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

Trying_to_be_good

someday_soon wrote: »

Hi All

I have just updated- half way already- and I am very happy with what we have acheived so far. Problem is, I think we are about to fall off the wagon big time. Had some quotes for work to the house, big mistake, ok not strictly need but more want, but I know that one job will lead to another IYKWIM. Should we hold off for 18 months and see this through or not?

Would be interested to hear your thoughts.

Good Luck with your own challenges

Someday Soon

I think you should do what makes you happiest - being mortgage free but wishing you had a fab kitchen/bathroom isn't necessarily the best long-term plan. OH and I have different ideas about planning/saving for the future and living for now, so we compromise on some of each. It's left us both much happier! :beer:

mummyofonechild

We decided the financial security of being mortgage free was more important. Now we can save up to decorate at leisure knowing the house is ours

mortgagenomore_2

No. 154 clocking in at £23,300 half way through the challenge, good luck to everyone we have come and long way i have slowed down in my op's but have been paying off cc's and i replaced my old boiler which set me back £3k, (nothing to do with the wife) :rotfl:

silver_4444_uk

No. 152 also "clocking in". It seems quite incredible that we are halfway there !

I know from my own experience the single most important thing that I have done is to make my mortgage overpayments automatic ie. I have direct debits set up so that as soon as I get paid the money goes into seperate savings and investments accounts (which I count as "The Untouchables" ), because in the past I would leave the money in my current account and it would just get spent.

I am also aware that I have got to try and squirrel away as much as possible this year because ( fingers crossed ) my eldest daughter will get into university next year and that is actually a debt I am hoping that will come my way.

Good luck everybody and keep saving !

Rgds.

Silver

shangaijimmy

Just reported in at £149,095. Pretty much stopped over paying at the moment as we've had a couple of weddings and a seemingly endless run of peoples birthdays!! Anyway it looks to have come to an end now so we should restart in June and we're hoping to get a good run at it till November.

However we're currently having a conservatory built so will be taking about 6k out of the overpayments pot to pay for some of it and the all the garden repairs and furniture that goes with it.

So although our mortgage amount will go up we're not disheartened as if it wasn't for the last 2 years of overpaying we wouldn't have the money to build one anyway!

cha97michelle

I am waiting for closer to the 12th to send my update as we are waiting on at least 3 payments to come in and if they come in before the 12th they will go off the mortgage. They add up to over £600 so it is not small change.

I hope it all comes soon, but we have been waiting a little while already and it said up to 28 days. I am so impatient.

DJ_Mike

Can't believe we're already half way through the challenge! Feels like time has sailed by...

I've managed to reach two thirds of my target at this point, so all going well here so far, fingers crossed!

Glad to see so many people continuing to stay involved with the challenge too - it's heartening to be alongside like-minded debt warriors!

gerbiljo

Hope the payments come thru in time michelle

cha97michelle

I'm £1200 ahead of target anyway for here as my mortgage balance is currently what it should have been at in September with overpayments, but this would mean i was nearer November time.

I've been really conscious that the rates can only go one way, and it is really motivating me to get my butt in gear here and do what i can while i definitely can.

Jock_Tight

#165 reporting in for duty SIR.....

Updated via google docs
We are £1058 ahead of schedule at this stage (1/2 way point)
Balance is £18,895
18 months to go

Good to see lots are still on target and sticking with the challenge :cool: