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

Kaz2904

Just having a little catch up on this thread. Got back from holiday on Saturday so really need to have a rejig of my figures.I'm worried about the savings as we have bought a new (to us) car in July and DH has decided that he wants to go to Egypt for our holiday next year. I don't think he quite understands how expensive that will be for 4 of us in the school holidays.Will update my sig with the figures I have to hand.

Starsailor_2

Hi, I'd like to join please.

I think we will be at around £246,000 in December 2009 and I hope to reach 199,000 by December 2012.
Thanks very much
Starsailor

ninky_2

some close friends overseas are in dire straits so my overpayments are going to take a serious hit this month as i'm sending them 2k to help them out. some things are more important than being mortgage free, however.

Hels50

I'm a newbie and have joined the challenge to be MFi3 by 12/12/12. (I'm No. 87 on the chart!) I'm just finding my way around these boards, but wouldn't it make sense to make this thread 'sticky' otherwise it seems to slip down the list and might get hard to find!

Optimisticpair

DJ_Mike wrote: »

I'll throw my lot in for this challenge!

I'm about to take out a new mortgage in the next few weeks.
snip> I definitely want to be on the list!

Best of luck on the signing up for new house today.

We would like to join in too, please.

I think it would be a good plan to take our MF quest in two stages splitting it into 2 x 3 year targets.

My first goal, based on both of us living together in one place, was to review all spending and set target. This didn't happen due to not being able to get broadband for 9 months! :mad:

So, revised plan -
1. September 09. Set target for first 3 years to overpay and offset on our own home mortgage of £73k while renovating. Leaving us with a final target for a second three year push to be MF.

2. By end of 2010. Eliminate or drastically reduce the other current £17k mortgage.

financialbliss

Hels50 wrote: »

I'm a newbie and have joined the challenge to be MFi3 by 12/12/12. (I'm No. 87 on the chart!) I'm just finding my way around these boards, but wouldn't it make sense to make this thread 'sticky' otherwise it seems to slip down the list and might get hard to find!

Good point Hels50. As far as I can recall, the original MFiT thread became a sticky after it was included in a MSE weekly email as a forum tip.

However, after a later review of the boards, many of the mortgage free threads that were sticky, were removed as a good amount of the first page was being given up to sticky threads.

I use the Firefox web browser as my primary browser and I've got this thread bookmarked, so I can easily locate it regardless of what page it is on in the mortgage free section of the forums. It's address is:

http://forums.moneysavingexpert.com/showthread.html?t=1402631

if you want to take that and add as a bookmark.

Financial Bliss.

financialbliss

I've just allocated a few numbers. so a quick update on who's now in this challenge:

92 - PipPip
93 - seese75
94 - Starsailor
95 - Optimisticpair

I'll PM you all shortly... Back in post 178 (Link), I did an analysis for people who had joined from January to April. As we have moved on a further 4 months, I'll do the same again, with a final analysis for September to December in due course.

January: 25 members
February: 3 members
March: 11 members
April: 7 members

Minimum = 3
Maximum = 25
Average = 11.5
Total = 46

May: 9
June: 9
July: 10
August: 19

Minimum = 9
Maximum = 19
Average = 11.75
Total = 47

Grand total of questees up to 31st August was 93. Guess that even with 2 or 3 new members each month between now and December, we're pretty much guaranteed to exceed 100 members. :j

Finally, as of 3rd September, you have just 100 days left to express an interest in this challenge before it becomes locked to new entrants.

Financial Bliss / Maz123.

RosieTiger

ninky wrote: »

some close friends overseas are in dire straits so my overpayments are going to take a serious hit this month as i'm sending them 2k to help them out. some things are more important than being mortgage free, however.

Good for you !:T

taxi73

Please can I join in here...my original plan is to be debt and mortgage free by my 50th birtday in feb 2014.As you can see from my sig I have a lot of debt.
I think my mortgage will be about £43K in december(will give you the exact number at the time.)...and aim to pay it all off by 12/12/12.
This may or not be possible but I am going to give it a serious try.
I have a lifetime offset tracker at 0.49% above BOE base rate..so not worth putting overpayments in there at the moment as I get more on EGG....I am going to ring mortgage provider to see if I can shorten the term.

benbenandme

Can I join in too please I am currently doing the original MFiT challenge and my aim is to pay my mortgage off by the time I'm 40 (August 2013).I reckon my mortgage in December should be approx £42k and I will be aiming to clear as much of it as possible during the challenge