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

gallygirl

black_taxi wrote: »

unexpected huge bill taxi----so oct will be small o/p

breaking the 20k barrier 12/12/12 is now 50/50

another unknown(i think ive averaged two a year)

Don't be too disheartened if you do fail BT - you've made great progress :T.

Welshlassie

Hello all, long time no write
Well done to everyone who has met/exceeded their targets, it really is inspiring to see.

Sorry I've been MIA for so long, can't even remember when I last updated. Finances haven't been great in our household for last 18 months or so, but we finally faced up to alot of things in August and appear to be heading back to track. As a result of all the issues we had to resolve our overpayment fund went on paying that off. We are left with £3.5k to pay off, but after rebudgeting and DH get some casual work we are actually now in a much better position financially.

We've just taken out a new mortgage deal at 2.39% above BOE on a lifetime tracker which although it puts our monthly payment figure up £72 per month is actually so much cheaper than other deals out there.

As a result of having to pay off £3.5k after our OP fund has gone we have effectively failed this challenge completely as we will be in a very similar (if not worse) position than we were when we started it. However now we are almost back on track, hopefully we can make inroads into the mortgage in the T3 challenge. So for this reason we will just be making a fresh start over on T3. See you there.

uzubairu

Welshlassie wrote: »

Hello all, long time no write
Well done to everyone who has met/exceeded their targets, it really is inspiring to see.

Sorry I've been MIA for so long, can't even remember when I last updated. Finances haven't been great in our household for last 18 months or so, but we finally faced up to alot of things in August and appear to be heading back to track. As a result of all the issues we had to resolve our overpayment fund went on paying that off. We are left with £3.5k to pay off, but after rebudgeting and DH get some casual work we are actually now in a much better position financially.

We've just taken out a new mortgage deal at 2.39% above BOE on a lifetime tracker which although it puts our monthly payment figure up £72 per month is actually so much cheaper than other deals out there.

As a result of having to pay off £3.5k after our OP fund has gone we have effectively failed this challenge completely as we will be in a very similar (if not worse) position than we were when we started it. However now we are almost back on track, hopefully we can make inroads into the mortgage in the T3 challenge. So for this reason we will just be making a fresh start over on T3. See you there.

By having an OP fund you had a level of safety against unforeseen circumstances which you wouldn't have had otherwise.
You had a hiccup and are hopefully going to get back on track so it I don't see it as failure, you are just taking a more scenic route to Mortgage Freedom.

Good luck in MFiT-T3.

diadeb

uzubairu wrote: »

By having an OP fund you had a level of safety against unforeseen circumstances which you wouldn't have had otherwise.
You had a hiccup and are hopefully going to get back on track so it I don't see it as failure, you are just taking a more scenic route to Mortgage Freedom.

Good luck in MFiT-T3.

Very true, so take heart welshlassie! I am putting all our overpayments and a bit more into a two year fixed rate bond and it does worry me losing access to such a big chunk of money. We do have access to other monies though if things turn really dire.

See you over at MFIT-T3......onwards and downwards....our respective mortgages that is.

SusanneCape

black_taxi wrote: »

Susanne-- there is one u can register now

Starts 12/12/12012

https://forums.moneysavingexpert.com/discussion/4152769

Thank you very much. I have posted in that forum and will hopefully be accepted as a member.

Best regards,

Kaz2904

Another month, another step closer towards the end. This payment has seen us down into SINGLE FIGURES! WOOHOO . We now owe less than £9000.
The builder came round yesterday evening to give us a quote befor eI came to work so I'll be interested to see what he comes in at. Hope it's cheap enough to get done before Christmas
Onwards and downwards

Jock_Tight

Now down to £1,630 after Septembers overpayment came off this morning.

Oh and did I mention only 7 days to go to becoming mortgage free

RosieTiger

We aren't planning to make any overpayments before the end of this challenge, although its tempting!!!

Mortgage less savings is now at a just over £6000 level, but Christmas is likely to see it stay roughly there and then Q1 2013 becomes the goal for the finish line.

black_taxi_2

Same here--All my main annual bills are between oct to feb+Xmas

Insurance/mot/car tax ect---so now I know for sure I won't break 20k barrier,but that's ok,I will make progress 2013

All the best everyone

the_end_of_the_rainbow

Mortgage is now £1880 and could have been paid off this month but put the money into a savings account as will be taking out a whooping £400k mortgage in the next month or two (:eek:).

Have focused so hard over the past 3 years to get rid of the beast and am slightly apprehensive to be taking on such a massive new debt. Also, feel a little flat that I won't be able sit there feeling smug because I don't owe the world a penny ......oh well, what would I do with myself if I didn't have a million spreadsheets to update each month!

See you all on the next challenge.