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

Kaz2904

That's useful to know Queen-Bee. If only more were! Actually, in this current economic climate, we may find more lenders willing to do this as they have been told that they were allowed less out than before (if you know what I mean)- I think that they can only lend each £1 they have from savings about.... say 3 times rather than previous which was say 10 times?
Feel free to correct me if I'm wrong but seeing as it's me, it's highly unlikely :rotfl:.

black_taxi_2

ive just spent last couple of days working out budget in detail --regular annual/monthly payments/emergency fund/small holidays

to clear my mortgage/debt in a organised realistic timescale will take another 37 x monthly payments £1100+depending on interest rates

its good to have a planned financial figure to work with and see light years,hopefuly one day see light end of tunnel

hypno06

Congrats to those who are now MF :j:j:j and to those who are heading ever closer each month!

I am hoping to move house before the end of the year, and have just signed my mortgage deed for my new, slightly smaller, mortgage. At the same time, my remaining non-mortgage debt will be paid off, so I will look forward to making "proper" overpayments to the mortgage from the new year, as my SOA *should* look a little healthier than it has done for the last 10 years or so

taxi73

looking forward to seeing your new updates

slopemaster

Hello all
Number 202 here
I've been one of the missing members up to now I'm afraid, as I had nothing to report and had forgotten to bookmark the thread!
But I've just paid £9 000 off my £91 000 interest only mortage, which is the max I can pay without penalty. My payments have gone down by £40/month, so that can go in my regular saver. I have some money that was in a savings account getting more than the rate on the mortgage - but now that has finished so in the new year I will pay off another £8 000. (It goes on calendar years, apparently.)

Well done to all those who are making lots of effort and reporting in regularly!

PS I've updated the form

shangaijimmy

£36 short of clearing another 1k. I'll do my best to shave some money off our weekly shop, personal spends and petrol to try and cover this milestone by the end of November!!

brizzledfw

Making overpayments when I can as well as the regular ones that came out with the mortgage so the theory goes that I don't see the money so never miss it! Hoping to make another overpayment before my birthday(12/12.. Ring any bells?! Very auspicious I thought when I started this challenge) so that it's a good total for our next update.. BUT then there's Christmas. Already had spat this eve with Tired OH who thought outrageous I bought some small gifts for DDs..oops. Need moderation in all things I guess:)

gerbiljo

Payday tomorrow for me so I'm excited! Hope everyone reaches their targets for the next update

black_taxi_2

taking a sunday off work

roads seriously bad/snow drifts

my payment for dec will go in tomorrow mon

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will come off weds 1st---so im very happy 1st year of this challenge i have brought my balance down by about 10k or 21%

also to those who have kept at it this year no matter how large or small--well done

mortgagenomore_2

15 days and counting, as BlackTaxi says we should all be proud of our efforts in bringing down our mortgages regardless of how much we will all get there eventually! Looking forward to 12/12/12 :T