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

hypno06

Hi taxi and benben :T

financialbliss

taxi73 / benbenandme, I've allocated numbers as follows:

taxi73 - 96
benbenandme - 97

I'll PM you both shortly.

Financial Bliss / Maz123.

diadeb

Hi all - hope you have all had a good summer wherever you were. Well things are deathly quiet around here for the first time in several months and I LOVE IT! My daughter has done her GCSE's and went on study leave back in May - so its been a loooooong summer holiday :rolleyes2.

But today is a very momentous day for most of the family. My youngest has just started secondary school, my middle one has started sixth form (following her great GCSE results) and my hubby has started his NEW JOB - YIPPEE :beer:. He left his old job back in April (I think - its such a long time ago I have almost forgotten!) and it has taken until now for the promise of a new job to fall into place. But fingers crossed he will be happy and successful from now until his retirement.

So, that puts us in a good position I hope to fulfill this challenge. Our mortgage is too big to clear but I have pledged to reduce it by £66K to a nice round number .

Financial Bliss/Maz123 - have just looked at the chart (which is wonderful - nearly 100 participants - won't be long now....) Is it possible to put £66K as my mortgage in the chart so that my boxes aren't blank? I know this isn't my full mortgage - but I won't reveal that for love nor money!

Thanks

financialbliss

diadeb wrote: »

Is it possible to put £66K as my mortgage in the chart so that my boxes aren't blank? I know this isn't my full mortgage - but I won't reveal that for love nor money!

Hi diadeb,
I'll set your mortgage to £66k, with a view to clearing this £66k completely. I've also PM'd you.

FB.

TheBees

Hi everyone - I signed up to this a month or so back and have just been looking at the list to see what everone's aiming for. I've just realised that our attempt to repay £9000 off our mortgage is the smallest amount out of everybody! :eek: Apart from taking on another part time job if I can find one, I can't think of any other way to increase our overpayments!
Ideas anyone? We've already cut down our grocery shopping by joining the grocery challenge and are saving loose change in the sealed pot challenge....
We still want to be able to live a "normal" life with cheap family holidays etc..

TheBees

financialbliss

TheBees wrote: »

Hi everyone - I signed up to this a month or so back and have just been looking at the list to see what everyone's aiming for. I've just realised that our attempt to repay £9000 off our mortgage is the smallest amount out of everybody! :eek:

Hi TheBees,
There's a few huge mortgages, a few small mortgages and a lot of other values in between. Everyone is aiming for different reductions and this is exactly what I'd expect as everyone's situation is individual.

Don't worry about only reducing your mortgage by 9k. In fact, you're not the smallest amount, as princessdaisy2k is reducing her mortgage by 6k.

Part of the reason for a percentage to date column on the chart is to compare the progress of everyone in an equal way, so each reduction will be able to be compared to another as long as you're reading the percentage to date column.

Despite me wanting to clear our mortgage, we will need to have deep pockets and I can currently see us coming up short unless I come up with some creative finances.

And that's what this is about, reduce our mortgages, sound ideas off each other and have a little fun along the way. Roll on December...

FB.

hypno06

I have taken a big step today - we have been I/O for the last 6 years while we tackle the other scarier debt, which at its worst was at £100k.....but now it is down to a far less scary level, and I have also had a payrise.......

.......I have gone to repayment :j:j:j

It means that £450 will come off my mortgage each month automatically, and I can still pay 10% of the outstanding balance each year without penalty on top of the amount I pay each month.

So, a big step for me, and one which will greatly help my MFiT quest :T

vwchris

Sign me up please!

Mortgage at the start of the challenge will be around £145,000.

Aim for £100,000 at the end of it.

Cheers

FlowerPower

Congrats on going to repayment hypno! You must be thrilled!

Today's big day for me too - my very, very first ever overpayment! I've no idea if I did it right, but was too nervous to ask. Silly, I know. She said it was going on part-redemption... Not sure what that meant, but I hope it's right. £250 more off my mortgage than I would've done otherwise... I'm very happy

Hels50

TheBees wrote: »

We've already cut down our grocery shopping by joining the grocery challenge and are saving loose change in the sealed pot challenge....

TheBees

Can you point me in the direction of the gocery challenge?