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

financialbliss

Hi all,

Third challenge thread active:
https://forums.moneysavingexpert.com/discussion/4152769

Feel free to register and set objectives etc. I'm sure you know the drill by now.

Let me know if you encounter any problems with the registration / updates form.

Thanks,
Financial Bliss.

Alion

Thank you

mortgagenomore_2

When i found this site (approx 2007) i had a mortgage of £43 i was so inspired i decided to start overpaying. I then found FB and the MFI3 challenge i was then at £34 and never ever dreamed i would be able to knock off my estimated £5k per year i pencilled in taking my total to be by the end of challenge 12/12/12 at £19,080.00 again i never dreamt possible but thought i needed to put a figure in to spur me on, anyway today i reached my 12/12/12 target early of £19,080.00 i can't actually believe i have achieved it, i know i havent paid off the mortgage but i have today (ironically enough) signed up for financial Bliss's next 3 year challenge to completely clear the rest of my mortgage. Again a massive thanks to FB and also the rest of you on here whos stories big and small inspire more than you know to make that extra payment to be mortgage free! Good luck almost there!

Gerbilo - well done a fiver mortgage now that sounds good :rotfl:

Susiesue

Afternoon All

I've been following the challenge but I don't visit the forums very much. But today I thought I ought to pop in and say a huge thank you to financialbliss and Maz123 for keeping this challenge on the straight and narrow. As a result, I can happily say that I'm MORTGAGE FREE :j:j:j It feels great.

Our method changed partway through the challenge in that we no longer overpay the mortgage every month but instead put the money in an offset account. As of last month, we no longer pay any interest on the mortgage. We are continuing to pay the minimum payment but for all intents and purposes we are mortgage free. We just felt that the way the banks and interest rates are, we were better off hanging on to the money rather than giving it back when we didn't need to.

The new challenge is to keep our mitts off it and not blow it on a car/holiday/new bathroom etc

Good luck to you all x

Susiesue

updated my signature too!

Trying_to_be_good

Brilliant news, Susiesue - I'm off to the next challenge!

spidystrider

Just going to update via google docs. I will be about £94,600 this month, with a nice lump sum to pay off before the December update.

gallygirl

Well done Susiesue :T:T:T:T:T

tattycath

That's Brilliant Susiesue - congratulations

RosieTiger

Just updated at £11,522 via Googledocs.