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

black_taxi_2

nice1 loopy-juice

always good to break a 10k barrier

abouttimetoo

Hi all

I don't get a chance to post much but I've just been catching up on all your updates and successes - very inspiring and you're all doing great and it's fantastic to see some more people becoming mortgage free :j

I haven't made my December payment yet but I know what the balance will be so I've just sent my update form to FB. The numbers show in our first year of the challenge i've gone from £85k to £78,577 so that's great to see although not as much as I'd hoped for this year. I only do the interest only part of my mortgage on this challenge but if I look at my overall balance in the same time-frame it's down from £171k to £161,776 so I'm really pleased.

Onwards and downwards

someday_soon

Hi Everyone

End of year one.

Like many of you I haven't posted as much as when the challenge began. This doesn't mean that my focus has changed. I read the posts by you all accross the MFW board nearly every day, and they rarely fail to make me laugh, smile or cry. (don't tell the lads)
For the record we have reduced our mortgage balance from 58,478 to 37,260 since the start of this challenge -just figures on paper but calmer waters for my family in real terms.

So, here's to year two.

Let's Go!

Someday Soon

Trying_to_be_good

I've sent my update, setting off the ISA savings for the first time. I've opened this year's ISA today with Nationwide on their Christmas Loyalty 3-year fix at 4.5% - just beating the mortgage fixed rate and locking in the tax-free interest in case it isn't ultimately used for the mortgage.

Not looking forward to this credit card bill with some big items and trying not to dip into the offset savings, but enjoying finding good presents for my nearest and dearest whilst not breaking the bank.

Really enjoying reading about everyone's progress - happy anniversary and happy Christmas everyone?

loopy-juice

black_taxi wrote: »

nice1 loopy-juice

always good to break a 10k barrier

Yes mate it certainly is!!

financialbliss

Just a quick note to say that I've started processing the updates for the fourth chart in this challenge. One year on - hasn't it flown by?

If you're completely new to this, eg you've recently joined the challenge via an empty slot, then a quick review of how it works.

Best update option is via the updates form. Links and further information on the first page of this challenge.

The update form unhelpfully advises that "your update will now appear in my spreadsheet". Well, to be fair it does, but I'm placing the updates in a holding sheet. I then copy to a Chart04 temporary sheet which I'm pointing the "Who's updated?" sheet at.

Come 12th December, I copy the Chart04 temporary sheet to Chart04, ie make information public, plus publish a Chart 05 so you can see where you need to be for the next 3 months via the shortfall column.

Please, please keep the updates coming in. I'll be attempting to put a little time aside each evening to process them so that I can publish the chart promptly on the 12th December.

Thanks everyone,

Financial Bliss / Maz123.

Jock_Tight

#165 reporting in

My December balance is £26,294

To achieve being mortgage free by 12/12/12, at chart 4 (Dec10) I needed to achieve:
Required % complete = 33.33
Requirement remaining = £26,604
Actual % complete = 34.11
Actual remaining = £26,294
Ahead by = £310
Which means I am still in the GREEN and on target :cool:

Cheers,
Jock

ElusiveLucy

I've just sent my update in. If only I could have found an extra £300 to OP this month I would have been below £70k, which would have been fantastic. Unfortunately Christmas got in the way!

I believe I am on target for my balance on 12-12-12. I was lucky in being able to join this challenge part way through and I hope that the extra motivation it provides will enable me to break my target over the coming 24 months. I haven't told any of my family or friends about this as I am not sure how things will go. I would love to be MF in 3 years time (big birthday), but that will depend on so many things that I am not planning for it to happen. Whatever happens I intend to be MF way before the original redemption date of my mortgage in 2026, that's for sure. (current redemption date is 2021)

So, well done everyone on the progress in this first year and thanks for the hard work administering this challenge, it is much appreciated.

Kaz2904

Just submitted my update. I'm going to be yellow this time round I think. I should have repaid £15333.33 to be on track. So I am £497.04 behind target. This is ok though as I have cut my hours at work to get a better work/ life balance. There won't be any council tax in February or March so that's £220 extra to chuck at it. No water rates in March and April gives an extra £60 to put in the pot.
Whatever happens, I have shaved massive amounts of my mortgage since I began overpaying it in January 2006. My original mortgage end date was July 2023. It now stands at July 2015 if I only manage to pay the minimum payment. That's quite a difference . 8 years saved already. That's £62376 of payments that I won't have to make. I'm sure I haven't overpaid anything like £62000 in 5 years as we don't earn that much! Yup, quickly playing with the figures, it would equate to a monthly overpayment of £1039.60 which is way way above what we have overpayed. I reckon we've saved about £40k interest so far. Not to be sniffed at really is it?

shala_moo

Greetings all, MFIT no 70 reporting in,:santa2:

Target : 70,000 Actual : 70,411

Well after starting the year off quite badly i'm happy to say that i'm only £400 odd off target for this year. We've had a very stressful year, with FIL passing away, me having to take out extra mortgage to help my father buy a house and my OH having to take out a mortgage for his mother to buy a house! I'm hoping next year will settle down a hell of alot more!!

Next year should see us starting the year with a payrise (for me) and a new job/payrise (for OH) so i'm hoping that we'll be able to make good strides into paying the mortgage off - we're now stuck in this house for the time being so i'd like to get rid of as much as possible before buying our "dream" house.

Hope everyone has had successes, reading through the posts I need to offer congratulations to everyone who has managed to become mortgage free, what a most fantastic position to be in! *very jealous*

Xmassy hugs to everyone, lets hope we see a lot more mortgage free people in the coming year.

Love to all
Moo x x x