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

Double_Trouble

financialbliss wrote: »

I've just uploaded what will eventually be the challenge chart no. 1 with the latest updates and new starters.

Two points of interest here.

1) We've had a new questee 'canne', who as far as I know, if the first non-uk entrant to this challenge, from New South Wales Australia. A big welcome to canne.

2) We're just off the 4 million pounds mark, but we're collectively pledging to reduce our mortgages by over 2 million pounds. Well done everyone.

Financial Bliss / Maz123.

Thanks for the chart but my target seems to be getting missed off I have requoted it again below

Quote:
Originally Posted by Double Trouble
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[/FONT]

Thanks in anticipation

DTxx

financialbliss

Double_Trouble wrote: »

Thanks for the chart but my target seems to be getting missed off I have requoted it again below

Hi DT,

Had a feeling I'd missed someone off somewhere. I'll make sure I get yours updated this evening - I'm at work and the chart is at home.

@ samnorris2: As for changing your Nationwide term - every time I've re-nogotiated (reduced) my term, I've done so while on a fixed rate mortgage - you can do this at any point in or out of a fix, and they don't charge for the priveledge - I know some lenders do!

FB.

gingernutbizkit

Hi all,

Spent a lot of time yesterday looking at my finances and started a new diary to go along with this challenge. Worked out a goal to reach for each month and realised that I have got a really steep challenge ahead of me.

Possibility of extra income coming our way which would really help.
Hope you're all doing well.
Ging x

financialbliss

Just a quick note to say do keep an eye on the first page in this thread as there's useful information in there...

I've just updated the list of questions and answers to add a few new ones:

Q. I’ve made an overpayment – what do I do now?
Q. When can I give a figure for a chart update?
Q. What information do you need in a chart update?
Q. Who do I give the information to?
Q. What about the 12/12/12 chart?
Q. What happens if I become mortgage free during the challenge?

See post no. 2 for further info on those questions.

I'm open to suggestions on the 12/12/12 chart, ie I'm thinking out loud rather than saying you must adhere to this. I've never managed anything like this before and it's all new to me

Financial Bliss / Maz123.

Trying_to_be_good

We're still awaiting our mortgage offer and our fingers are crossed for all the other legals so we can move house. The mortgage will be in the region of £300,000 so that will be a little more than a three year challenge (barring lottery wins etc), but a beautiful house (when we've finished all the refurb work).

So the number 48 objective will be updated when we know where we're living. Once we know that bit, we can start the paying-it-back bit!

Louba

Hi, I'm trying not to be put off by the fact that my mortage is fairly high in comparison to many on the list! Ideally I would like to be mortage free in three but I'm not sure how acheivable this is as it doesn't take into account possible big changes like getting married, having a baby or moving although I think my other half is more likely to be enthusiastic about reducing the mortgage than any of those things :rotfl:

My current mortgage is around £160k but should be down to £130k at April next year when I am due to remortgage. This will be made up of maximum monthly overpayments from August 09 and a repayment of capital at renewal. Assuming conservatively that my mortgage rate stays the same (fixed at 5.7%) and increasing my payments in April 10 I should be on track to have a balance of £4k in December 2013.

I also have a small joint martgage with my partner which I am ignoring for this challenge becuase my main aim to to reduce my larger personal mortgage as it relates to a property which I rent and the rent doesn't currently cover my mortgage, boo.

Sorry - that was a bit of a rant!

Not allowing for life getitng in the way (or helpging me out!) my target is to reduce my mortgage from £150k (December 2009) to £40k (December 2012)

L

financialbliss

Louba wrote: »

Not allowing for life getitng in the way (or helpging me out!) my target is to reduce my mortgage from £150k (December 2009) to £40k (December 2012)

L

Hi Louba,
You're officially in the fold. I'll PM you. Impressive mortgage target. Here's hoping you'll make it. Your entry makes a total mortgage pot of over £4 million, with pledges to reduce by £2,294,498. I'll get a chart updated shortly - on photobucket, so not affected by forum maintenance.

Nice to see that recent questees have jumped straight in with a goal.

Financial Bliss.

abouttimetoo

Louba wrote: »

Hi, I'm trying not to be put off by the fact that my mortage is fairly high in comparison to many on the list! Ideally I would like to be mortage free in three but I'm not sure how acheivable this is as it doesn't take into account possible big changes like getting married, having a baby or moving although I think my other half is more likely to be enthusiastic about reducing the mortgage than any of those things :rotfl:

Not allowing for life getitng in the way (or helpging me out!) my target is to reduce my mortgage from £150k (December 2009) to £40k (December 2012)

L

Hi Louba, welcome to the gang. Don't worry about comparing the size of your mortgage to others or let it put you off, some people - inlcuding myself - are only putting part of their mortgage on this challenge so in fact their totals are far higher - mine is nearly four times higher than the total I have within this challenge

Good luck with your plans

Louba

Thanks for the support! Good luck with your challenge too

L

lunar

My first mortgage payment goes out tomorrow, along with the first overpayment. Im interested to see exactly how much this reduces the total by. Im really looking forward to this challenge starting.