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

Double_Trouble

financialbliss wrote: »

Hi DT,

I decided to open up the yellow band from my initial suggestion of 5.0 (8.33% - 5 = 3.33%) to 7.5.

So for chart 01, 8.33% or more becomes green, between 0.83% and 8.32% becomes yellow and 0.82% or less becomes red.

Reason why I did this is that the yellow band was quite small and since we're going up in 8.33% chunks, if you're slightly behind your target you could quickly end up in the red zone. :eek:

Hope this is ok? I'm sure it will quickly become clear once we get actual mortgage values in compared to our starting point.

FB.

I see that makes sense under present plans I will still be red but as I run the risk of being the only red one I shall have to see if I can do some juggling and see if i can sneak into yellow:rolleyes:

DTxx

uzubairu

My mortgage will be sub £88,000 by the end of next week, and I will still have 4 months of payments before 12/12/09.
So I am going to try and keep up my current rate of overpayment (energy efficiency/overtime/Quidco/eBay permitting) until the start of the challenge.

I would like to revise my objective to the following:-
Reduce my mortgage from £84,000 to £44,000.

cha97michelle

I just had a quick look at the chart and it is looking fantastic. Thanks for all your hard work so far. Can't wait till we are actually off the starting line with it. My personal plans to get me to the start line have worked, so all looking great for me.

Little_Mama

Whew, right, here goes, if I say it quickly it won't seem so scary.....

Hope to start challenge with £95K balance and end it with less that £65K.

Have sent you a pm FB.

LM

RosieTiger

Hi updated position as per signature

FlowerPower

I think I'm going to have to revise my objectives as well, but I'll hold off doing that until closer to December so I have a better idea. I'm coming off my fixed rate this month so finally get to make some overpayments without any penalties. It sounds silly but I'm sooo excited about making my first OP next month!!!

cosmokramer2004

Hi all,


I'd like to take part in the mortgage free in 3 years challenge please

Target is to reduce from £97000 to £50000

Fingers crossed :beer:

Cheers,CK

Ayeshalush

Hi everyone, I'd like to join too if poss.

I've been thinking about op my mortgage for a couple of months now but there is a possibility I will be buying or leasing a horse in the next few months which will obviously affect how much i can op by (I will be 40 next year so having my own horse is a dream and not something I wish to leave until I'm much older as I don't know how many more years I will be fit to ride!). Anyway after reading this thread I am feeling very motivated and have decided to commit myself.

My mortgage is a lifetime tracker with The Woolwich at BBR +0.19%. I'm not sure of my current balance as I cannot see my account on line and only receive a statement once a year at the beginning of October (payments are only revised once a year too - also Oct), so I have calculated it to be approx £33,000 on 12/12/09 with 15 years and 6 months left to run. If I put my mind to it (and don't buy or lease a horse!!!) I could have this paid off in 3 years and that will be my goal, however if I do get my horse I will still aim to overpay as much as possible.

Therefore my details are as follows :

Estimated starting value £33,000
Estimated ending value £0

Ali
x

hypno06

Hi guys!

I'm starting to gear myself up for this one.......

So I have made an appointment to sort out switching my mortgage from interest only to repayment (so far it has been IO while we tackle the other debts).

It's a small step in the right direction!

:T

unhappy_shopper

Hi MFiT-T2ers

I would like to join this challenge.

Goal: Pay off outstanding mortgage loan completely by Dec. 12
Outstanding amount: approx.60K (Dec. 09)