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

Queen-Bee_2

Yesterday, I posted the penultimate set of stats in my diary thread before becoming mortgage free later this week.

So I thought a few summary figures for this thread might be in order before my final signing-off post.

Original scheduled payments for 2010: £7,750
Total actual payments for 2010: £52,800
Payment over/above original estimate during 2010: £45,000
Interest per day: In Jan 2010, £6.55... by end of Dec, £0.52
Mortgage balance: In Jan 2010, £51,230... by end of Dec, £3,450
% of mortgage now paid off: In Jan 2010, 48.77%... by end of Dec, 96.54%
% of house owned outright: In Jan 2010, 91.74%... by end of Dec, 99.47%

I started my diary in August 2009, and whilst my life has seen some radical changes, by paring outgoings to the bone, renting a room in my house and drawing on my savings - my experiences been quite the journey.

I'm still facing some major uncertainties, but the last year and a half has seen me re-think my attitude towards money, learn a new way of living on much, much less and discover that small achievements can afford a lot of pleasure and satisfaction. Whatever the future holds, these are skills I'll be keeping for life!

Good luck to everyone else on their MF journeys - as the posts on this thread continue to testify - onwards and downwards is the way to go

QB

gerbiljo

That's amazing QB congratulations

LouiseJ

QB that is fantastic:beer: I got a bubble of excitement reading your post as I was imagining what it must actually feel like at the end of the mortgage road and realised that I will be joining you soon.

Very inspirational!

glitterball

Off to read your diary QB, you've really spurred me on.

My goal is to be MF 1/5/15 but think I may make it in 2013 at the rate im going would be totally fab if I could do it during this challenge so going to get some handy hints from your diary.

cake21

gerbiljo wrote: »

The charts are a great motivation, I like that I make the percentage charts now Its a difficult one on judging them, is true how much is paid off is related to your situation but also true that how tough a challenge you have set yourself depends on how you come up in the percentage one, either way any motivation is good motivation. I did consider slightly upping my official challenge to clear the mortgage but if I did over the 3 years I'd be officially behind at this point and I don't think I can face going into the red and sliding down the percentage charts, I will still aim to clear it for the deadline but not 'officially'...is that cheating??

Do whatever you have to do to keep the motivation to overpay

Seeing myself in the top 10 of the percentage chart has made it clear to me my personal challenge wasn't tough enough. I'm therefore going to change my target to get the mortgage down to £50,000 by the end of the challenge. (#143, also completed google form) Even writing down it still seems like a crazy target :eek: but nothing ventured nothing gained

Congratulations Queen-Bee :beer:

RosieTiger

Congratulations QB on joining the MF club, hope everything works out well for you going forward.

golfiematt

wtg queen QB, inspirational stuff.

Jock_Tight

#165 now at £25,279 and on track for MF by 12/12/12.

Merry Xmas and Happy New Year to all :beer:

Queen-Bee_2

Thank you all for your lovely posts!! I'll be popping back once my final payment is resolved!!

Best wishes to you all with your own journeys,
QB

cha97michelle

Brilliant news Queen bee. It is stories like yours that encourage me to keep going with my few pounds here and there. What an achievement. :beer: