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

Floxxie

Ok count me in. Aiming to clear the whole of my mortgage which is a very tall order but if I don't aim for it, then I won't reach it.

Will post nearer the start date the actual remaining mortgage. In the meantime, I shall continue with the MFW 2009 challenge.

Thanks for arranging this.

Floxxie

abouttimetoo

Yes, I'd like to join too.

FB, I'll send you a PM as well but in the meantime I think my numbers will look like this

• start balance on interest only part of mortgage £80, 000
• aim to reduce this to £40,000 by end of challenge

Thanks to you and Maz123 for organising

maz123_2

Just wanted to say hello again, and also say Oh my God, FB you have been busy! You put me to shame, sorry for letting the cat out the bag i'm sure you'll forgive me! Lets get this MFI3-T2 party started!

warrior_princess

hey FB
i would like to sign up for the challenge
i am currently doing the 2009 MFW challenge .........so bear with me as the below mentioned schedule is liable for change

Current mortgage - 154000 :eek: ( BOE + 0.99%), offset - 35,000
2009 - ie till 12/12/09 - 145,000 , offset - 55,000
12/12/12 - i intend to repay mortgage in full:beer:

Hopefully this leaves us with an option to travel / move to another country ........OH and me would like to sell up and move to sunny Australia :j

Let the challenge begin

regards

warrior princess

RoxieW

Hi, I'd like to join too as this challenge fits in with my own plan to be hopefully mortage free in 3!
We're started overpaying (or saving to overpay) last year and have thus reduced our mort from £55,000 to £47,000. We will be keeping up overpayments this year all being well so not sure how much will be left in December. However the goal for Dec 2012 is to have paid off the mort completely.
Thnaks

maz123_2

Welcome to you all!

About my mortgage, it's with Nationwide @6.13% not the best but i got it a month after my partner walked out so it's what i could get. I've knocked 5 years off the end date but its still at 2023:eek:
Luckily its currently at £47,000 (could be worse, was £54,000 Jan 2008) but i know i need to dip in too it later. Ideally i want it gone by 20/12/2012 realistically i'll have a small amount left. ( but savings may just clear it)
By the official start date it'll still be at approx £47,000 due to having to dip into it but i'm just trying to prepare myself mentally for the challenge and finally start budgetting properly rather than thinking oh it's okay i've got the money.
I'm about to contact Nationwide and decrease the term again by 2 years I do find them very good in being able to do this as i'm covering the £500 o/p quite nicely at the moment. but then again i do have a lodger i now think it's time he left (little one's growing and its time i ended being a b&b) so that's going to be a shock to my financial system.
I'm sure as time goes by we'll all get to know a little about each other
bye for now & good luck
maz123
p.s. forgot to say please don't worry about allocation of numbers quite just yet, you WILL get one! Once we've got you you'll never get away!

Desperate_Housewife_2-2

Hi everyone!

I just wanted to wish you all GOOD LUCK on your challenge! As you can see by my sig I am doing the MFI3 and ours ends next year, it has flown by and been worthwhile, I can heartily recommend it.

When I joined in I never thought I would be able to pay mine off but as you can see I am on target and I can't believe how much I have paid off in the time. Give it a go, you've nothing to lose.

Good luck!

MoneyQueen

Hi Everyone...

Good Luck...

I won't be joining it as I have to be MF by 10/10/2010

But I will be reading this with interest

maz123_2

Thankyou desperate housewife,
like you say at the start it just seems impossible but you and the others are proof it's possible and give us inspiration.
Now lets get to the important stuff, any tips for us learners? What 1 piece of advice would you tell yourself before you started your challenge?

gallygirl

Oh, another challenge

Currently I have:
- 4 personal 2009 challenges
- May be about to start MB :eek: - that would need another challenge
- MFiT
- Personal 2011 challenge
- Personal 2016 challenge........

:think: Hmmmm, seem to have a small window of opportunity around 2012 so count me in please :dance:, target to be set towards end of year if that is ok.

maz123 wrote: »

Now lets get to the important stuff, any tips for us learners? What 1 piece of advice would you tell yourself before you started your challenge?

Get yourself multiple spreadsheets . Plus, you really should have more than one challenge on the go at any one time