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

cha97michelle

March the 12th i've got written in my diary, and i cannot wait. I can't believe how quickly time has gone since the last update. I'm just trying to scrape together my last few pennies, but they are flying out quicker than going in this weekend at least. Oh well, the rest of the month i was really good.

Jock_Tight

Another £450 off the mortgage today bringing us down to £22530 :cool:

Looking forward to next months update!

Jonesy_Bonesy

Hi All

Paid a lump sum of £5K off mine since the last update so down from £60K to £54325 now.

Been through some worrying times and not been posting much lately as I've been 100% focused on job hunting. Found out at back end of last year I was to be made redundant, and as the sole earner in the household this put all overpayment activity on hold in order to build up savings to tide us through

Luckily I am due to lose my job at the end of March, and have just found out I have secured a job elsewhere with a different company in the same industry. :beer:
So thinks are back on the up now. My pay won't be as high, although it is still decent and enough to get by on, but I will be in line for a substantial redundancy payout, of which the majority will be going off the mortgage in April or May.

I was in the first MFi3 challenge and have to say that getting my mortgage down from a biggie to a reasonable 60K took a lot of pressure off when faced with a difficult situation. There are nearly 200 losing their jobs at the same time as me and some have outstanding balances of £150-250K plus and don't know how they are going to keep a roof over thier heads.

Look forward to checking back in more and seeing everyone elses updates.

Bonesy

Trying_to_be_good

Hi Jonesy Bonesy - great news on the replacement job, for the positive outlook, and for the progress to date on the original MFi3 and this challenge. OH and I are both public sector, so we're waiting to hear about redundancies whilst we have a large mortgage, we're overpaying into the offset as much as is reasonable. We have slightly different ideas on balancing living for today and setting up a comfortable future, but we find a middle ground most of the time!

gerbiljo

Well done jonesy on your new job! TTBG I hope u and OH jobs are safe
Looking forward to the update

tattycath

My overpayments have slowed this year due to illness-I've been off work nearly all january and all february due to persistant headaches-drs are still trying to sort out treatment-they now think it's neuralgia-but it's almost constant so fingers crossed they sort out right dose of pain relief soon so i can go back to work-even if it's reduced hours it's got to be better than stat sick pay.

financialbliss

TheBees wrote: »

Evening everyone - Just wondering when the next update is please. Is it March?

If so then our current mortgage balance should now be £44937 but we have a virtual amount sitting in a savings account of £733 to pay off in a about three months time when it reaches £1000.

Hoping to get the blinking thing paid off in about 5 years time with the help of our awful endowment policy and this challenge.

Good luck everyone.

Hi TheBees,
See post #4 of this challenge thead, which gives a schedule for charts, March, June, September and December:
http://forums.moneysavingexpert.com/showpost.php?p=17475813&postcount=4

I also have details in my signature. Each chart is posted on the 12th.

I've been letting this thread bounce along, but I do keep an eye on the posts made. I'll be starting to collate the updates to chart 05 soon, so get your update in to google docs within the next two or so weeks if you want to be included in chart 05.

FB / Maz123.

RosieTiger

Jonesy_Bonesy wrote: »

Hi All

Paid a lump sum of £5K off mine since the last update so down from £60K to £54325 now.

Been through some worrying times and not been posting much lately as I've been 100% focused on job hunting. Found out at back end of last year I was to be made redundant, and as the sole earner in the household this put all overpayment activity on hold in order to build up savings to tide us through

Luckily I am due to lose my job at the end of March, and have just found out I have secured a job elsewhere with a different company in the same industry. :beer:
So thinks are back on the up now. My pay won't be as high, although it is still decent and enough to get by on, but I will be in line for a substantial redundancy payout, of which the majority will be going off the mortgage in April or May.

I was in the first MFi3 challenge and have to say that getting my mortgage down from a biggie to a reasonable 60K took a lot of pressure off when faced with a difficult situation. There are nearly 200 losing their jobs at the same time as me and some have outstanding balances of £150-250K plus and don't know how they are going to keep a roof over thier heads.

Look forward to checking back in more and seeing everyone elses updates.

Bonesy

This has always been our logic for doing this - glad to hear it's made the pressure far easier to take. Great stuff on the new job.

SuiDreams

No 32's update unfortunately its bad news this update, as we've paid off 50% off the new bathroom the balance has gone backwards now £16,126, this quarters shortfall is £3059.33. I expect the balance to be even worse for the next update, as we still have 50% of the bathroom to pay for, plus we are having a big clear out and redecorate and Holidays to pay for so we won't be able to start paying it back until after the next update.

uzubairu

Jonesy_Bonesy wrote: »

Luckily I am due to lose my job at the end of March, and have just found out I have secured a job elsewhere with a different company in the same industry. :beer:
I was in the first MFi3 challenge and have to say that getting my mortgage down from a biggie to a reasonable 60K took a lot of pressure off when faced with a difficult situation. There are nearly 200 losing their jobs at the same time as me and some have outstanding balances of £150-250K plus and don't know how they are going to keep a roof over thier heads.

Well done on the job front and keep up the good work. :T

My OH was faced with redundancy last September and the mortgage reduction due to overpayments, took away a lot of the panic and worry because:-
a) We could afford the mortgage on just my income.
b) If he was made redundant, he could afford to take a lower paid job (and still make smaller overpayments).

He was able to another permanent job in a different department within the same company several months (and interviews) later, but it has definitely hardened his resolved to clear the mortgage ASAP whilst we still have the ability to make overpayments.

He finally agrees that this MFW lark of mine does have its benefits and is fully onboard.