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

Mortgage_Reduction_Novice

Lunar - Can you use one of the online calculators to work out how much your total will be?

Alion

Hi, I'd like to join you too if I may. My original 5-year plan finishes part way through the three-years of this (from £200k to £125k in 5 years) so I want to incorporate that target and set myself another a little further off.

So I'd like to join with the target of reducing my mortgage to £100k. I expect that it will be around the £150k mark by December this year.

I have a diary here

I really appreciate that this challenge is open to those who aren't expecting to be mortgage free in the time period - I was a little too nervous to join the previous as I didn't feel my challenge fitted in.

Thank you for organising and all the effort you're putting in

financialbliss

Alion wrote: »

I really appreciate that this challenge is open to those who aren't expecting to be mortgage free in the time period - I was a little too nervous to join the previous as I didn't feel my challenge fitted in.

Thank you for organising and all the effort you're putting in

Hi Alion,

You have just been added to the challenge. I'll PM you.

You have raised a very good point there. If you know you won't be able to clear your mortgage in this 3 year challenge time scale, please don't let that stop you joining. I've added a few more questions:

Q. What if I can’t clear my mortgage in the 3 year period?
Q. Can I have a copy of the chart every time it has been updated?
Q. What if I want to leave this challenge?

to the questions and answers in post #2. Hope this helps...

Financial Bliss / Maz123.

Kaz2904

Just thought I'd drop in and update that as of my last payment I'm due to start with a mortgage/debt of £55909.00. I'm due to be completely debt free 22/5/13. I will have a debt of around £9800 come 22/12/12. Some of my predictions are a little off target as I need to have a round up of all of our savings accounts including my ISA that I never received a statement for this year!

For those who are worried about not clearing the mortgage within this period, don't worry! This is my second 3 year challenge and I'd been overpaying for a few months before the first one started. I knew that my goal was going to take a long time to get to but it's well worth it!
Good Luck to everyone!

pineapple_beach

Hi there

I have been lurking for some time on MFW, and read the diaries with interest.

I share a mortgage of £86416 with my DH, the repayment part is £34256, and currently the endowmments are due to yield what they should :beer:. They finish in 2013.

Our own plan is to be mortgage free by DHs 60th birthday 01/04/2014, so after the three years. When I read this challenge, I thought that we may as well aim a bit higher and try to get the repayment side done by Dec 2012. Nothing ventured, nothing gained. We are currently overpaying between £100-£200 a month, but we can improve on this.

Please add us in, and I will post or pm an up to date balance in Dec.

Thanks
Pineapple-beach

lunar

Well the first mortgage payment has gon out yesterday but not the overpayment. They said it has to wait till next month as the first payment was larger anyway.

on checking my online banking the total has gone from £131250 down to £130987. Over £500 in interest! I cant wait till the overpayments start and we can see the mortgage go down more each month.

financialbliss

lunar wrote: »

Over £500 in interest! I cant wait till the overpayments start and we can see the mortgage go down more each month.

Ouch. Lot of interest. Via my internet banking (Nationwide), I only get a single 'interest' amount, so I track this manually each month via spreadsheet, and I can then calculate the daily interest and net reduction each month. See here for further details:

http://forums.moneysavingexpert.com/showpost.html?p=22902997&postcount=1085

I find this a useful / motivational tool.

FB.

Raini

Hello All :hello: I'd like to join to!

I'd really like to be completely mortgage free in ten years and have an extra £50K to buy a bigger house with. So this will be nice place to start on that journey.

FB, I have PM'ed you

Our mortgage should be £151,000 on 12/12/09 and I'd like to reduce it by £60,000 to £91000 by 12/12/12. :eek: That seems huge!

This is good timing too, as at the moment I'm paying a debt off but hope to have finished paying it off (or be very close) by the end of Dec this year.

Good luck all

atypicalblonde

Hello everyone!

I haev just increased our standard OP to £400 per month, so I am well on the way to get down to £94,000 for the start of the challenge. This means that my 12/12/12 aim is

£46,000

Can we do it?

Yes we can!! xx

cha97michelle

Could i join too please.

I think my mortgage will be somewhere around £34750 at that point, and i'd like to get it to £20,000 by the end of 2012. Say a target of £15000. I played around this morning with figures to pay it off completely in that time but it would be too much of a stretch for us i think, whereas this is where i think we can achieve plus a small stretch.

The mutual support and ideas sound good.

I started my own diary last month. http://forums.moneysavingexpert.com/showthread.html?t=1764573

Michelle