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

Thriftyknickers

Apologies for the delay - I've updated via googledocs. We've made minimal overpayments this year (only £200) and none this quarter as we're diverting any spare funds to our ISAs plus having work done on the house. So although we're behind our original target with our mortgage at £100,222.43, once we take our savings into account, the 'real' figure is £72,077.79. Of course ISA allowances have increased since the start of the challenge. And, back then, I was a bit wet behind the ears and didn't realise I could transfer my annual ISA at the end of the year and still get a decent rate of interest. Back then, the money was coming out every year to overpay the mortgage, once the 'introductory offer' had passed. Should I keep my original goal (and I suspect stay permanently in the red) or adjust it to take my increased savings into account? 'Course once my mortgage interest rate (currently 2.5%) goes above my ISA rates (all paying at least 2.9%), the money will come out of our ISAs rapidly!

gerbiljo

Thank you for publishing the chart once again, lots of hard work

Penny_pauper

Thanks for the update FB although it makes me hang my head in shame at how firmly in the red we are! It'll be better next year (fingers crossed)
PP

setmefree2

Thank you for the new chart :T:T

black_taxi_2

FB --thx for the effort---my balance is wrong
on updated chart

my 12/09/11 balance should be £32286 33.4%

cheers

RosieTiger

As always, thanks are indeed due FB, really appreciate your efforts!

Trying_to_be_good

Hi everyone, and thanks for the chart, FB.

I've re-submitted my google update, as my mortgage balance seems to have snuck on as the amount repaid - a bit of a difference as the balance outstanding is over £237,000 :eek: and having started at £300,000 :eek::eek: that's £62,000 paid off (which I'm still really pleased with!).

Unless FB knows that my lender has made a similar error on my account, which would be REALLY helpful and significantly accelerate the mortgage-free date!!! :beer:

unhappy_shopper

Hi everyone,

Thanks to FB for his kind efforts to keep us all on track with our mortgage repayments with his timely charts :A. I know I have the dubious distinction of having the highest shortfall. At the beginning of the quest, we had only one mortgage and our intention was to completely clear it. However, in March this year, we added on another mortgage to buy another property nearer my OH's place of work. That is why there was this big jump in the amount outstanding. Still I am quite happy having made deep inroads to our goal of being mortgage-free at the earliest.

Thanks again for all the inspiring stories and morale-boosting posts in the MFW thread. :j:j

loopy-juice

financialbliss wrote: »

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.

cheers fb. nice one

Mat_Money_saver_wannabe

September 2011 - Current outstanding mortgage of £78K.

Not the greatest of progress but circumstances are in the process of changing and hopefully if things go to plan then some inroads could soon be made on the remaining capital

Keeping my fingers crossed