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

someday_soon

Good One BT

My first post.

Hi There

I have to say this challenge fits the bill perfectly for me. My mortgage will be about 60,000 on 12/12/09. I have spent the weekend looking at options to see how close to the objective of three years and clear I could get, and with some adjustments I think it will be possible given a fair wind! So...

Clear mortgage of 60,000 in 3 years it is!

Thanks to Martin, the team and Money Savers for getting me DEBT FREE in Nov 2009!!

Thanks for the focus..

Good luck Everyone!

Should be less than £15k when I post my latest total.

Great to look back.

gerbiljo

ok heres my first post..... scary stuff!! still paying still building, think the luxury life in the country might be a while away tho!!



Hey! My first post here. We have been trying to get our mortgage down for a while and have quite a strict plan! It would be good to be part of an official target/group so could we be included please?

I had been off work after having our first baby and we never thought wed be able to afford for me to stay off but we were lucky enough to have dramatically decreased mortgage payments thanks to the falling interest rate, so managed for me to be off and overpay. We have paid £12k off so far this year despite me only just going back to work.

My work was very inflexible and my only job offer was a 48 hour week which obviously was undesirable but my husband and i decided i would return in a bid to try and smash the mortgage so we could relocate to the country before our little one goes to school to basically get our ultimate dream lifestyle to try and justify our current sacrifice.

Our mortgage is currently £111,852 with 24years remaining as of november 09.
Our aim is to do the following in 5 years

1) overpay the mortgage to decrease the total by £2500 a month (£30k a year) irrespective of interest rates (within reason) our current mortgage is 0.94 above the BR with HSBC tracker.
2) put up an extension on our house which we are basically building ourselves, planning permission currently in place though we are in no hurry so hoping to get started only and then concentrate on the mortgage
3) after we are mortgage free- pay off a loan i have with 5 years remaining with tescos for about £18k now which should only take a couple of months once we are no longer making mortgage payments, £258 a month
4) finally pay off a loan of £30k to my parents which is interest free hence the last on the list which i pay off at £500 a month

So to conclude

our mortgage balance 12th december 09 should be £106,852
so our target for 2012 is £16,852, tho reality to be near to £30,000 (bearing in mind the extension) would be amazing!! hopefully 2013 we shall become mortgage free!!

Kaz2904

Here's my first post from 11/01/09...

I've always known that I had no chance of being MFi3 (the original 3!) and knew it was more like debt free in 6.
My mortgage is set to end on 22/11/2012 according to snowball. At present I'm unsure if I will even hit my initial £43000 target.
I will start out with a mortgage of £43,253.10 (will change subject to further overpayments) and a debt of £11210. My current snowball suggests figures of £0 mortgage and £9921.98 debt for December 2012. So I will set my target as £9000 debt for 12/12/12.

My mortgage is 5.29% fixed until July 2010. Minimum payment is £649.75 but we allocate £1330 monthly to debt repayment. £1320 to mortgage and £10 to Mum loan.

Tips heh? Each February and March we pay the council tax to the mortgage. Each March and April we pay the water rates to the mortgage. Any quidco cashback goes to the mortgage. The yearly cash back from my egg card goes to the mortgage. If I seem to have come under budget for food (hah when does that happen?!) I may pay in some money then. Initially I used to come home from shopping and get my reciept out, check how much I'd saved from coupons and pay them straight of the mortgage.
Any interest we earn on our savings accounts or current account goes towards repaying what we owe to our savings. These are my DH's inheritance but have been heavily pilfered for a new (to us) car and major renovation which is ongoing to our house.
We have been here 4 years at the end of May and will still not have finished it by then! We have had our downstairs liveable and nice since 20/11/2008.
We need a new bed but are coping with our old one at present. TBH, the more nights I work, the easier it is to cope with cause then DH & I sleep alone and in the middle so it doesn't wreck our backs too badly.

I suspect I may have rambled (surely not Kaz?) for a while but thought I'd paint a picture for those who don't know me/ have forgotten the details!
I will add this challenge to my sig only when it starts because I am easily confused. TTFN, Kaz.

greent

No 117 here.. I was a latecomer to the challenge, so my first post is from 21-06-2010 and reads:

Ooh, ooh - just read financialbliss's post on the 2010 board - I'll take whatever number I can for this challenge if any are still available.....

I was going to wait and see if I get a number before coming up with a 3 year target - but I couldn't help myself and have been playing with spreadsheets. By 12/12 I'd like our mortgage to be £67500. That'll be hard work to achieve - especially if (when!) interest rates rise, as our fixes aren't far off ending. However, I'm of the opinion that targets should be a little stretching!

greent x


less than 21 months down the line and our mortgage is now at £71950 - so we're only £4450 off our target - which we should hopefully achieve in July. Come 12/12/12 we should be at £61500 (or even less!! )

And I thought I'd set at stretching target! All down to those continuing low interest rates...

Off to send in google docs for this quarter's update now...

Thanks, as ever, to the thread organisers and also all the other posters for all the ideas, support and encouragement on here

SuiDreams

Declaring balance of 12064 still behind target due to new bathroom last year and increased cost of living, but still better than if i hadn't joined the challenge will update Google docs.

mortgagenomore_2

This is my first blog (see below) funny makes me realise how far i have come it is feeling slower but a quick read and i know im still on track!!!

Have read so many blogs on here starting about a year ago which led me to daily clicks, and overpaying on my mortgage as much as i possibly could, this site is as some say very addictive.
My inspirations include tallgirl, whom i feel as though i know well without even knowing and tesco points addict, Eagerlearner for her daily clicks input and FinancialBliss who got me hooked on overpaying to get rid of the dreaded mortgage, i am now signed up to the 3 year challenge which will see me (fingers crossed) from £33990 at the starting block on 12/12/09 and finishing approx £18990 on 12/12/12 this works out at £5000 per year to reduce mortgage by, then i will be finalising with a 4 year challenge thus 12/12/2017 i shall be mortgagenomore not just in name!

I just wanted to say to all on here you all should all be so proud of yourselves its the small amounts that end up making all the difference and you have all inspired me in some way!

Happy New Year and good luck in 2010 in clearing all our debts together!

spidystrider

I'd really like to join in. I originally became mortgage free in January 2007 but will be starting a new mortgage for £151k in November.

I would like to reduce my mortgage from £151k to £100k in the 3 years.



The above was my first post and I am now about to update with a total of £98,716, which will be the amount left after my next mortgage payment on the 16th of this month.

financialbliss

Quick snippet of information to share!

Been keeping a close eye on the mortgage over the last few days and the payment must have cleared sometime this evening.

Mortgage this evening is: 20,565.19

Mortgage savings: 5,600.00

Effective mortgage: 14,965.19 :j:j:j


I'm using 0% card to slow stooze, paying back just over the minimum and using the freed up cash for mortgage payments. There's a small risk that it can go horribly wrong, but I do appear to be getting there at present.

I'll be using that value as the chart 09 one

Very well done everyone.

FB.

Trying_to_be_good

I used to always have a 'slow stooze' card on the go - it's not a lot of saving but it's not a lot of effort, either. In fact, I slow stoozed my entire wedding on a card that have me a reasonable credit limit (for a relatively low financial value second wedding for each of us - emotional value far more important and very high!).

Just keep on top of the minimum payments (most allow a Direct Debit to take the stress out of this), then workout how brave you feel about leaving it to the last minute in paying off the whole balance at the end of the 0% offer. I always cleared it at least five working days early, in case anything should go weird! But I'm quite risk-averse, hence concentrating on paying off my mortgage and not investing in the stock-market. You may well be much braver!

The Faster Payments should de-stress the final pay off now, both getting the money from savings to current account and on to the card company.

Good luck, every little helps (I have ebay sales finishing today, so might have some extra to transfer to the offset before the 12 Mar update, fingers crossed!).

gallygirl

Admin morning so update done for this and 2012 challenge

Current balance is around 26.5k so can't see me meeting target of 0, but as we had a large purchase last year (accidentally bought a house :rotfl:) I.m happy enough.

Well done everyone :j, can't wait to see chart and sorry I'm dragging you all down