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

ElusiveLucy

#90 just updated via the form - As at 12-Jun, balance on mortgage should be £63,324, which means I am slightly ahead of target at the halfway point.

Having survived two rounds of redundancies in the last 6 months I am saving as much as I can whilst it is possible, as well as paying off an extra £500 a month on the mortgage.

As of the end of this month I will be in the position where my savings (dependent on ISA values) could pay off the mortgage, so I feel very happy! :j

The motivation from this challenge and the MFW challenge have kept me going, so thanks to everyone on here. There has been some fantastic progress on here and I look forward to being one of those who has reached MF status :A as soon as I can.

curlygirl1971

Hi Guys,
Good to see everyone posting and doing well – very well in some cases! Thanks as always to FB and everyone else for continuous motivation. Googledocs updated. And so, mainly for my own satisfaction....

Half-way point review:-

My current mortgage balance is £32294, which represents a reduction during this challenge of £13196, of which £9498 was achieved by Over-payments. If it wasn’t for OP’ing my current balance would most likely be £42686. I love looking at that comparison.


My current forecasted end date is June 2019 when I’m 48 and not July 2027 when I’m 56. This is based on my spreadsheet which assumes a) some increases in interest rate b) my income won’t change and I can continue to OP, c) I won’t be moving and re-mortgaging at somepoint. The last two are unlikely. Fingers crossed for BOE decision this Thursday.
On paper my LTV is 30.46% but I think in reality its nearer 40%. I have a terraced property on one of the main routes into a city. When I bought 9 years ago they were selling like hot cakes – offers were being accepted within 48 hours of estate agents being instructed. I had 6 months of just missing out and so I ended up panic buying, desperate to get on property ladder. In a way it was the right thing to do – whilst my purchase was completing the value of these houses went up so much that I could have no longer afforded to buy, but it meant that I have ended up on a scruffy dirty noisy main road, with not a tree in sight, and I can’t abide it. 3 of my neighbours have been up for sale for 12 months or more and they are just not shifting at any price.


Current Financial Position:-

Could be worse. Much worse. Infact I generally feel quite lucky. I have some savings. I can meet all my bills and have a life although the increases in food and fuel have made a dent in my OP’ing ability. So far this year, no nasty bills and nothing I’ve not already saved up for. I regularly go over my SOA, account balances, check interest rates, move money around etc. I save-up, budget, plan, shop around, compare prices, get cashback, get rewards, get points etc. I feel reasonably secure about the short term but I do worry (still) about the longer term - job, potentially looking after family member etc. And if I was being honest what would make me much happier is living in a nicer house in a nicer area (I don't mean something big in a posh area). Ideally with a view of something green.
Car Insurance just done :eek:, Car Tax due at end of month. I’ve booked some elements for my US holiday in October (Flights, some accom) and have to pay these off the credit card in the next week £850. I have a family week in Wales to pay for (Originally booked by my family as a surprise for my birthday but they couldn’t keep it quiet!) – shouldn’t be expensive as we are car sharing and doing self catering in part. Some meals out, treats for my nieces etc. Can't wait

golfiematt

my balance of 12/06/11 should be £27615.21. which is £2384.79 ahead of my target.Going to concentrate on paying my bills and c/c for a few months as i am ahead.I feel i need to live a little and have been overdoing the o.p's! hopefully a small break will be just what i need to get back on track. GL all and keep up those o'p's

mfwin2019

Just updated via google docs - £167647 still behind target but maintaining at least £200 overpayments per month without feeling it. (£770 for this quarter so I have achieved this by putting aside £200 a month plus money from items sold etc)

Target still looking a bit optimistic but you never know what will happen around the corner so we will keep on chipping away at the mortgage.

Good luck to every one your posts really spur me on

cake21

Just reported new balance of £87k via google docs. Still in the green but that's thanks to earlier windfalls. I'm hoping my new, more challenging target will spur me on a bit, no overpayments in May or June so far but great to read about other people's overpayments :T

cha97michelle

I just reported in as £26,141.69.

To be on target at this stage i needed to be at £27,500. I am a whopping £1358.31 aqhead of myself, which is amazing. I only need to be at 26,250 to be on target, so i am actually just over 3 months ahead of where i thought i would be.

When i first set my targets, i thought i would be finding it hard to get to where i wanted to be. The reality has been good though, as the interest rates have been in our favour.

My plan now is to keep pushing as the interest rates will go up again before the end of this challenge, and i want to see how much i can beat my own target by for December 2012.

It is like a snowball for us. The ball is rolling and getting quicker all the time. Hard work, some small sacrifices, but still living as we want to.

RosieTiger

Just checked for an official figure before posting and we are now on £38,806.93 :j

Calculate the latest mortgage less savings figure to be £18,107.73:j:j

TheBees

TheBees (number 80) reporting in for the June update.

We've had an eventful couple of months so not been on here much.. DS17 passed his driving test and so we've helped him buy a car etc, and last week I had my appendix removed so I'm feeling a bit under the weather.

So our mortgage balance is now £43262. Only been managing to overpay about £90 per month but I think I'll increase this to £150.

Half way through the challenge and we're not doing bad.

the_end_of_the_rainbow

189 - the end of the rainbow reporting in.

Balance today - £47450.

Well pleased.

Thanks again for all your hard work.:T

starbucks

180 - starbucks reporting in
Balance £9,500

Thanks again for running this challenge and all the useful tips and tricks as it is helping me keep on the straight and narrow (although I have fell off abit ! :-))