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

RosieTiger

Just been reading through the original MFi3 listing, those participants have certainly set the bar high for us lot to follow! Some fantastic achievements have been made so we have a lot to live up to!
Can't wait to start seeing all of our numbers ringing up after December - Good Luck everyone.

ninky_2

yep i'm in. looking to pay off the remaining 90k of my mortgage.

Hels50

Hi, I'm just finding my way around these boards and discovered this challenge, so please could you count me in?

My mortgage currently stands at £56,650 (though I have £600 in a Regular Saver ISA which is earmarked towards my mortgage, so the actual amount outstanding is £56,050). Thanks to whoever it was who suggested that as an over 50, I can save up to £5,100 in an ISA! I spoke to First Direct and they are happy for me to make a one-off payment to bump up my ISA subscription to the full £5,100 this year. As the ISA pays 7% and my offset mortgage is at 1.99%, it makes sense to fund the ISA to the full amount, as it will ultimately go towards paying off my mortgage.

I have a job in which I can work extra shifts, which will all help towards my aim to pay off the mortgage in just over 3 years, by which time I'll be 57.

Thanks for any encouragement. I'll be frequenting here much more often now.

gingernutbizkit

Hi all,

Just back from hols last night and trying to catch up on all the MSE news! Lovely to see so many new people on here.

Afraid we rather overspent over the past fortnight so not quite as much to pay off the debts as I had hoped. We will be changing our mortgage in March and I am hoping to get together as much money as possible for then.... £16k would be great as we will have made 8 months of £500 overpayments by then too - making a total of £20K off the mortgage. SO I need to save at least £2300pcm and have set up a seperate account to keep the money in.

Ging x

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.

Wishing everyone the best of luck in this challenge.

PetitePeche

Can I join

£82,730 down to £50,000 !!:eek:

PP

Frugal_Fox

Oooo, I like jumping and bandwagons.....

Can I come and play please?
No idea yet of what I want to reduce by - I know I won't be able to clear it in three years, but give me a day or two and I'll have the figures

financialbliss

@ PetitePeche / Frugal Fox,

You're both welcome to join. I'm just about to pop out for the afternoon, so I'll allocate numbers this evening and PM you both back later.

If anyone else is looking to join in the next few days - I'm away in the morning (Monday 31st) and not back until Friday 4th September, so you'll have to wait a few days for a number.:D

Keep posting here / PMing me and I'll allocate on my return...

FB / Maz123.

PipPip

Count me in too! Want to reduce my mortgage from about £220k to £100k in three years and fully paid off in 7 (although will push for 5!). In the past 3 years we got it down from £300k when we took it out to £220k today, so progressing well.

seese75

I would like to join in too....just the incentive I need. My mortgage stands at £60,590.00 today, in three years I would like to get it down to £30,000. Not sure if its possible.....but I am going to give it my best shot. Many thanks.