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

hypno06

Hels - the grocery challenge is on the old style board - usually a sticky at the top of the first page. They are a fab bunch!

Flower power - it feels quite strange - it is a long time since I have been on repayment.......:D

WorkingHardDFW

OK breathing deeply and typing slowly since this is a really scary challenge which I feel that I need to join.

Having had huge debt we'll fingers cross (and everything else) be DF by December and therefore we'll be looking for a new challenge and I think that I've found it.

Our mortgage currently is £113k and I would like to get that down to £50k in 3 years. Now we're limited in what we can overpay for the next year £500 per month but our 'deal' ends in Jan 2011 therefore we can opt for something with a little more flexibility then...

Quite exciting to have this challenge looking forward to it!

hypno06

Hi WHDFW :hello:

financialbliss

WorkingHardDFW wrote: »

OK breathing deeply and typing slowly since this is a really scary challenge which I feel that I need to join.

Great - consider yourself onboard. While not intending to gloss over wvchris, who comes in at 99, WorkingHardDFW is next in line, meaning we have hit 100 challengers :j

I'll PM you both shortly...

WorkingHardDFW wrote: »

Our mortgage currently is £113k and I would like to get that down to £50k in 3 years. Now we're limited in what we can overpay for the next year £500 per month but our 'deal' ends in Jan 2011 therefore we can opt for something with a little more flexibility then...

Is your mortgage by any chance a Nationwide fixed rate mortgage? You can normally only overpay these by £500 a month without penalty. However, if you reduce your term, this will up your monthly payments and on top of that, you can still overpay by £500. We have altered our Nationwide term 3 times.

Financial Bliss.

TheBees

Here's the link to the grocery challenge for anyone who wants it

http://forums.moneysavingexpert.com/showthread.html?t=1910591&highlight=september+grocery+challenge

You can cut and paste it into your browser or click on the link above and it should take you straight there.

TheBees

taka

:hello: Oh go on then... I've been stalking this thread for months... gulp... sign me up too please! I have absolutely no idea of a target yet as I may be trying to do a PhD in the next few years and this may involve having money to OP or being uber skint!! :eek::eek: My options are...

a) stay on current salary and do it part time (with possibly £2k fees to pay/yr although I may be able to get a grant to cover this as I am a Uni employee) but I don't have enough funding for the full 6 yrs it'd take and it may not be possible to get the further funding in the current funding climate... :eek:

b) stay on stay on current salary for the rest of my current funding (until summer 2011) and do a part time MSc (with possibly £2k fees to pay/yr), possibly self funding the last few months from savings/part time job (as its 2 yrs for a part time MSc) then switch to a full time PhD with a massive drop in salary. :rolleyes: :eek:

c) do a full time PhD (massive drop in salary) - this probably can't happen as I have a 2:2 (and no MSc) and its tougher to get funding even with years of relevant experience and it limits who I can apply to get funding from.

d) I don't get accepted at all and the whole idea/dream is a pile of poo

Options a) and d) would mean I have money to overpay (provided we get further funding) , option b) would mean I may have some money to overpay at least for the 1st yr or so of the challenge and c) would mean nothing to OP! :eek::eek::eek::eek:

Ermmmmmmm... Hopefully what will happen will be (at least partially) resolved before the start of the challenge but my target may be anything from £1000 (ie the tiniest in the challenge ) or £15-20k! :eek: :rotfl:

Sorry for the ramble... :o:o:o

Floxxie

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 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

Take a look at the DFW board; there is the 'make £10 a day challnge", Up Your income board and for match betting the GIOL board. You can also look at the freebies board (to then sell them on or reduce your expenditure), the Competition board (and then sell your winnings on) and of course the eBay board.

WorkingHardDFW

Hi one and all thanks for the support - WOW Challenger 100

Yes Financial Bliss ours is a Nationwide mortgage (tracker) and therefore the £500pm overpayment limit. I've thought about changing the term of our motgage but I've not gotten around to actually phoning them. I will add this to my list for next week when I'm off for a day. That would make a difference to this challenge definately.

Thanks for the tip

aliwali

Hi all

Not been around for ages. Recently found out we are expecting no. 3 baby so will alter our plans somewhat as I am giving up work. Not giving up though my challenge is as follows

Mortgage at December £97000
Aim Reduce to 80000

Need something to occupy my time when not working!!!

Alison

taxi73

That's great that there are 100 challegers already.Perhaps it'll get up to 150.