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

Double_Trouble

Double_Trouble wrote: »

Well I have been doing a lot of thinking whilst suffering from a really bad cold and I have decided to write a diary and also I have set my MFiT - T2 challenge to pay off £75K of my mortgage in the challenge period hopefully more depending on interest rates and reducing interest payable. Need to remortgage in Aug 2010 and need to find a more flexible mortgage than the one I have at present. As soon as the bank holiday is over I will ring my mortgage provider and get it activated on line.

DTxx

Just requoting my goal as it doesn't seem to have got to the opening post yet.

Hopefully this is a link to my diary [FONT=&quot]http://forums.moneysavingexpert.com/showthread.html?p=21827509#post21827509

DTxx
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financialbliss

determined1 wrote: »

OK I think it's time I should get on board with this challenge. Can I join

Here the necessary info I think:
1) balance at start of challenge £130k (can we change this if the actual does differ?)
2) target is to reduce mortgage to £85k by 12.12.12
3) link to diary http://forums.moneysavingexpert.com/showthread.html?t=1450637#

Anything else needed?

thanks

Excellent post determined1 - everything needed is there...

I'm just sorting myself out for a few updates and should update post #1 and the chart shortly.

As for changing your £130k - certainly. I'm trying to be accommodating.

I know I will log in to my internet banking on 12th December and grab the actual amount on the day. In light of your balance come December, you may even want to alter your target (either up or down). This is not a problem either.

Will be in touch shortly...

FB.

MagsyB

Thought that it was about time I said high - number 33 here!
We're hoping to clear our £42.5k mortgage in the three years.
This plan is a little shakey now as OH is off work as needs a new hip (only 42 years old!!) so we have my wages - I work 30 hours a week and our savings to live off at the mo.
BUT when he has had the op - hopefully in July I will shove him out to work asap and start reducing our term (5 yrs 3mths remaining at the mo).
We were offered a new fixed rate with Abbey as our current one ends in Sept and they were going to waive the redemption fee for switching early - this would have allowed us to reduce by 3 months without paying any more but the paperwork got 'lost' in the post (I question if it was sent out! :mad:) and they will not re-issue as the offer has now ended. I've lodged a complaint but I guess that we will need to look at it again in September.
Well thats my story - good luck everyone - here's to the fun starting in December :j
MagsyB

gingernutbizkit

Hi all, number 30 here

It has got a bit quiet on here recently so thought I had better post an update.

Tody I stopped being an Overpayment Virgin :j. I am now in the postition where I can slow repay my other debt and focus on my mortgage overpayment - I have money on two 0% credit cards and my student loan reminaing. I therefore contacted my mortgage advisor and have asked to increase my monthly repayment by the £500 I am allowed to overpay without charges :T.

Still determined to get my total debts down to just my mortgage by the start of this challenge and so far I'm about £3500 ahead on my spreadsheet plan :D:D.

On a personal note I'm currently looking at going back to uni to get my degree. Part time it will cost approx £1500 for two years but should get me extra earning potential in the long run. We're also thinking about taking another foster child and, although finances aren't at all a part of the decision, if we did then it would make a significant difference to the amount we could pay off each month.

Anyway, how is everyone else doing?
Ging x

Double_Trouble

Well done on your first overpayment gingernut:T I am still to make my first mortgage overpayment things are very quiet on the debt busting front waiting for next pay day on 31st July - very frustrating:mad: We won't be making first overpayment until the challenge starts and we won't be debt free by any means but it is all on 0% so not as bad as it was.

We foster too.

DTxx

gingernutbizkit

Thanks DT.
0% is not bad - glad I transfered my debt..... even though it was a pain to do.

What kind of fostering do you do?
Ging x

Double_Trouble

gingernutbizkit wrote: »

Thanks DT.
0% is not bad - glad I transfered my debt..... even though it was a pain to do.

What kind of fostering do you do?
Ging x

We foster babies and respite foster a teenager

DTxx

gingernutbizkit

Double_Trouble wrote: »

We foster babies and respite foster a teenager

DTxx

How lovely... we're have two brothers in place with us for the long term. Our dilemma is whether to take their other brother. He's lovely but quite a handful and need to be sure that we can manage all three's needs. It would be great to give them the chance to all live together again but we need to be sure it would work as we'd hate for the placements to fall through and damage them further.

Sorry to go off topic.......
Ging x

Double_Trouble

gingernutbizkit wrote: »

How lovely... we're have two brothers in place with us for the long term. Our dilemma is whether to take their other brother. He's lovely but quite a handful and need to be sure that we can manage all three's needs. It would be great to give them the chance to all live together again but we need to be sure it would work as we'd hate for the placements to fall through and damage them further.

Sorry to go off topic.......
Ging x

Its hard to know what to do for the best you don't want to jeopardise what you are already doing but it is good for them to be all together

How long have you had the two?

DTxx

Welshlassie

We've been looking at fostering for the past 6 months or so (although thinking about it for years). We'd like to respite care prsently, but none of the councils by use a taking on respite carers. In the future we would definately like to foster short term placements and possibly longer term.
I really admire anyone who can do it and am looking forward to getting into it in a few years.