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

gerbiljo

cha97michelle wrote: »

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.

Same here at least we are taking the opportunity while we can, we can do no more we have been lucky

Courgette

Just updated. We're now have £7418.86 to go until savings and mortgage are balanced. In theory this should be easy, in practise however we will see as I have resigned from my job and if I can't find anything new we're gonna be living off very very little for a while!

Can't wait to see the chart!

adwat

#98 Reporting in :

This months balance is £11k, a bit disappointing as it's been an expensive month - car repair and a couple of impulse buys... but back on course from here on in and hopefully just 4 more payments left.

shala_moo

Hi all, no. 70 just updated...

Halway through and i've just missed my half way target by £330! i had a car accident (scrape) a few weeks ago and had to dip into my savings for £350 to pay for the repairs.. gutted that that £350 could have bought me below target and in the green for the first time! oh well expensive lesson learnt - be more careful in car parks!!!

Mortgage (less savings/owed money) now stands at £65,331, back to when i first took it out in 2001!

Trying to save as much as i can this year because we are talking about putting our house on the market next Spring... :eek: bigger mortgage coming, more responsibility!!

Looking forward to seeing the chart.. hope everyone is enjoying the challenge so far x

originalmiscellany

gerbiljo wrote: »

Same here at least we are taking the opportunity while we can, we can do no more we have been lucky

Same here!
Depending on how interest rates rise means we're saving as much as possible... However, if rates keep rock bottom for the indefinite future, we'll continue to make hay while the sun shines. As someone here has said before, you fix your roof when it's not raining...

elliemoo

Number 40 here.

Have updated googledocs for Chart 6. Declaring at £38,635.99.

Can't believe its the half way mark. Hope to really get into gear in the next few months.

Great progress from everyone.

gallygirl

No. 11 reporting in with update, progress is behind schedule as we accidentally bought a house (I know, it just sort of happened ) which took all the offset and Mr GG's savings :eek:.

Have thought long and hard about what to put on update and I figure that as the plan was to reduce mortgage & increase savings/equity I can still remain in the challenge. House was bought with cash, so that is equity, and so I have recorded how much of that was from the MFiT challenge, then started a new running total for what has been saved since.

The only problem is the original plan was based on Mr GG matching my savings. As he contributed over 60k more than me :eek: to new house I need to catch up with him so the remaining 18 months of challenge will be me only, so no way of meeting target

Good luck to everyone else and well done on progress :T

uzubairu

Number 19 updating for June.
Mortgage on 5th June is £47,473.

Halfway through the challenge already, it seems like the time has flown.
It ususally does when you are in good company.

Good luck to everyone who has stuck with their challenges.

unhappy_shopper

# 77 reporting in for the June update

We completed on our new home last month. The new outstanding balance is £174,970. Aggressive overpaying motivated by this thread has helped us to have a low LTV, thereby gaining a low interest for our new mortgage. Hope to continue at this same rate and be mortgage-free ASAP.

:j

hoobydoobydoo

Hello everyone

Just updated via google docs. My current balance is £4631.18 which is brilliant. There is NO WAY I would be in this position now if it weren't for the challenge, so thanks to everyone involved. I can't wait to see this debt finished and then be able to make serious inroads into our main mortgage.

Got an appointment at the Nationwide on Friday as our current tracker is about to end - not sure whether to go for another tracker, a fixed rate or just revert to the SVR while the base rate is still low.

Best wishes to all
Hooby