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

liuhutOz

37 reporting in

Started six months late with 63500. ended with 41272.

payments made of 22,228.

Original target of 48,000 so I'm pleased that we manage to repay more than that, something that would not have happened without the motivation from this site!
Thanks to everyone that contributed to the thread and FB for doing a sterling job running it.

Hope that everyone has a wonderful christmas & new year.

See you on the next challange!
L x

someday_soon

Hi All

Posting my finishing value of 24950. We had hoped to get very close to clearing the mortgage and gave it a real go in year one and two. Year three brought some fresh challenges for us and we had to draw back on some of the capital we had overpaid - such is life.

Just about to post fresh goals in the T3 challenge, and I look forward to seeing many of you again in there, but a quick word of thanks to everyone who contributes to this inspiring thread with special praise to our leader FB.:T

Someday Soon No 156 as was.

spidystrider

Final update for me.
I started my £151,000 mortgage in November 2009, so just a month before the start of the challenge.
I am now sitting at £72,277 so I am really pleased with how it is going so far.
Well done to everyone else who has managed to pay their mortgage down :T and roll on the next 3 year challenge.

DJ_Mike

Final update from me. So my goal was to get down to £130,000 by this point in time. In the end, I could probably have managed a little better than that, but I decided at the beginning of this year that, things being less concrete in my life than they were 3 years ago, I would keep more of my money "fluid" (i.e. in savings) rather than trapping it irretrievably in the mortgage. So my final figure is at £130,750 which I am more than happy with.

hoobydoobydoo

Hi everyone!

At the start of this challenge we owed a total of £137,364 in a further advance and main mortgage. I only intended to pay off the further advance of £15,373 but after completing that 11 months early I started a new mini-challenge to get the main mortgage under £100,000. I am amazed that we now owe a total of £97,203 and with another overpayment of £550 due any day by 12/12/12 the mortgage owing should begin with £96! I never dreamt that this sort of reduction was possible in 3 years - we have cleared over £40,000!!!

Thank you to everybody involved for the motivation and inspiration. My next challenge is to get under the £50,000 mark by 12/12/15, which I am almost certain is achievable.

Best wishes to all
Hooby
x

hypno06

Hi guys, challenger 52 finally reporting in........ although I've not been updating every quarter, I have still had one eye on this. However, my circumstances changed hugely not long into the challenge.....separation, divorce, and all the associated things like only having one income, me having to transfer the full mortgage to my name etc meant that I didn't manage to attack it in the way that I wanted.

However.....

My original target was to reduce my mortgage from £185,853 to £150,000 to give me a reasonable chance of a better deal when my fixed rate ends in July 2013.....

I didn't quite get there, but today's figure stands at £154,655 which is a reduction of £31,198 and still stands me in good stead for July.

That's good enough for me!

Happy Christmas everyone and well done to all those who joined in the challenge, whether clearing mortgages off completely, or just being able to throw a few £££ a month as an overpayment.

:T:T

cazmanian_minx

Well, my target was to have the net mortgage down to £88,114 and I missed it by a LONG way It was probably the wedding that did the most damage (closely followed by replacing my car and 2 years of dental work!), but I can't bring myself to regret a single penny of what we spent on that day

I'm not going to join in with MFi3-T3 because I'm going to be sorting out non-mortgage debt for at least the first year of it, but you might see me again if there's an MFi3-T4

CaroB_2

Hello
137 (I think?) reporting in after a long silence. We've still been chipping away at the mortgage, although not with as much rigour as previously, but I have achieved and surpassed my goal of getting the mortgage down to £40K as it's now at £35,883.63.
I've signed up for the next Challenge and hope to pay off the entire mortgage over the next 3 years.

mfwin2019

Hi

Just updated - have achieved £147,772 against a target of £150,000 so very happy especially as we only made extra overpayments during the last 2 years.

Looking forward to the next challenge - target £90,000

diadeb

Final update before moving on to MFiT-T3.

With much juggling, I recovered from the last quarter when we had gone into the yellow zone for the first time :sad: , to bounce back and hit our target. Yay!

We have reduced our mortgage by £66471, and have a spare £70.95 to start off the next challenge!

£12k plus is straight overpayments, approx £4k is offset in an easy access account, but the bulk (£50k) is now in a fixed rate account that matures in two years time. Our interest rate is low, so we are earning more by keeping it offset currently, but we can review interest rates in just under two years time when it matures.

Well done to everyone, whether you achieved your goal or not doesn't matter; you are all in a better position than you would have been had you not entered the challenge - even if that is only a different mindset!