgage payments by the end of the year. But then it's so that I can cope with life's ups and downs that I'm on this mortgage-free journey anyway! At least there's a good fund in the offset.