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

setmefree2

loopy-juice wrote: »

£1m paid off!! Thanks FB. Top Man.

Indeed he his :T:T:T:T

I've updated via google docs

hypno06

I've updated.

Excellent work everyone!!

AvidSaver

Hi All

Have posted overpayment for last 3 months - hoping to still be "green". Have finally finished exams and coursework for a 2 year HNC course - great its over, just hope I pass. Although have been making regular overpayments studying has limited my time to do all the extras I used to for extra income, so looking forward to leaflet delivering, Ebaying, car boot sales and have a couple of items to take to local auction rooms, so hoping to increase my overpaying over the next few months.

diadeb

maz123 wrote: »

It just shows what can be achieved when you put your mind to it, maybe we should email the chancellor with our suggestions of saving money

:rotfl:Yep, I think we'd do a much better job of running the treasury than some who were trusted the job! Great news on the million front - what a grand job we are all doing. Take heart those that are not doing so well - your time will come.

We have made overpayments of £1549, offset a further £2400 and the latest mortgage balance shows we have therefore reduced the mortgage to £42225.

Hope to keep it up, but just about to spend a small fortune having a patio laid - but we've waited 5 years since the house was almost demolished and then rebuilt, so we deserve it!

uzubairu

Just sent in my update for this quarter.

Mortgage is down to £72,467, which means I'm still on target.

It's been helped in part by OH giving me an extra £200 a month for mortgage overpayments, a lot of eBaying, cashback sites for nearly every online purchase and me saying yes to overtime that I would have normally declined.

We have also made overpayments of nearly £4K in the first 4 months of the year which gave us a good start.
Last month's wasn't as good because I had to lend money to my dad, but the previous months have given us a buffer.

Well done to everyone on this challenge! :beer:

financialbliss

Kaz2904 wrote: »

Blimey, I can't believe we've cleared 1 million, only 6 months in too! So does that mean we will manage to clear more than 6 million over the whole 3 years?

OK. Bit of maths. I reported the £1m on 6th June - that's 176 days into the challenge.

Divide the £1,006,868 by 176 days and that's £5,720.84 - let's round it down to a simpler £5,500, ie we have averaged out collective reduction of about £5,500 per day :eek:

From 6th June to 12th December 2012, there is 920 days.

920 x £5,500 gives £5,060,000

Add that to the £1,006,868 and we could reduce our mortgages by £6,066,868 or more.

OK. I'm just playing with numbers now and I rounded the £5,720.84 down such that I'd still get £5m.

We could run out of steam in the middle of the challenge, more people could drop out etc, but I'd hope we can exceed £5 million.

Keep feeding those updates through and we'll keep crunching the numbers...

FB / Maz123.

the_end_of_the_rainbow

No 189 reporting in.

Balance at 12 June will be £93,635 - really pleased with this as start of year balance was £106,475 so reduction of £12,840 which should hopefully see me in the green zone again.

Well done everyone and huge thanks to FB & Maz for all their hard work.

PS Special thanks to my kids who are doing their bit by turning 'it off at the plug' !!!!


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financialbliss

I'm looking for some advice. I've had a PM [STRIKE]today[/STRIKE] (ahem), yesterday, from ElusiveLucy asking if she can join this challenge.

This challenge was closed to new entrants on 31st December and I think that's the first PM I've had.

There's 4 places (90, 138, 144 and 177):
http://spreadsheets.google.com/pub?key=tks17oKUg5u0jJOsscg4G1Q&single=true&gid=3&output=html

where people have registered but asked to drop out without providing any chart updates at all, ie these are free slots. Theoretically she could have one of those numbers with minimal alterations to the charts.

Seems a shame to deny someone who seems keen to join and hammer down the mortgage. I've already had a starting value, chart 02 value and challenge aim from her.:eek:

On the other hand, it would go against the no more entrants after 31st December 2009 so that everyone gets a full 3 year challenge.

I'm not keen to start allocating new numbers as that could trigger a new wave of entrants, but perhaps the 4 free slots could be used - Lucy being allocated one of those?

Can't decide - probably as it's too late in the evening!

Better to have someone who is keen than a dead slot?

Financial Bliss.

loopy-juice

Let her in mate. :beer:

mortgagenomore_2

Yes i agree let her in especially if 4 places to fill welcome lucy! :j