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

gillybean73

Hi all,
I would like to join in the MFiT-T2 challenge.
I joined MSE a year ago and was inspired by these diaries and challenges to repay my mortage early. I overpaid a few times in 2008 and then we had a big change in circumstance. My OH accepted a job in the middle east. At that point all spare cash went in to saving for our relocation and getting the house ready for tennants. We have spent all our savings and now also have some cc debt to clear before we start the challenge in dec.
Our mortage details, repayment £74573.36 tracker on 2.74% plus an interest only £60779.23 on 2.48%. Both end Sept 2031. I want to knock at least 15 years off that.
For this challenge I would like to get the repayment to £40000 by 12/12/12. The IO is not so important as we have an endowment that pays out in 2023 which should cover most if not all of that.
We look forward to one day returning from the UAE to our home and owning it outright.
More about us we are a family of 6. 4 children ages from 12-3. OH works in education and I am staying home and counting the pennies.
Looking forward to getting my number..

maz123_2

Hello gillybean73 Your more than welcome. Financial bliss will pm you your number and get you onto the charts, Welcome aboard, and what a great adventure your going on.
Littlemama - I'm in the process of re-mortgaging to an offset at the moment, and i'm so excited at the thought, does that make me sad?
Trying to be good - Oh how lovely for you
Kaz2904 - You look like you play with the figures as much as me, glad i'm not the only one;)
maz

Little_Mama

maz123 wrote: »

Littlemama - I'm in the process of re-mortgaging to an offset at the moment, and i'm so excited at the thought, does that make me sad?

maz

Hi Maz,

Well it makes you as sad as me, don't know if that's a good or a bad thing!:rotfl:

I looked forward to it for the 6 months from booking it and love the fact it's online too.....just can't wait for the amount to go below £100k.....although the net amount is

I do keep the savings in a separate pot, although linked to the offset, as I could not bear the thought of withdrawing the money back out the overpayment pot if needed. :eek:

Good luck with your remortgage, you'll love it.

Saddo...oops LM :rotfl:

RosieTiger

Hi,

quick update following recent OP's

Balance now stands at £129,691 so we have gone below £130K :beer:

At current OP levels, now forecasting MF date at December 2014.

diadeb

No good news to report - just that I now have a husband without a job, as predicted!

So a mortgage the size of a hillside and no means currently of paying it off - but we're not panicking yet :eek:.

We knew it was coming and hope that by the time the challenge gets started we will be back on track to start some serious overpaying. Well, looking on the bright side, we should have a bit more free time to spend fine tuning our finances......:rotfl:

So no figures forthcoming yet but I will give some in due course.

princessdaisy2k

I would like to register for this challenge.
I find setting a realistic challenge that I will be able to keep to very hard as circumstances are constantly changing. I was made redundant in January and up until this point was overpaying my mortgage very well but now I can not afford to do this with no job in site. Realistically I think I would like my mortgage down to £10000 by 12/12/12 must less once I am back in work. My current mortgage is around £16000.

RosieTiger

diadeb wrote: »

No good news to report - just that I now have a husband without a job, as predicted!

So a mortgage the size of a hillside and no means currently of paying it off - but we're not panicking yet :eek:.

We knew it was coming and hope that by the time the challenge gets started we will be back on track to start some serious overpaying. Well, looking on the bright side, we should have a bit more free time to spend fine tuning our finances......:rotfl:

So no figures forthcoming yet but I will give some in due course.

Sorry to hear this, wishing you better luck going forward !

financialbliss

Ouch :eek:

Two posts in succession on the topic of redundancies.

@ diadeb - hope your OH finds a job and quickly...

@ princessdaisy2k - You're more than welcome to join. I'm certainly not judging the size of the mortgages. You may have a smaller than the average for people joining this challenge, but having also a very small or benefits based income is going to make reducing or clearing your mortgage a very difficult task indeed.

I applaud you for even contemplating reducing your mortgage at this point in time. :T

We've allocated you as questee no. 45 and wish you the best of luck in your challenge.

Financial Bliss / Maz123.

gingernutbizkit

bit of advice guys.
I have a loan with northern rock qand have been told that if i pay by 1st may then it's around £8500. I have (mostly by balance transfers) managed to scrape £7500..... do you think they'll take a deal? I have no experience with this kinda thing.

TIA, Ging x

Kaz2904

TBH, the worst that they can say is no!
Are you in arrears though? I've never heard them accept a full and final settlement from someone who's not in arrears.