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

adwat

Talking of home straights... I'm now on the 3...2...1 countdown three more payments left : Dec / Jan / Feb... can't wait!

As it's coming up to the end of the year and 2/3 of the way into the challenge we should all be giving ourselves a big pat on the back for getting this far and achieving all that we have so far.

Well done everyone!

hoobydoobydoo

Me too - at least for my Further Advance, which should be paid off by the end of January 2012 and then it will be time to start on the proper mortgage. If we hadn't been paying extra off the mortgage, I wonder if we would have anything to show for the money? I doubt it.

Best wishes all
Hooby

Captain_Pie

I run two mortgage spreadsheets (because I am really sad/OCD). One is the one I call my "worst case scenario" one, which doesn't take into account the savings we make from our offset mortgage.

The other is the one which does take the offset into account. As a result of a recent overpayment, I'm happy that if everything stays "as is", then we're on target to have paid off our mortgage by Dec 2025 - 5 years early :j

Of course, things will change (we'll be looking to replace the conservatory for one!) but it's a bit of a morale booster - as well as just another way of showing how overpayments, even small ones, can make a difference!

curlygirl1971

Me too Captain Pie. Well 3 sheets really. The first is the 'master' sheet and is a month by month record of what has happened so far. It is also a forecast of what I expect to happen. There are 3 end of month values on it, 2 of which are pulled from other sheets.

Balance 1 is what has happened / how I think it will continue (ie. I've included some interest rate rises and presumed that I will be able to continue with a basic level of OP's)

Balance 2 is what has happened so far and thereafter it is the expected month end balances if I make no further OP's

Balance 3 is purely so that I can gloat with a small measure of smugness - it's the end of month balance for every month past and future if I had never made an OP.

These 3 balances are then represented in a graph. Gosh I love that Graph

I don't have an offset mortgage but I also have another column which deducts my month-end savings balance from my mortgage debt so I know my net liability.

Have a great weekend everyone. Looking forward to reporting in on 12/12/11

Trying_to_be_good

Oo - I love OCD spreadsheet conversations! :rotfl::T:rotfl::T:rotfl:


I have everything in one spreadhseet, with a graph which has six different lines for:

1. Original scheduled payment only
2. Top-up by £100
3. Top-up by £200
4. Top-up by £500
5. Top-up to £2,000
6. The one we're actually following with overpayments and offset and my ISAs.

Then there's the line of the offset savings, without my ISAs. And the version if I were to take redundancy. Adn the extra line for the house renovation fund that's nearly spent.

OCD and proud of it! :beer:

gerbiljo

Well!! Today I have handed in my notice. I hope to have a new job for the new year but if not....OH WELL, managed to stick with it for over 2years and feeling rather chuffed with that. I think I'll get work and I think I'll make my target but it might knock the certainty of the signature!!! Now thats what I call a challenge.

The £2.5k vet bill was an unexpected expense but I have a happy a healthy beautiful cat and am so happy he is better, has made me realize I couldn't be unhappy anymore, after the struggle...I chose LIFE!!

Stressful week but feeling a bit liberated, either way be keeping on this challenge definitely won't be making the big overpayments until work is secure tho....that would be silly. We now need to clear our cards so have to prioritize that might try and pay the £1k tho I'm not sure I can sit on £41k for too much longer!!

RosieTiger

adwat wrote: »

Talking of home straights... I'm now on the 3...2...1 countdown three more payments left : Dec / Jan / Feb... can't wait!

As it's coming up to the end of the year and 2/3 of the way into the challenge we should all be giving ourselves a big pat on the back for getting this far and achieving all that we have so far.

Well done everyone!

Well done almost there!

black_taxi_2

read on an investing site---how someone bought lloyds shares to pay off mortgage faster---share price down 53% in 6 months

instead of paying off mortgage faster 50% of his savings have been wiped out,adding extra years to mortgage.

---

our way is a slower process but its SAFE an TARGET DATE is always guaranteed within a few set backs

Jock_Tight

black_taxi wrote: »

read on an investing site---how someone bought lloyds shares to pay off mortgage faster---share price down 53% in 6 months

instead of paying off mortgage faster 50% of his savings have been wiped out,adding extra years to mortgage.

---

our way is a slower process but its SAFE an TARGET DATE is always guaranteed within a few set backs

I had a load of company shares which looked good on paper, after a few dips over the years decided I'd rather have the real money so cashed them in and used to offset the mortgage in 2007. The shares dived the following year!

curlygirl1971

Many years ago I received a small allocation of Halifax Shares....I think they were worth about £2k at one point, maybe more.....and I kept on to them because for many years I just felt as if I would just spend the cash If I had it 'cause I really needed it, so keeping the shares would be the same as making me save the money - and I guess I also thought they were a relative safe bet. :rotfl:

As of 5 mins ago they are now worth £29.79 . Less of course any selling fee which is usually a minimum of £40. It actually makes me feel quite sick to think of them. Ah well the divs were good whilst they lasted.