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

gerbiljo

Good to see people hitting their targets now, I've just creeped into the 36's very exciting!

Trying_to_be_good

mortgagenomore wrote: »

Wondered if anyone is carrying on a challenge ie MFI3-T2 (b) :j

I really like the idea of MFI3-T2b - it'll still take me years to clear the mortgage, and making the challenge title a bit longer for each three year block works for me! The next one will be years 7 to 9!

brizzledfw

I will be up for that guys...am hoping to pay off in next 10..so when this one challenge finishes will be aiming for 9. It's been a roller coaster time, adding to the mortgage for our dream camper van, OH and I going PT with a big drop in salary for me especially as also moved jobs..but the forum and discipline of trying to overpay has been fantastic. Couldn't have done it without all the support and ideas on these threads and diaries.

Cheers all

Brizzle

tattycath

I'm up for that too. This thread has been so motivating and given me the kick up the backside i needed to get to grips with the mortgage. There is still a mountain to climb though.

black_taxi_2

heres another pep talk from me

ive found -out alot more about finances/budgeting/targets since starting this challenge.

1.i first thought 3 years was a very acheivable--target(on course for 5 years)
2.then you find out theres so many unknowns
3.expected/unexpected bills
4.loss of overtime/p/t work
5.sickness/health
6.a holiday/short break--u need to refresh yourself
7.avoiding taking on new debt(small loans)is 50x better than not o/p a few months
8.its been nearly two years and i feel time is slowing--but then i look at original mortgage/debt and see the progress.
9.looking at mse mfw forum gives you the will to keep going/after 1/2 years it is a dangerous time because you might give up.
10.if i never started this challenge id be 48k in debt with a few loans.now im 20k better off-no loans-and see light end of tunnel.
11.not hitting original target is no problem--as you hav made big strides towards goal
12.you might be put off MF target---oh---5/10 years from now is a longtime---but when you get there and look back in time--you will feel great you made that decision.

all the best everyone

maz123_2

Black taxi that's lovely. x
Due to this challenge i'm expecting to sign for my new home on Friday, (possible next week, bloody solicitors!) I would never have been able to afford it if i'd not made o/p and its going to be lovely. I have full intention of knocking off years off the new mortgage as well
maz x

Kaz2904

Don't forget that next month is no council tax, the month after is no council tax or rates and the month after that is no rates. That's all a bit extra for the pot.
We're going to Florida in a few months so I have been doing lots of extras to pay for that. Money is really tight here as it is for everyone I would imagine. We have actually started shopping at Waitrose now as it seems to be far better value for us than Mr A's. The food is just better quality and goes further with less waste.
Menu plan is continuing to be followed despite DH's disgust at a fixed plan .
I'm getting there repayment wise- phew!

Trying_to_be_good

Hi everyone - good point on the Council Tax light months - ours is being spent instead on scarifying and aerating the lawn (too big to do ourselves!), the annual boiler service and chimney sweep. All part of the planning!

diadeb

A somewhat depressing start to our new year. The gales a week or so ago bought a couple of our fence panels down. It has brought the time forward when we have to completely replace it. It's only 10 plus years old, but the neighbours garden is a couple of inches higher and their garden plus all the water from their patio drains on to us. So the base of almost every post and bottom of each panel is rotted. So concrete posts and gravel boards is the way forward but at a cost of over £2k.

Then last night an even bigger blow. Hubby completed his tax return to be presented with a £3k plus tax bill. He's on PAYE, so we were not expecting that at all. On investigation it turns out he hadn't checked the tax code he was sent last January, then another in December; both his employers and the tax man used/gave the wrong codes; net result he's been underpaying all year. :mad:

So raiding the savings yet again, which become ever depleted and yet another thing standing in the way of achieving this challenge. This year was looking like a problem before all this. :wall:

RosieTiger

It never ceases to amaze me that HMRC and employers can make a mistake when your on PAYE but they then insist on instant payments back to rectify the situation. We are not the experts in this they are.