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

gingernutbizkit

Hi all,

I have been havigna really long hard think about my MFIT3 plan and finances in general.

Currently my mortgage is interest only and £150,000. We now have our other debts down to £9708.04, making our total debt £159,708.04 :eek:. Scary, but not half as scary as it was back in october before we started overpaying our debts.

My original goal was to pay off all my mortgage in the 3 years but I have now realised that this is totally unachievable..... it means paying £4500pcm which is more than our combined earnings!

I think that by the start of the challenge I will have the combined debt down to £146,000 so I was now thinking of a goal of halving this in the three years instead to £73,000. It will mean paying off £2000pcm which is a stretch but manageable if I can get our other spending under control .

Any thoughts?

Ging x

hoobydoobydoo

hello everyone - please can I join?

We have a mortgage and further advance with Nationwide. I think we could realistically clear the further advance in three years - it currently stands at £18714.61, but should be about £3000 less by December anyway. It might not seem like much to some people but it would be a really big deal to me to not have that extra debt any more.

Thank you and good luck everyone.

Trying_to_be_good

Me, please! I anticipate having a chunky mortgage by the end of the year that will need paying down - 10 years rather than 3, but it'll be a start!

I'm questee 48 from the original MFiT challenge - any chance you can make my life a teeny bit simpler and give me the same number for here, pretty please?

maz123_2

Hello everyone,
a big hello to newbies, and welcome aboard. Everything's in the post now so fingers crossed.
tryingtobegood -Number 48 has just gone but i think if we ask hoobydoobydoo very nicely they might just swap?!?!?
gingernutbitkiz - my only suggestion would be having a nosey on debt free wannabee boards, i've had loads of advice just by reading and keeping a spending diary - these can open your eyes amazingly, or scarily!!! which ever way you look at it. And looking at the old style board;)
maz

coco2972

Hiya, I'm glad I found this thread! I am getting married in September and we have just finished having a conversation where we decided that as soon as all the wedding costs are covered (about November) we will start throwing everything we can into paying off the mortgage! Spooky eh??

I will update with more precise figures nearer the time but it looks like we will start the challenge at around £146,000 and our three year target will be £120,000.

Thanks xx

gingernutbizkit

maz123 wrote: »

Hello everyone,
gingernutbitkiz - my only suggestion would be having a nosey on debt free wannabee boards, i've had loads of advice just by reading and keeping a spending diary - these can open your eyes amazingly, or scarily!!! which ever way you look at it. And looking at the old style board;)
maz

Thanks Maz.... I'll look at a spending diary. I started last month recording my grocery shopping and was quite scared by the results :eek:. Grocery spending is more under control now though and any extra is going towards the debts.
I have my appraisal on thursday and my pay will be discussed and set for the following year. It could go up or down so fingers crossed :think:

Welcome Coco.... congrats on the wedding, hope the build up is nice and stress free :rotfl:

Ging x

maz123_2

gingernutbizkit wrote: »

Thanks Maz.... I'll look at a spending diary. I started last month recording my grocery shopping and was quite scared by the results :eek:. Grocery spending is more under control now though and any extra is going towards the debts.
I have my appraisal on thursday and my pay will be discussed and set for the following year. It could go up or down so fingers crossed :think:

Welcome Coco.... congrats on the wedding, hope the build up is nice and stress free :rotfl:

Ging x

I need to get back in control of my grocery spending, too many takeaway's have sneaked in!!!
good luck with the appraisal, I've never had to be in that situation and don't fancy it really (i love the public sector)
coco - What a sensible way to start married life!!! Welcome aboard. My bro was still paying for his when he got divorced:eek: but we know that won't happen to you:T

gingernutbizkit

What do you do Maz? I've done a mix of public and private sector - pros and cons to each I think!

Trying_to_be_good

maz123 wrote: »

Hello everyone,
a big hello to newbies, and welcome aboard. Everything's in the post now so fingers crossed.
tryingtobegood -Number 48 has just gone but i think if we ask hoobydoobydoo very nicely they might just swap?!?!?

Hooby - have sent you a PM - how 'bout it?!

hoobydoobydoo

Trying to be good - PM-ed you just now, but for the public record I am quite happy to swap numbers!

best wishes all
HDD