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

shala_moo

Hi all,

Can I add my name into the list please?

I've been inspired to reduce my mortgage as much as possible by everyone's diaries and have now decided that its now or never to start paying off the biggest debt i've ever had!

I took a £65,000 interest only mortgage out in 2001 with the intent of overpaying from the start, 8 years later and i've only just overpaid in the last few months. I changed to a repayment mortgage in 2004 and over the years i've took out another £27,000 extra for house improvements etc..

My mortgage will be approx £80,000 in Dec and i'm hoping to beable to pay off £30,000 in the 3 year challenge....

Good luck everyone!

x

gingernutbizkit

Nice to have you ladies on board. I look forward to hearing your progress.
Ging x

RosieTiger

Great to see this continuing to grow, I feel like a slight fraud now in going before the off date in December !
Welcome new joiners !

financialbliss

RosieTiger wrote: »

Great to see this continuing to grow.

Welcome new joiners !

@RosieTiger,

I had (and still have) no idea how much interest this challenge would/will get. I’ve been doing a rather unscientific analysis of the number of challengers joining each month. We had 25 join in January, 3 in February, then 11, 7, 9, 9, and 6 to date in July.

Based on 25 joining in January, my guestimates based on new challengers that month gave a total of 300 come December. After just 3 additional challengers in February, I then estimated an end total of 168 challengers.

Currently I’m guestimating that there could be 120 people in this challenge come December. In reality this could be way off the mark, but I’m sure an additional 30 challengers between now and December is possible, so we get into triple figures with the challenger numbers!

More importantly though, here's hoping we're all committed to driving down our mortgages.

FB.

abouttimetoo

I also think you will probably have a last minute rush to join as the end date approaches

RosieTiger

I looked through the original MFI3 thread a few weeks back, it's incredible to see that there are people who are now hitting their targets and achieveing the dream. I only see more coming to join us. If anything, we have begun to feel more bullish about our target given that we are making significant inroads already. Going for MF status id just common sense.

kissjenn

Hi, can I join too please?

My mortgage is currently £129k BUT I have a £100k worth of work scheduled over the next few months. I would be delighted if I can get to £99k by 12/12/12, an overall saving of £130k.

I'm tracking the £100k spend on DFW so I keep our spend under control in both day-to-day life and the renovations.

Hope this weird scenario is ok.

Many thanks

financialbliss

kissjenn wrote: »

Hi, can I join too please?

My mortgage is currently £129k BUT I have a £100k worth of work scheduled over the next few months. I would be delighted if I can get to £99k by 12/12/12, an overall saving of £130k.

Hope this weird scenario is ok.

Hi kissjenn,

I've added you into the challenge and PM'd you with a suggestion as to how to manage this.

Guess this MFiT-T2 thread is linked from the DFW boards somewhere.

Only reason I say that is that we're getting people joining outside of the mortgage and endowments / mortgage free wannabe boards I tend to frequent, ie names I'm not familiar with (yet) - everyone IS welcome (*) and I'm sure we're all get to know each other a bit better over the course of the challenge

Financial Bliss.

* The only limitation being is that you need a mortgage :rotfl:

Trying_to_be_good

kissjenn wrote: »

Hope this weird scenario is ok.

We LOVE weirdness!

ShelleyC_2

financialbliss wrote: »

* The only limitation being is that you need a mortgage :rotfl:

If I find my dream home (that I can afford) before 12/12 I'm in :j