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

abouttimetoo

Hi all

I've just sent my update form to FB. I made a slightly higher than normal OP this month, it's normally £500 but this month I sent £585.43. The reason for the increased payment - and I want to make this as a minimum in future - is that this means a nice round number comes off as the capital reduction - £900 to be exact (Billy, is you're looking in I know you'll approve ) By the way, I should clarify that the £900 capital reduction is from the total mortgage rather than just the IO part that my challenge is based on.

I can't believe we are half way through our challenge already. I'm miles off where I should be but still very happy to have reduced my mortage by £9542.41 since the challenge started; that said to be where I should be in order to meet my challenge that should have been a reduction of £22,361

Thanks for all your posts, I don't get the chance to post often but I do lurk and read a lot

FlowerPower

Great list of stages to being a MFW! I'm not sure what stage I'm at - maybe 5/8... I've not allowed myself to OP for AGES now - it's so frustrating, I love OPing and watching my mortgage go down, but plans changed and we had a wedding to pay for, and now saving (again!) for a house deposit makes more financial sense (I think) than to plough it into my flat's mortgage.
I still update for the charts though and am pleased with how much lower my mortgage is than if I hadn't OPed at all. Who knows what the next year and a half will bring on our MFW journeys?

RosieTiger

FlowerPower wrote: »

Great list of stages to being a MFW! I'm not sure what stage I'm at - maybe 5/8... I've not allowed myself to OP for AGES now - it's so frustrating, I love OPing and watching my mortgage go down, but plans changed and we had a wedding to pay for, and now saving (again!) for a house deposit makes more financial sense (I think) than to plough it into my flat's mortgage.
I still update for the charts though and am pleased with how much lower my mortgage is than if I hadn't OPed at all. Who knows what the next year and a half will bring on our MFW journeys?

And whichever of those routes you chose to follow, you will be in a better place than if you had opted to do nothing.

RosieTiger

We have been working on making a major splash on our figures for the last few months and have now been able to do it today......

Through the 60,s, straight through the 50's, straight through the 40's and are now sitting on....

£39,999.99 :rotfl:

That makes a payback figure in the last 12 months of £40,000, so feeling very chuffed with our efforts.

Mortgage less savings figure now below £20K, so on target to be technically clear by the end of this challenge.

Time for a :beer:

gerbiljo

Well done Rosie they're big figures. We're ahead with our initial target- get to 15k but behind if we want to clear, however I think we will clear it close to the deadline due to shuffling about with money but we won't be totally debt free, but well on our way. Looking forward to the updates

adwat

Well done RosieTiger!

adwat

It's a bit of a landmark for me coming up in a few days, that is going from 5 figures down to a 4 figure mortgage, when I'll owe the princely sum of £9.5k. I can't believe that only a few years ago the balance owed was £165k.

RosieTiger

adwat wrote: »

It's a bit of a landmark for me coming up in a few days, that is going from 5 figures down to a 4 figure mortgage, when I'll owe the princely sum of £9.5k. I can't believe that only a few years ago the balance owed was £165k.

We see 20 as the next big number, but that figure your about to hit has a very nice sound to it!

mummyofonechild

It certainly does. Good Luck xx

RosieTiger

Interested in hearing some views. Beginning to give real thought to switching over to offset. The thought process goes that rather than be technically MF by having as much in savings as owed out, by putting into offset we achieve best of both worlds by being at zero but not losing access to savings.
Big question is whether to go early. Yes, it would be at a higher rate than current deal, but big attraction is to see a low number to give a real target to go for. Other point is that the rates offered on an offset are higher than those on offer from our ISA.
Mathematically, I reckon it would cost us around thirty pound a month in interest difference. Would this be worth it for the extra impetus from seeing a low number.
Anyone gone this route out there ?