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

gerbiljo

I'm also a sprinter and I have to say I am nearing the end of my tether though I have been for a while. We have cut back back back so that my salary is the overpayment, I will on the third of august be celebrating 2 years back at full time work on a 48hour week since having my daughter, went back when she was 9 months. It was such a good thing in the beginning, every month is a bonus and it was exciting seeing what I could do but that simply isn't the situation now, I want it paid as as soon as possible, life sucks!! We have loads of pets, an untidy house, hardly any family time and we are trying to lay the odd brick here and there at the weekend so we have an extension for a few years time.

I am so truly obsessed, if it wasn't possible to overpay in this way then I think I might have had a nice steady jog over 10years, there is no way we could continue like this indefinitely all I can say is I really feel for the people that are doing this nowadays to make ends meet as opposed to having a huge reward at the end.

If its a case of small amount of extra money and losing your life I say chose life. I wanted to try and do some extra shifts for a bit more but in the end I let it go, but I think we're all so tired doing more would have been a disaster.

My spreadsheet says I will go under £50k this month but I got excited about this two months ago, now I'm just thinking why aren't I under 40 yet!!

trying to be good, a 4 days week sounds fantastic good on you!!

Hurry up next update:rotfl:

spidystrider

It does seem that most of us mortgage free wannabes are a bit obsessive. I will have had my mortgage for 2 years this November and it already seems too long. I did pay off my last mortgage in 2007 and although I have now bought my dream house, (needing quite a bit of work though), I'm not enjoying it as much as I should.

I know I could quite literally drive myself mad and often have to take a step back and look at how well I am doing. Even then I am finding it very difficult to not put my life on hold and put every spare penny into the mortgage.

Sometimes I wish I could just turn off my brain and take a break from it. Hopefully when I get it down to a more manageable level I will be able to relax a bit.

Captain_Pie

spidystrider wrote: »

It does seem that most of us mortgage free wannabes are a bit obsessive.

.....

Sometimes I wish I could just turn off my brain and take a break from it. Hopefully when I get it down to a more manageable level I will be able to relax a bit.

Absolutely relate to that. Our mortgage is in the £140ks and in recent times I've felt vulnerable with that. We have a massive amount of equity and don't have problems making the payments (so it's not a fear of losing the home etc), but it is a large debt to be hauling around.

Perhaps when we've halved the mortgage I will feel happier about it all!

Not sure if that makes sense to anyone else?

spidystrider

It's exactly the same for me. I know I will be happier when I get under the £100,000, but then I will be desparate to get to the next step. I am thankful that I have no problems paying my mortagage each month though.

beachie

spidystrider wrote: »

It's exactly the same for me. I know I will be happier when I get under the £100,000, but then I will be desparate to get to the next step. I am thankful that I have no problems paying my mortagage each month though.

I will be happier when it gets under 75% LTV. Although my mortgage was only for £97'000 originally I feel I am somewhat behind in what I should have paid off, even though I know:

1. There are people my age that don't have a penny to their name.
2. There are people with the same mortgage as me not overpaying.
3. I have a roof over my head and a job I love.

I am very excited about the coming months though, although August I have 3 weeks off work = more spending but I will ensure it is controlled!

black_taxi_2

after the first/second year---TIME SEEMS TO SLOW DOWN

its a dangerous position---many dont see progress or are impatient and give up(or horror--take on new debt)

looking yearly as rosie-tiger suggests is a moral boost

wishing time away is a mind game which messes with thought processes

when i first started --i thought within 3 years is easy

then reality set in---known/unknown expenses

best not to be obsessed--become depressed/over work unrealistic payments

strong chance of burning out

set small targets---an tick them off

this is our financial mount everest---it isnt easy but if you budget/plan you will reach the summit

RosieTiger

beachie wrote: »

I will be happier when it gets under 75% LTV.

1. There are people my age that don't have a penny to their name.
2. There are people with the same mortgage as me not overpaying.
3. I have a roof over my head and a job I love.

I am very excited about the coming months though, although August I have 3 weeks off work = more spending but I will ensure it is controlled!

This is the important point to remember for all of us. We are making a difference, even if some days it seems slow.
I wouldn't recommend anyone pushing to overpay at the price of sacrificing your life, make sensible reductions to avoid wasting money definitely, but your only here once so enjoy yourself.

I wonder whether any of the quests from the original MFi3 could offer some observations on this? I get the impression that a lot of us are feeling the mid term blues on this challenge???

We focus on the fact that this challenge has spurred us on. We love to see the annual mortgage statement as this is like the confirmation that our own calculations are correct, but, the spreadsheet is the driver. Justvtake a look back at how far you have come and it provides lots of perspective on the journey ahead.

Quarter 1 in 2012, we will be at the point when savings outweigh mortgage. Without this site we would have been left with a mortgage until 2026. So, it will all have been worth it.

Just keep chipping away, every little payment you can make WILL make a difference. Even if you back off a touch your still doing more than most others will ever do.

Let's have some more positive stories, we all need it.

cha97michelle

I'm impatient whatever we achieve. If I am doing badly, I feel it should be better, and it goes well and I think well you should try harder and do even better.

I'm really far ahead at the minute. I am nearly where we should be next March from when I set the original target. Still I won't let up a bit.

I agree with Gerbil - there are plenty living and finding it really hard and only just managing. At least it is our choice to be like this.

Trying_to_be_good

I used to drive myself mad with my spreadsheet - checking it at least once a day.

I've tried to change the way I think - I try to concentrate on what I HAVE done, rather than what I HAVEN'T - so how much I have paid off the mortgage (nearly 10% since we took on the monster in Sep 09), how much I have done in the house (DIY and housework) and garden, and making time to sit and enjoy it everyday I'm home.

I'm by no means cured, but it has helped me - particularly as I was nearly mortgage-free on my flat before we sold and bought our 'forever' family house. Mortgage-free-ness will be a while off (longer if I take redundancy next year), but we're making good progress so far.

Obviously it would be nice to win enough money to pay it off now, but otherwise, it's the long haul for us!

financialbliss

Captain_Pie wrote: »

I'd like to join in for the remainder of the term, although I won't be paying it off before the end of next year!

Our mortgage balance (having just made July's payment) is 144875.00.

Not sure how realistic this is, but I'm going to set us a target of £133k exactly. If it looks like it's going well, then I might set a lower target

Thanks for the heads up FB. Put me in any free slot...

OMG - was it that long ago. 1000 apologies.

This challenge, base rate challenge, diary to attend to, work, home, social life etc. Sorry I've took so long.

I'm away in the morning (holiday until next Friday evening), so I thought I'd better get my act together. Would have been last Thursday evening like I promised, except we got some company and the wine / beer started flowing... Friday eveing and today, we've been sorting out for an early start tomorrow.


So, I've added Captain Pie in as a new challenger at no. 3 and I've added hoobydoobydoo in (a second chunk of mortgage) at no. 50.

FB.