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

shop-to-drop

Have reported in my balance at £66,000. If I left it any longer I don't think I'd resist making another overpayment and we have decided it will be better to build up savings at the moment and so will be doing a £5K cash ISA each before the end of the month.

perrywinkle

Hi,

have updated new mortgage figure through google docs

Many thanks
perrywinkle

chickadee

Evening all,

I have just updated via google docs, but for the forum, my current balance is £4,985. This means that since the start of this challenge I have repaid £31,636. It looks fantastic when it's written down, and even I'm amazed by it. I haven't been ridiculously frugal, and we had a brilliant but expensive holiday last summer as well. I think that it has just been about calmly keeping the spending down and making sure that I keep up to date with my spreadsheets, then making the regular overpayments. It sounds simple but it is effective.

Happy days!

Jock_Tight

No 165 just updated via google docs.

Current balance is now £9,160 which means we have reduced the mortgage by just over £30k since the start of the challenge.

We are ahead of target by £817 at the chart 9 update :cool:

Looking to be mortgage free by the first week in November.

gerbiljo

we are also stoozing, I need to have a check on this tho!! makes it so much easier to spend!!
will be exciting over the next 9months seeing all the MF people popping up here and there!!

liuhutOz

This is my first post on the thread...although I started 8 months later than most others. (posted under my old user name - had to change as forgot the password).

I dont mind what number I have. Just pleased to be getting one!!!
My mortgage, as of 30/4 was 63406.32 my monthly payment 344.21 however I have increased my repayment to 640 every month. By 12/12/12 I would like the mortgage to by 48,000 so I'll set my target for 15,500. It takes a while for me to get my monthly statement so hopefully I should be under the 63000 mark now.
I've put all the figures into the snowball and its says Dec 2019 for the last payment, thought it would be good to start a new decade MF and I'll still be young...ish at 42!!
The mortgage is on the house in England...we are currently living in Australia and renting down here but the plan is to probably go home at some point so the more I can knock off the mortgage the better it will be when we get home. I do want to try annd pay more off but I'm trying to get a balance with doing/seeing things and travel while we are out here and getting the mortgage cleared.
I'm a bit of a lurker, especially with the time diff I tend to read the posts when you lot have gone to bed. Anyway, I'm really excited to be on board and am off to post three ebay sales which is the start of the new, slightly more careful me.

UPDATE -I've just sent an op of 2900 pounds so the new balance is 45,437 pounds...next month we will be under 45K... now my OH is fully on board its making life easier. I'm now hoping to be under 40k when the challenge finishes. Good luck to everyone
L x

Alion

Alion wrote: »

Hi, I'd like to join you too if I may. My original 5-year plan finishes part way through the three-years of this (from £200k to £125k in 5 years) so I want to incorporate that target and set myself another a little further off.

So I'd like to join with the target of reducing my mortgage to £100k. I expect that it will be around the £150k mark by December this year.

I have a diary here

I really appreciate that this challenge is open to those who aren't expecting to be mortgage free in the time period - I was a little too nervous to join the previous as I didn't feel my challenge fitted in.

Thank you for organising and all the effort you're putting in

Amazing - we're already down to £75k and our five year plan (to pay off enough to buy a larger house without increasing our monthly payments) has done so well we're looking at our forever house instead of a middle-sized house!

uzubairu

No. 19 - March update

Current net mortgage balance :- £33,633

When I started this challenge, I initially set a target of £30K reduction, then increased it to £50K when I knew that OH was getting onboard.
Looks like we will beat that target well an truly before the end of the year.

The best part is that we have still managed to travel and do nice things over the last few years (all in a 'MSE-friendly' way).Keep up the good work everyone, it's nice to see all the updates.

Captain_Pie

Checking in with £134200.

Our overpaying endeavours will be on hold for a while now, as my wife and I are at breaking/crisis point in our marriage

We are receiving professional marriage counselling and it's costing a small fortune. Whilst I don't regret paying for the counselling - as long as it's useful for us - it certainly is hitting the bank balance!

gallygirl

Captain_Pie wrote: »

Checking in with £134200.

Our overpaying endeavours will be on hold for a while now, as my wife and I are at breaking/crisis point in our marriage

We are receiving professional marriage counselling and it's costing a small fortune. Whilst I don't regret paying for the counselling - as long as it's useful for us - it certainly is hitting the bank balance!

Some things are worth way more than a mortgage OP, hope you work it out. In the mneantime, a dodgy hug for both of you :grouphug: