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

tattycath

No 106 checking in. Updated via google docs £81,500

clearing_out_my_pockets

Number 35 checking in - I've updated googledocs. I'm still a LOOOOOONG way off being mortgage free unfortunately, but having only had a mortgage for a little while, it's best to start as you mean to go on!

Kaz2904

Oh FB, don't worry if you can't get it done tonight, I for one, think that you deserve to have a little snifter every now and then!
Has your DD started school now too? I remember our DS's both started at the same time but they've gone into year 3 now. Can't remember your age gap though
Look forward to seeing the charts (although not in any hurry!).

Welshlassie

Hi all
haven't been around for several months as I've been off adding to the population, this has also meant that our mortgage offset has reduced as I've been on maternity leave and we've had 2 new bathrooms.

I'm back in work now and pleased to say have still got, just short of £10k in the offset pot. This this will still make me green, but it will be by the skin of our teeth. Update sent, looking forward to seeing the new chart.

On a mission to get as much paid off as possible now.

Welshlassie

Just having a read through some peoples updates and wondering if we should be including our S&S ISA in our "offset" pop. I now have online access to it so can tell any day what it is worth and we regularly pay into it with the intension of it being part of our repayment vehicle. What do people think, am I missing a trick here (uncertain as it could in theory decrease in value and don't want to think I'm in a better position than I am).

RosieTiger

Welshlassie wrote: »

Just having a read through some peoples updates and wondering if we should be including our S&S ISA in our "offset" pop. I now have online access to it so can tell any day what it is worth and we regularly pay into it with the intension of it being part of our repayment vehicle. What do people think, am I missing a trick here (uncertain as it could in theory decrease in value and don't want to think I'm in a better position than I am).

I would include it as it is an asset against your overall debt. As you say though, share prices are a pain when they fluctuate as they do - could you not put a conservative number against it?

abouttimetoo

Hi all

Number 4 reporting in. I did my google docs update to FB at the beginning of September; I've made a couple of extra OP's since then but didn't want to give FB extra work so I'll just included them in the next update. I would tell you the figure I gave FB but I've since updated my spreadsheet so I've got no idea which figure I reported, it will be a nice suprise to see it when I look at FB's spreadsheet :rotfl:

I've also been a bit dippy with this months OP and inadvertantly sent and extra £100 - doh!

Some of the outstanding figures you are all reporting are just amazing, well done all :j:j

financialbliss

Ok. Drum rol for Chart 07 of 12 - this challenge is moving along so quickly...

On the whole, we're all doing so well. Lots of people so near to clearing their mortgages. After a quick scan, I don't think we've any new challengers who are mortgage free as of this chart, but I'm sure we'll have some on the two year anniversary.

Well done everyone - thanks for your updates. It's quite amusing in reading some of the comments, eg had to make another payment to round down or managed to find a few extra pounds...

If you've not updated already - no worries - I'll keep checking the chart and update accordingly.

So without further waffle, here's the updated chart 07:
https://spreadsheets.google.com/spreadsheet/pub?hl=en_GB&hl=en_GB&key=0AnhcWfGMRVgddGtzMTdvS1VnNXUwakpPc3NjZzRHMVE&single=true&gid=41&output=html

As predicted, I've slipped into the red zone with my own entry, so if you're not green, then don't dispair - there's time yet.


As per usual, if you spot an error in either chart 07, the sumary chart or I've updated your figure but forgot to update the "Updated" column, send me a PM and I'll fix as soon as I can.

Will attempt to get chart 08 out this evening too, so you can plan for the next 3 months - off for a :coffee: be back shortly...

Financial Bliss / Maz123.

Ever01hopeful

I've read loads of your comments and could do with some help on where to find the spreadsheet I hear some of you talking about and where do I put my start mortgage etc, the date I want to be mortgage free and how much my mortgage is etc...

I have been trying to reduce my mortgage by over payments for the last two years, I would like to be completely mortgage free by 2013 however I am aiming to be very close by the end of 2012. I have an offset mortgage and put as much as possible/available in it every month. I now have a mortgage of £56k, it started at £104k 10 years ago.

My Dilema

I am due for a pay rise next month due to a new job and part of me wants to put the extra into the mortgage overpayment but a larger part of me wants to start saving towards a new kitchen extension which will cost £28k. I have worked out I could save £18k towards the kitchen by the end of next year. Any thoughts?

financialbliss

Ever01hopeful wrote: »

I've read loads of your comments and could do with some help on where to find the spreadsheet I hear some of you talking about and where do I put my start mortgage etc, the date I want to be mortgage free and how much my mortgage is etc...

I have been trying to reduce my mortgage by over payments for the last two years, I would like to be completely mortgage free by 2013 however I am aiming to be very close by the end of 2012. I have an offset mortgage and put as much as possible/available in it every month. I now have a mortgage of £56k, it started at £104k 10 years ago.

My Dilema

I am due for a pay rise next month due to a new job and part of me wants to put the extra into the mortgage overpayment but a larger part of me wants to start saving towards a new kitchen extension which will cost £28k. I have worked out I could save £18k towards the kitchen by the end of next year. Any thoughts?

Hi Ever01hopeful,
Welcome to the MSE mortgage forums.

First of all, there's a number of good spreadsheets out there. Search for locoblade - that normally gets some good recommendations.

Alternatively, check post #1 of my diary where I link to a simple but effective sheet in posts 534 and 536:
https://forums.moneysavingexpert.com/discussion/572849

As for your dilema. Personally I'd be inclined to reduce your mortgage, as it's much easier to live without a bigger kitchen than without a house, but it's very difficult to give a rounded answer on just a few paragraphs of background.

Eg is this your forever home, any chance of a partner or kids coming along (may need a new kitchen rather than jujst want), etc.

You're welcome to join the challenge - we've some free slots after a spring clean.

FB.