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

Double_Trouble

No 29 reporting in

I am sorry I have been MIA for ages and partly due to a remortgage and then another huge drop in income has meant that our total debt which for this challenge I have called mortgage (although some is on 0% cards) has gone up by £6500 so now stands at £267,300:eek: not sure if you want me to officially update as it will move the total in the wrong direction

We are on an extreme budget as from the beginning of this year when we found out about our income cut which means our income is now less than half what I was when I first joined MSE and we are managing well so hopefully we will start to make inroads into the debt again soon and I am also looking for a full time job so we are not down and out yet but things have been tough. Sorry to have post a negative.

DTxx

curlygirl1971

Double_Trouble wrote: »

We are on an extreme budget as from the beginning of this year when we found out about our income cut which means our income is now less than half what I was when I first joined MSE and we are managing well so hopefully we will start to make inroads into the debt again soon and I am also looking for a full time job so we are not down and out yet but things have been tough. Sorry to have post a negative.

DTxx

Sounds very tough but well done on coping with it - infact your post provides a positive message of ACHIEVEMENT well done. If it wasn't for your financial management skills you may be in a worse situation and less able to cope with whats been flung at you. Loving that weight loss sig BTW

black_taxi_2

march payment £781---25.90% now paid off

curlygirl1971

Strangely looking forward to 12th.....? Think it's just cause it's another mini-milestone achieved.

Doing okay so far. On Target. Improved my personal expenditure mainly by swapping from Tescos to Aldi for 80% of my shopping and sabotaging some of the intended 'going-out' instances at the weekends. Have become OCD with my MPG.

Have made an OP this morning but am going to see what my balance comes out at and then try and make another before 12th that will bring me into the £34k's from the £35k's. It just feels good doesn't it Will report figures then

I know many of you are watching the BOE rate - Is anyone else like a complete lunatic with it? Please say yes. At 11.55am on the day I bring up the BBC News website....I stare and refresh, stare and refresh, stare and refresh, I can hear my blood pumping in my ears, until it comes up and then I jump around the office declaring the outcome for everyone to hear. I just stop short at pulling my shirt over my head, fists in the air and skidding along the floor on my knees. I am considerate to the two savers in the office and approach them quitely and respectfully to break the news.

But it's becoming agony - and it's only going to get worse as it starts going up we've been really spoilt on these low rates (those of us on variable)

black_taxi_2

b.o.e rate---im 3.29% above base rate .50

should be ok---merv king trying his hardest to avoid interest rate rise

inflation a prob-but he wants to avoid UK going into recession

black_taxi_2

if they go up will only be .25% a time

cha97michelle

I'm so sad i sat and worked out what my payment would be between the current 0.5 and 6%. We pay BOE +2% and it added a maximum of £90 onto our current monthly payments. It took the worry out of it for me.

It might hinder overpaying a little bit, but we will have done our best.

gallygirl

curlygirl1971 wrote: »

I know many of you are watching the BOE rate - Is anyone else like a complete lunatic with it? Please say yes. At 11.55am on the day I bring up the BBC News website....I stare and refresh, stare and refresh, stare and refresh, I can hear my blood pumping in my ears, until it comes up and then I jump around the office declaring the outcome for everyone to hear. I just stop short at pulling my shirt over my head, fists in the air and skidding along the floor on my knees. I am considerate to the two savers in the office and approach them quitely and respectfully to break the news.

:rotfl: Em no I am not THAT bad :rotfl:. Please tell me you will do the slide if it stays the same next month

curlygirl1971

gallygirl wrote: »

:rotfl: Em no I am not THAT bad :rotfl:. Please tell me you will do the slide if it stays the same next month

LOL! Don't think my knees would take it. It would be good though if the bubble lasted a little longer. But like BT said - it will only be small at first - I just hate the thought of it spoiling my lovely spreadsheet :mad:

Aless

One of the (many!) great things about this challenge is that you can go back to the charts and see how much you have paid off since those points in time. I have my own records but it is good to see just the mortgage separated out. I find this very motivating as looking at the more day to day figures and the effort to scrape money from here and there can make it feel like the task is endless but the long term figures show the benefits.

As it looks like I will probably be able to meet my target for the challenge by the June update (mainly because we have yet done a couple of things we were going to do which involve quite a bit of money) I have been thinking that I should increase my target. Is that allowed?