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

mortgagenomore_2

I have been sluggish past few months everything needed done roof problems etc and of course no income for three months but back on schedule slowly crawling back up not managing as much as i should but still odd bit here and there cant believe only 5/12 to go 1 more then final furlong with 2012 good luck everyone everything is going up in price except our mortgages every little helps whether is it a tenner here and there psycholigically its good to see it coming down!

shop-to-drop

Is it within the rules of the challenge to reduce the 12/12 target? I don't think it very likely we will get too close now firstly we spend 20K on a family car which we are happy with the decision to do but obviously has set us back. Now our SAYE and investments on the stock market are a fraction of what they were and we were planning to sell at some stage to pay a wack of the mortgage, we obviously left it too late! We have been making significant regular overpayments of what we can doing overtime etc. Our new target would be £50K rather than £30K which I think is doable but will still take effort.

We have a growing family and don't want their childhood to pass us by which is partly why we spent 20K on a comfortable car for the long journeys to grandparents. We are also planning a special holiday this year to Tokyo, HongKong or NewYork. We will be buying the flights with airmiles but will need a few K for accommodation and spends. On top of this we want to keep some saved in case we get ourselves into a good position to buy a more ideal home for us as we are cramped the 5 of us in our 3 bed semi. Mortgage free by the time our eldest goes to Uni would be fab but if we had the opportunity to move to a more comfortable house for our family would greatly improve our standard of living.

RosieTiger

shop-to-drop wrote: »

Is it within the rules of the challenge to reduce the 12/12 target? I don't think it very likely we will get too close now firstly we spend 20K on a family car which we are happy with the decision to do but obviously has set us back. Now our SAYE and investments on the stock market are a fraction of what they were and we were planning to sell at some stage to pay a wack of the mortgage, we obviously left it too late! We have been making significant regular overpayments of what we can doing overtime etc. Our new target would be £50K rather than £30K which I think is doable but will still take effort.

We have a growing family and don't want their childhood to pass us by which is partly why we spent 20K on a comfortable car for the long journeys to grandparents. We are also planning a special holiday this year to Tokyo, HongKong or NewYork. We will be buying the flights with airmiles but will need a few K for accommodation and spends. On top of this we want to keep some saved in case we get ourselves into a good position to buy a more ideal home for us as we are cramped the 5 of us in our 3 bed semi. Mortgage free by the time our eldest goes to Uni would be fab but if we had the opportunity to move to a more comfortable house for our family would greatly improve our standard of living.

Of course its within the rules, circumstances change and others have reduced or even dropped out.
Sounds like you have made sensible decisions.

Trying_to_be_good

So long as our fantastic challenge organisers can cope with a target change, sounds great to me! It's all about achieving long-term life stuff, not just mortgage-free-ness!

Jock_Tight

black_taxi wrote: »

reduced mortgage by £879 nov

£30529

try to get it below 30k 12/12/11

Its nice when you break through into the next band, all the best!

Jock_Tight

We have reduced mortgage by another £1,040 so down to £13,695 now.

wynnvegas

That's brilliant Jock,

Really looking forward to your "official" mortgage freedom. Can't wait to see the end of this challenge next year as there will doubtless be an FB-infused flurry of stats showing the tens (hundreds?) of thousands of pounds saved against original term agreements. As a few have said, those that fall short of their aims still have a hell of a lot to be proud of with the efforts that have been made.

Cheers,

Billy

Jock_Tight

Cheers Billy

I'm looking forward to 2012 when we really will be on the home straight and counting down the months to MF.

Still managing to keep to the plan despite a couple of little trips away towards the end of the year. We had 3 days in Berlin in September and just back from a week in Fuerteventura where the temp was ~25 deg, bit of a shock flying into Glasgow where it was only 2 deg :eek:

Regards,
Jock.

wynnvegas wrote: »

That's brilliant Jock,

Really looking forward to your "official" mortgage freedom. Can't wait to see the end of this challenge next year as there will doubtless be an FB-infused flurry of stats showing the tens (hundreds?) of thousands of pounds saved against original term agreements. As a few have said, those that fall short of their aims still have a hell of a lot to be proud of with the efforts that have been made.

Cheers,

Billy

wynnvegas

Hiya Jock,

Even better if you're keeping the balance right. If anyone can attack their debts and mortgages whilst still managing to enjoy themselves without too many limitations, they've cracked it. -1 here yesterday!!

Cheers,

Billy

Twiddy

Hi Ever01

Firstly well done for making the overpayments over the past 2 years and I hope you reach your MFW date of end 2012!

On your kitchen dilema, have you thought about continuing to use your offset account to fund it? Being as you will save £18k towards it by the end of next year, you could bring your kitchen extension project forward and use the gradual £18k savings during next year to bring this back down. With your new job/pay rise also looming, you could add the additional monies back into the offset instead of saving it externally and be rid of the new debt in no time.

Good luck in whatever you decide to do....

All the best
T