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

financialbliss

Hi,

I've PM'd everyone who has expressed an interest recently. Namely:

40. elliemoo.
41. samnorris2.
42. chirpchirp.
43. emma_nottingham.

and updated post #1 with their details. According to the data, chirpchirp now has the largest mortgage at £241k :eek:

Overall, we've topped £2 million pounds in mortgages to date, with an overall reduction objective of £1.1 million :j

I'm sure if we had a few more updates from people who have no objective yet, we could really improve on that. That's not an unsubtle hint - we've got lots of time yet to formulate the objectives.

I'll update a new chart shortly - I need to cut from Excel, paste into Paint, save and upload to Photobucket, ie it's not instant !

Financial Bliss / Maz123.

Double_Trouble

financialbliss wrote: »

I'm sure if we had a few more updates from people who have no objective yet, we could really improve on that. That's not an unsubtle hint - we've got lots of time yet to formulate the objectives.

Financial Bliss / Maz123.

It will have to be a late update from me I'm afraid the mortgage figure is pretty clear, but CC debt figure outstanding is a variable and due to potential disastrous changes in income target is a variable feast as well. The goal posts keep moving in these uncertain times. Just makes you wonder what will happen in the three years of the challenge. Whatever happens I am onboard in some shape or form.

DT

SuiDreams

SuiDreams wrote: »

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.

I have messaged FinancialBliss, I was going to have my target as above but have changed my mind I am estimating my mortgage to be £22,500 at the start of the challenge, but instead of taking savings at start of the challenge off the remaining mortagage balance, I will aim to payoff the full £22,500 from over payments and new savings.

maz123_2

Evening people,
Just to remind people at present figures are "guestimates" Mine certainly is:rolleyes: and a bit of hope! A little nearer the time we'll be able to get more accurate figures, for the start of the challenge.
Yes i have wrote my letter and posted it!
maz

financialbliss

maz123 wrote: »

Evening people,
Just to remind people at present figures are "guestimates" Mine certainly is:rolleyes: and a bit of hope!

I'd echo what Maz has voiced above. My mortgage should hopefully be sub 50k by December, but perhaps not quite £48,947 - Financial Bliss - ever the optimist :rolleyes:

Did you notice that a few names on post #1 link to their MSE mortgage free diaries? I've added a few more links this evening: gallygirl, LouiseJ, chirpchirp and abouttimetoo. Oh, and me!

PM me if I've missed you out.

FB / Maz123

Kaz2904

Kaz2904 wrote: »

My mortgage is set to end on [STRIKE]22/11/2012[/STRIKE] 22/09/2012 according to snowball. At present I'm unsure if I will even hit my initial £43000 target.
I will start out with a mortgage of [STRIKE]£43,253.10 [/STRIKE](will change subject to further overpayments) £42053.83 and a debt of £11210. My current snowball suggests figures of £0 mortgage and [STRIKE]£9921.98 [/STRIKE] £7237.59 debt for December 2012. So I will set my target as [STRIKE]£9000[/STRIKE] £6500 debt for 12/12/12.

My mortgage is 5.29% fixed until July 2010. Minimum payment is £649.75 but we allocate [STRIKE]£1330 [/STRIKE] £1363.48 monthly to debt repayment. £1353.48 to mortgage and £10 to Mum loan.

So as you can see, I've had a bit of a rejig since I signed up. I think it's looking good and while I was sitting here looking at my snowball, it dawned on me that I will be debt free in 4 years (or sooner)! That's nothing!

Trying_to_be_good

FB

I think I might be moving to this thread from the original MFiT challenge, as it looks like I might be increasing my mortgage to be the best part of £250,000! Back to a ten-year pay off plan for me!

Will let you know as and when I move, so I can give you proper figures. I'm only able to make this big move as I made so much progress with the original MFiT challenge - it puts you in a great position to make choices in life.

Good luck everyone!

Kaz2904

Oh wow TTBG, does this mean that you are buying the forever house then that is near to OH? I really hope it does! Looking at your figures is startling, you have done so well in the last 2 years, well done you!

Trying_to_be_good

Kaz2904 wrote: »

Oh wow TTBG, does this mean that you are buying the forever house then that is near to OH? I really hope it does! Looking at your figures is startling, you have done so well in the last 2 years, well done you!

Really hoping to. The numbers can be made to work, so long as I can get a transfer with work. Two possibly jobs have come up, just waiting for the bureaucratic wheels of motion to turn.

Meanwhile I've cleaned my home to within an inch of its life, have chucked out four bin bags full of (non-recyclable) stuff this weekend, and had professional property photos taken.

Trying not to gets my hopes up, failing miserably !

Little_Mama

No 20 reporting in.

Still no definite idea of figures for the 3 year challenge, other than as much as poss whilst still enjoying life....but...I'm so chuffed that having remortgaged to an offset and already made some good overpayments it very much looks like we'll be starting the challenge at under £100K owing, providing everything stays as is..

Good luck to everyone with their quests.
LM