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

Wanna_Be_Mini_Dave

This challenge sounds like TONS of fun Can I join? (pretty please, with sugar and ice cream and a cherry on top?)

My mortgage is currently $181K, I expect to have it down to $175K by December 12th, 2009. In the 3 years of the challenge; I'd like to reduce my mortgage to $67K.

financialbliss

Wanna_Be_Mini_Dave wrote: »

This challenge sounds like TONS of fun Can I join? (pretty please, with sugar and ice cream and a cherry on top?)

My mortgage is currently $181K, I expect to have it down to $175K by December 12th, 2009. In the 3 years of the challenge; I'd like to reduce my mortgage to $67K.

Dave,
Here's hoping we have a bit of fun while chipping away at our mortgages.:D

Dave now becomes the second person from outside the UK to join this challenge - first canne who is from Australia, and now Wanna Be Mini Dave from America.

Now at 83 challengers. Anyone else from outside the UK interested in joining?

FB.

PhoneGuru

Hi All

I would like to join this challenge (UK based btw)

Current mortgage: 217,461
Target 190,000 or < 75% LTV

Tough, but have to aim for something. Need to get the LTV down so can hopefully get onto a better product at the end of the current term, which ends Oct 2013, but 12/12 is a good target date as well.

wynnvegas

Excellent - a Questee. It's like being in LOTR!

Despite being in that awkward middle ground of three years being a bit longer than I'd like and it being impossible to pay off the remaining amount in 2009, I'd like to play as well please.

Current mortgage: £42,000
Target: £0

Hoping to get shot of the whole lot by the end of 2010.

financialbliss

wynnvegas wrote: »

Hoping to get shot of the whole lot by the end of 2010.

@ PhoneGuru - Just PM'd you - you're 84.

@ wynnvegas - Just PM'd you - you're 85. Not a problem if you think you will clear the mortgage before the 3 year term. Guess the challenge may help you in that goal. Would be ideal if you could clear for Chart 04 on 12/12/2010, but don't let me sway you

Total mortgage debt for this challenge has just topped 7 million - £7,000,635 in fact if there are no errors in the spreadsheet, with pledges to reduce by £3,323,186.

Well done everyone :T
FB.

RosieTiger

[QUOTE=financialbliss;24432449Total_mortgage_debt_for_this_challenge_has_just_topped_7_million_-_£7,000,635 in fact if there are no errors in the spreadsheet, with pledges to reduce by £3,323,186.

Well done everyone :T
FB.[/QUOTE]

WOW !!!!!!!!!!!!!!!!!!!!!!!

Makes you feel proud to be part of it !

RosieTiger

Right, OP for september goes off tomorrow of £1,200, which takes our yearly figure to £19,291.76:j


Spreadsheet tells me we are around £120,400 at present - next big target is beginning of October which should be in the £118's. We have £120 then £100 as our next big aims so here's hoping !

setmefree2

RosieTiger wrote: »

Right, OP for september goes off tomorrow of £1,200, which takes our yearly figure to £19,291.76:j


Spreadsheet tells me we are around £120,400 at present - next big target is beginning of October which should be in the £118's. We have £120 then £100 as our next big aims so here's hoping !

well done :T:T:T:T

RosieTiger

Hey SMF2 lots of thanks for all the support - your own story is one that first got us started on this and is still a great encouragement.

lunar

Hi everyone.

I need to make a change to my target for this challenge. I wanted to get our mortgage down to 80k at the end of the challenge. OH and I were chatting about it last night and we dont think it is possible.

We wil still have a fair bit of debt left when the challenge starts. Plus in around 14 months we want to try for another baby meaning we need to save for the fertility treatment. We want to be able to have 3 attempts if necessary meaning we will need around £10000. Hopefuly things will work out with one attempt but we need a back up plan.

We think it is possible for us to get the mortgage down to £100,000 over the 3 years and become debt free. Can my target be changed please to reflect our new target.