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

taxi73

Afternoon all...with the payment on my mortgage and savings am now in the £27ks...wahoo.

Need to keep the money in savings as my offset is only 0.99%

golfiematt

o.p'd another £500 so thats my 2nd target reached!!! im in the 37k's now woohoo! which also takes me under 2k a year in interest:j

golfiematt

oops"! 2nd target of my other challenge soz fb!

Jock_Tight

We are down to 30k, another overpayment will go in at the end of August which will take us to another milestone of being into the 29k's :cool:

Well done wynnvegas, the end is in sight for you :T

Jock (#165)

wynnvegas

Cheers Jock,

It's a great feeling breaking through the various barriers. We kicked off this year at £31,500 and getting under the £30k mark was our first real achievement of the challenge. Best of luck with continuing your mortgage free journey. I'm looking forward to moving to the terraces to cheer everyone else on!

That being said, if my record of cheering on from the terraces is anything to go by, the whole challenge will go off the rails pretty quickly!! Getting ready to put that particular theory to the test this evening at Parkhead...

Cheers,

Billy

loopy-juice

come on the hoops!

taxi73

Another £250 paid into savings today

cha97michelle

So much going well on here. Wynn - can't believe how close you are, and how much you are paying per month. That will be some bonus to you when you no longer have to pay it.

I am feeling quite happy with the challenge as with another 5 weeks to go till the next update i have managed to beat my target by £24. Now that gives me all that time to try and get even further ahead. This will be the 1st time so far, and i am sure paying a bit less interest and joining the 1 debt versus 100 days challenge has really helped me get on.

I am not naive that i have cracked it though. September is absolutely mental with birthdays, and October isn't a lot better. Then we have 2 lots of car insurance due. I already have money put aside for that though, so now i just need to spend it wisely and hope for cashback to pay to my challenge.

wynnvegas

Morning Folks,

Loopy - typically disappointing but the stadium was properly atmospheric for what seems the first time in a few years so hope springs eternal for the season ahead! I always give up on Scottish football at the end of every season (either because we're rubbish or, worse still, we're the best of an absolutely horrific bunch) but a month of baseball in the States normally whets my appetite for the upcoming season.

Cha97michelle, I've been bleating about the spare money we'll have for nearly a year now. It really doesn't seem like nearly 12 months ago when we put our plan of action into place. I'm amazed at just how well it's worked out as, despite a few family loans and such, we've managed not to miss a beat on the overpaying front. That said, my girlfriend has pretty much all the surplus spent for 2011 on a shopping spree in November, a Christmas shopping spree in December, a January sales shopping spree, a new car for her (the Audi TT being her current vehicle of choice and a good few home improvements. It really does never end but the overarching feeling of never being beholden to a bank or anyone ever again (not that we ever particularly were, other than in principle) will be amazing. To be in a position where we can cut back on our hours, help family members out, never have to skimp on birthdays and christmas, take a few risks on the stock market, try a few new business ventures or even just have the second and third holidays of a year will be irreplaceable. I'm going to meet with a financial advisor early next year to see exactly what we'd have to do to be looking at retirement of some sort by 40 which gives us ten and a bit years to throw something at that road as well.

Cheers,

Billy

cha97michelle

Sounds like you have it all planned wynn. I had thought you were a bit older than me, so retirement by 40 sounds fab. We made the mistake of having the kids i think. Not as much spare money for anything. Happy like we are though.