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

gingernutbizkit

hmmm, that is what I was thinking too.

Lynn11

Not sure if I am able to put my name down for this as we are planning to move (if the housing industry picks up) sometime in 2011. But at the moment I will continue to overpay what I can with limited finances to get our mortgage amount down so that we can hopefully move to a slightly bigger house.

Is this ok to do or will I just continue to join the 2009 MFW thread as well as any other threads for the continuing years?

I hope to have my mortgage down to £61000 (would love to achieve £60,000 but not sure if this is possible) by Dec 09.

maz123_2

Lynn11 wrote: »

Not sure if I am able to put my name down for this as we are planning to move (if the housing industry picks up) sometime in 2011. But at the moment I will continue to overpay what I can with limited finances to get our mortgage amount down so that we can hopefully move to a slightly bigger house.

Is this ok to do or will I just continue to join the 2009 MFW thread as well as any other threads for the continuing years?

I hope to have my mortgage down to £61000 (would love to achieve £60,000 but not sure if this is possible) by Dec 09.

Of course this is okay. Part of my (ssshhhh!) plan is to go hell for leather with my current mortgage and maybe bag a bargain in next couple of years, but that's between me and you okay?
But my good news is that after receiving my letter my re-mortgage has gone straight through and all prior paper work is now being sent back recorded delivery and the annoying person i spoke to is having training ( no I didn't believe that either) but hey ho, only a valuation to go and i have a nice new shiny OFFSET mortgage!
Let the preparations begin

gingernutbizkit

that's great news Maz

I am currently 2 months ahead on my plans to pay off non-mortgage debt for the start of this challenge, so all is good at the moment

Ging x

RosieTiger

May OP made of £1,200, giving YTD total of £14,427

gingernutbizkit

Well done RosieTiger.... that's fantastic

I've managed to shift some debt around and pay off my northern rock loan so I'm really happy this month.

Hope everyone else is doing well, Ging x

financialbliss

Lynn11 wrote: »

Not sure if I am able to put my name down for this as we are planning to move (if the housing industry picks up) sometime in 2011.

Lynn11 - apologies for the massive delay - I've PM'd you allocating you as no. 46.

As this thread has been running for almost 4 months, thought I'd give a little update regarding the members we've accumulated to date...

January: 25 members
February: 3 members
March: 11 members
April: 7 members

Total to date = 46.

Based on an average of 11 people joining per month, we could potentially have about 135 members come December. There again, it could tail off in the next few months before we get a rush of "applicants" as we approach December. Who knows...

Anyway, if you've joined so far - great to have you on board.

If you're thinking of joining, please do so - we'll try and make you welcome - no time like the present

Financial Bliss / Maz123.

misswissy

Hello Everyone,

I've been following the other MFI3 thread with interest and would love to join this one starting in December. Recession has hit us this year, though, my OH is out of work so we are living on my income alone. We have a fairly small credit card debt (£2800) and a loan with Northern Rock which finishes in 11 months. Hoping to pay both off this year if hubby finds work. Which means we can concentrate fully on reducing our mortgage. It will stand at around 98K and I would hope to pay £40000 off in three years. That sounds scarily unachievable :eek: but if OH is in work then its do-able. We're very undisciplined with our offset mortgage so may think about changing to normal repayment. Good luck to all! :j

maz123_2

Good evening, hello misswissy of course you can join :j
Just to let you know that my paperwork has now come through for the offset account so that's been signed and witnessed today, and i'll put it in the post first thing. On a bit of a downer i'm kicking my lodger out now, i need my house (and sanity:p) back, but he has finished paying my credit card off:rotfl:so his use is over!!!
I should be offsetting by next month and i've already transferred some money over in preparation, how sad is that. I'll go play with some spreadsheets now
maz

SparkleBlack

Well we're halfway through May now, so I think it's time for some (very provisional) numbers from me! Judging by how things are going this year, we should be sub 120K at the start of the challenge. Then if things stay on track, we should be sub 75K at the end of the challenge. However, I'll review these numbers nearer the time and plan to log in on 12/12 to get an accurate start figure!

The numbers are based on my shiny new budget, which comes into effect next month. It looks sound and I'm relatively confident I haven't forgotten anything (hmmm, that sounds like pride before a fall) but if I have the OPs would have to come down a bit as I've really pushed them with this budget.

Fingers crossed for no surprises next month!
SB