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

elliemoo

I estimate my mortgage will be about £53,000 by December and I am aiming to be mortgage free by the end of the challenge. We are tied in a fixed rate until July 2010 so I intend to make a large overpayment before getting a new deal, but will keep overpaying monthly as much as I can.

DJ_Mike

I'll throw my lot in for this challenge!

I'm about to take out a new mortgage in the next few weeks.

I'm never going to pay it off in 3 years (yeah, I wish ), but I can provide a reasonable target nonetheless (in tandem with the diary I'm gonna be keeping on the board).

My target, therefore, is to go from having a loan of £187,495 ... down to a loan of just £150,000, in 3 years.

My goal may be tweaked a little before the 12th December deadline (as I may have overpaid a little by then anyway, so I won't be starting on £187,495), but I definitely want to be on the list!

financialbliss

hypno06 wrote: »

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

hypno, this is a big step from tredding water to reducing the mortgage - don't make small news of this - well done.

On to the other posts today. August has been reasonably quiet - holidays 'n' all perhaps but:

elliemoo - I've updated your quest to clear your mortgage completely. Thanks for the info.
unhappy_shopper - welcome to the fold - you're questee 77 and I've PM'd you.
Keefington - welcome to the fold - you're questee 78 and I've PM'd you.
DJ Mike - welcome to the fold - you're questee 79 and I've also PM'd you.

Of the 79 questees that are currently in this challenge, 65 of you have now set a challenge - 82% of you. Well done. Guess it's getting easier to predict the mortgage as we get closer to December.

Thanks
Financial Bliss / Maz123.

Trying_to_be_good

We might be exchanging on our new house within the next couple of weeks, so will have some idea about the size of the mortgage and target then. I daren't tempt fate and set the target before we get the house, so will stick with the old MFiT one in my sig for now!

uzubairu

uzubairu wrote: »

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.

financialbliss/maz123
I posted this at the start of the month, but it doesn't seem to have been updated yet.

financialbliss

uzubairu wrote: »

financialbliss/maz123
I posted this at the start of the month, but it doesn't seem to have been updated yet.

Sorry uzubairu,
I had updated the chart, but not post #1. Now done. Thanks for keeping me on my toes.

FB.

uzubairu

That was quick.
Much appreciated.

Raini

Hello All,

After much consideration I think I need to set a more realistic challenge for the next 3 years. I had stated that our target would be to pay off £60k (putting us on target to pay off the mortgage in 10 years) but as we recently got engaged I think £30k is much more attainable - still tough though! We could probably do £18k without much effort but I'll really have to work for the extra £12k!

FB I have pm'ed you.

PS. We AREN'T spending £30k on the wedding by the way!! :eek:

TheBees

TheBees would like to take part in this please. We're taking part in the original MFiT but won't be anywhere near clearing our mortgage. I can't remember the exact figures but will be aiming to pay off a capital repayment of £9000 over the challenge using a standing order into a savings account and money in the loose change jar! I THINK that will bring us down to around £40K by the end which will be brilliant.

glitterball

Ok going to take the plunge, I would like to join in the challenge.

Currently my mortgage is with the Nationwide and I also have a Further Advance. Buy the end of the year I expect the mortgage to be 47k and the FA 13k so 60 in total. I would like to set a target of 30k.

Secretly I would like to clear it but I don't think thats at all realistic in three years but 1/5/15 that sounds like a posibility.:j