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

curlygirl1971

cake21 wrote: »

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.
Congratulations Queen-Bee :beer:

That was exactly the effect it had on me also, and if I needed any further motivation then reading ALL of Queen-Bee's diary in the last couple of days certainly did the trick. Hands up who loves Queen_bee. Okay....Jump in the air if you love Queen Bee.... :j

Am also on the MFW2011 challenge. My MFW2010 challenge was to OP by £2000 (which I exceeded by £860) so for MFW2011 I have upp'ed it to £6000. I find having a yearly target helps keep me on track for the longer target. I defo need to try harder and fully expect to do better than the original MFiT2 target I'd set myself....am already at around 95% achievement, lets see if I could manage 200%. Gulp.

But I think our Lord and Master, FB, made a good point recently - some of the OP's on here are more than some of our Net incomes. So it's pointless feeling 'guilty' about smaller OP's - we can't OP any more than what we earn and that's that.

On 30th December I made an OP of £3000 (£1500 from Savings and £1500 from my Bonus which my fabulous boss gave me just before Xmas). On the first I also made my regular OP of £180.......so am just waiting for my standard payment to hit the mortgage so I can get a final balance after my payments.....it's all very exciting. I estimate that it will be around £36010 and will update google docs when I know for certain

someday_soon

Council tax and water rates have come out today. Will be LOADED for the next 2 months. Yay:j:rotfl:

RosieTiger

curlygirl1971 wrote: »

On 30th December I made an OP of £3000 (£1500 from Savings and £1500 from my Bonus which my fabulous boss gave me just before Xmas). On the first I also made my regular OP of £180.......so am just waiting for my standard payment to hit the mortgage so I can get a final balance after my payments.....it's all very exciting. I estimate that it will be around £36010 and will update google docs when I know for certain

Well done for the resisting the temptation to spend even part of your bonus!

curlygirl1971

I'm afraid I can't take the credit for using ALL of my bonus as a mortgage OP. I gave my 2 fabulous sisters a gift, made a small charity donation and will take my BF out for a meal (we only spend about £20). I suppose some might think 'aww isn't she good giving some away'...but believe me, the decision was purely selfish - I got as much of a thrill giving my sisters some as going into Clarks and buying 3 pairs of shoes and 2 pairs of Boots......almost. They've shared their good fortune in the past.

I'd estimated (by the power of spreadsheet accounting) that after all of my payments had been processed, my 'closing' Jan balance would be £36010. Am really naffed off to find today that it's actually £36029 instead. My spreadsheet only calculates monthly not daily interest so that must be the dastardly difference. But I do feel as if I've been ROBBED.

Am now scurrying off to 1) Update googledocs and 2) to my 'Spending Forecast' to see if I can find £30 to squeak through another OP.....I'll keep you posted on this matter-of-national-importance.

gallygirl

curlygirl1971 wrote: »

I'd estimated (by the power of spreadsheet accounting) that after all of my payments had been processed, my 'closing' Jan balance would be £36010. Am really naffed off to find today that it's actually £36029 instead. My spreadsheet only calculates monthly not daily interest so that must be the dastardly difference. But I do feel as if I've been ROBBED .

:eek: Nooooooooooo!!!!!!!! :eek: I feel your pain

curlygirl1971 wrote: »

Am now scurrying off to 1) Update googledocs and 2) to my 'Spending Forecast' to see if I can find £30 to squeak through another OP.....I'll keep you posted on this matter-of-national-importance.

Please do, I won't sleep till I know (or that may be the caffeine in all the cold products I'm taking :doh:)

RosieTiger

On the spreadsheet difference to lenders actual, that would drive me mad !!!!! We have so far always had it the other way, but I think they were wrong last time so hoping for something less than our sheet says next time we check so crossing fingers!

macgirl

Hello, I'm skulking back in after a hiatus

We moved in September and after renting out our old house, we took on a much bigger mortgage. Now the dust has settled, I'm rejoining and hope to make inroads into this mortgage in 2011.
Currently at £238k I hope to be at £180k or less by next Christmas. Happy New Year to all MFiT challengers

egon

Thank you FB and MAZ for all your hard work!
I love the new charts.

Well done to everyone sticking with the challenge. Hubby wasn't that interested to start off with, but after seeing how much we shortened the mortgage term and how much on interest we are saving, he is fully on board now.

We were just happely bumbling along paying off the mortgage, but between xmas and new year came along some fabulous opportunities and our life will change quiet a bit.

I have been offered a job in Germany. Ok, easy for me, as I am German...
Hubby always wanted to have more time with the kids and we see this as a great opportunity to change roles. I love working :think: and hubby done a long spell in the forces and missed out on the first few years with the boys.
So, in 3 weeks time, I will start my new job and hubby and kids are coming over half term.

But what to do with the house??? Try and sell and hope for a good offer or put it up for rent (Done this before when we had to move due to hubbies work)? We only have about £50k to pay off.
If we sell, then we can have a look for a new mortgage challenge :rotfl: in Germany.
If we rent out, then we will have to rent in Germany.
Or rent the house out first and then decide whilest living in Germany, what we want to do in the long run. (Sounds like a sensible option to me whilest writing it down). Hubby would like to keep a foot in the UK market by buying a flat......
Decisions, decisions, decisions.................................................



:think::think::think::think::think::think::think::think::think::think::think:

gallygirl

Whatever you decide, it's a great situation to be in so well done you!

I can see why hubby wants to keep something in the UK - but think carefully about a flat. There is a glut in most places so you may find it harder to let, if that is your plan, and with service charges they can be more expensive to run.

tattycath

Well, overpayments are small but regular for me at the moment, hoping to get in front of the game with this challenge this year!!