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

uzubairu

Kaz2904 wrote: »

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. ?

£15K reduction in a year is excellent.
You should be proud of your achievement. - Well done! :T

Courgette

just updated - I'm now owe £14,896.29 which should put me firmly in the green as it's over 1 third paid off. Next year will be tougher as I'm now on maternity leave and would really like to take a full year off. My goal for next year is to be back on track by 12/12/11!

Good luck everyone, can't wait to see the chart!

RosieTiger

Great to catch up with everyone's succeses - can't wait for the end of year 1 update. Thanks FB, once again for all the effort!

gerbiljo

wow everyone is doing great, hopefully i can submit my total tuesday

Welshlassie

I have just submitted my update of GBP160,278.43, which will put us firmly in green. This is from the sale of our rental property. I have more to be added in January when our 10% annual limit is reset. Not all of this is staying in the mortgage as we will be starting an extension in the Spring once the new baby has arrived and we have planned exactly what we want to do with it, but it will all work towards reducing the balance in the meantime.

Well done everyone on your progress to date, especially those who are now mortgage free.

Thanks to FB and Maz for administering this challenge a huge feat.

Queen-Bee_2

No. 73 checking in... Just submitted my final update for the first year. Although I've yet to find that all-important, elusive job, I decided to go for it.

My mortgage balance is now down to £3,460, and I'm looking forward to being MF on 4th January 2011.

Many thanks to FB and Mazz for all their hard work on the challenge - the admin for us all must be mind-boggling!!
QB

uzubairu

#19 December update

Mortgage balance (05/12/10) is £61,785.

Target for MFiT-T2 challenge is to get mortgage down to £32,000.
In order to stay on target, we had to get mortgage down to £65,000 by year end.
Mortgage has reduced by £19,938 this year alone, which is £4,000 more than last year's reduction.
Mission accomplished. :beer:

We've also had to pay nearly £2,000 in ERCs this year whilst remortgaging in August, but OH reckons we will see the benefit some time next year.

gallygirl

Oops. Number 11 reporting in rather sheepishly, have updated on Googledocs also .

Target:68,416
Total Outstanding: 51,671
Total Paid Off: 16,745 (24.48%)
On Target Pay Off: 22,805 33.33%)
Behind By: 6,060

Amount spent on kitchen: 7,200 :whistle:

So, would have been 1,140 ahead if hadn't bought new kitchen :doh:

Oh well, onwards & downwards in 2011.

Well done everyone, fantastic progress :dance:

Daisy_Duck

gallygirl wrote: »

Amount spent on kitchen: 7,200 :whistle:

Lol! But I bet the kitchen is beautiful!
Loving your avatar too!

I'm waiting for my December payment to go through this week and then will update- think we will just about scrape in the green

Yay to everyone for completing Year One! :T

starbucks

starbucks reporting in. Updated using the google docs form. Balance now £14,900 which I am really chuffed at (just a bit more than Courgette so must be in good company !).

Merry Christmas to all and especially Financialbliss & Maz for running the challenge, much appreciated as it is helping keep me motivated towards the end goal.