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

WorkingHardDFW

Following advice received here I've spoken to our mortgage provider and we are able to reduce to term on our mortgage from the current 13 to 10 years which increases the payments to £1130 pm. This will happen from next month. Now the extra payment is coming from the debt fund and although I clearly want to get rid of the debt asap clearly the mortgage is the biggest debt we've got.

We're planning to overpay the mortgage £500 per month from Jan and once our current deal ends we'll be able to overpay it by however much we want.

I feel good that something positive is happening ref the mortgage and when are current deal ends we'll be in a much more positive position than we were a couple of years ago.

I'm not sure how that will affect my figs for this challenge but it will certainly take our term down to near the 6 year mark as opposed to the 13 year mark at present. I'm really looking forward to this challenge now and can't wait to be DF so that it gets all the spare dosh!! We must save a little as well though :rolleyes:

financialbliss

aliwali wrote: »

Recently found out we are expecting no. 3 baby so will alter our plans somewhat as I am giving up work.

Alison

Alison,
That's great - we're going to have a MFiT-T2 baby. Do keep us informed of this happy event! :T

Financial Bliss.

Welshlassie

financialbliss wrote: »

Alison,
That's great - we're going to have a MFiT-T2 baby. Do keep us informed of this happy event! :T

Financial Bliss.

Ditto
We're planning another one at the beginning of next year. At this rate we'll have a MFiT-T2 pregnancy and birth list of our own!

financialbliss

Hi all,
Two quick notes, as I've had a few PMs

1) When can I update my start point?
We officially start the challenge on 12/12/09, and you have until 12th December to provide a starting mortgage value. Clearly, the closer you get to the start, the more accurate a starting value you will be able to give.

I know my own mortgage should be slightly less than my earlier stab of £48,947 - may be around £48,665, but I won't know for sure until the day. By all means, give a rough estimate of your goal and a rough start point and then update on 12th December with an actual mortgage value if you have access to your mortgage online.

2) MFiT update.
TallGirl from the MFiT challenge has asked me to prompt anyone still in the original challege that their next chart is due on 12th October and updates need to be PMd to TallGirl before then.

Thanks,
FB.

Kaz2904

So another payday has been and gone and another mortgage payment has winged its way from our account. At the moment I'm £58110.23 in debt. I have paid off £46676.86 since April 2006. (That's actually quite scary isn't it!).
I'm reckoning that I'll be at around £55000 by 12/12/09 but really must pull my finger out and chase up all of my account balances!
My debt free date is still stubbornly standing at 22/05/2013, a few weeks after my 35th birthday. I'm going to be really chuffed if we manage to get it gone much before then TBH as we've got some more money to spend buying some bits and pieces for the house.
I have just finished tiling my kitchen and downstairs loo. I will be going out to buy 4 more boxes of tiles in order to finish off the bits that I can't do in the kitchen until I box in some pipe work (DH's never going to get round to it clearly!) and can then do the utility. Once it's all grouted I will have 2 less tubs of stuff sitting in my kitchen- hooray! Then a quick repaint will get rid of another 3 tubs of stuff (yay). Garden stuff is ongoing and I'm hoping to get bags of chippings for Christmas. After Christmas I shall be gutting our bedroom and finally getting my new bed!!!!!!!!!!
All of this must be done in MSE fashion though and without strangling DH for lack of oomph and without slipping on the overpayments.
I expect we'll get a few more posts from people over the next week or so as another mortgage payment hits the pot! Speak soon.

RosieTiger

Kaz2904 wrote: »

So another payday has been and gone and another mortgage payment has winged its way from our account. At the moment I'm £58110.23 in debt. I have paid off £46676.86 since April 2006. (That's actually quite scary isn't it!).
.

Not at all, that's real progress !

maz123_2

Good morning people,
It's been a long time since i've been on so i'll explain why.
I've been at uni and it became quite stressful at the end of the term, especially when i had to resubmit 12000 words! This took up alot of time when i was working as well.
So to treat myself i had a holiday and it was lovely, i cancelled camping and went on holiday with some unexpected money from my grandma's death.
Unfortunately when i came back i had a massive heart attack ( with numerous cardiac arrests and stent) and am now laid up at home recovering. BUT i've been treating myself, a little too much! (BIG flat screen TV!, clothes etc)
I have finally had the building work completed on my house though so i don't feel too bad, and have now stopped spending!

All this has resulted in me having a little closer look at life. To achieve this challenge i was going to have to work extra hours and was happy to do this. But due to my current situation i'm not going to be able to do this, and am also going to have to cope on half pay for a few months.
I am going to have a closer look at my figures and make readjustments accordingly, I just want to live a little more while working on the challenge, I've discovered the hard way that life's very short. (I'm only 37yrs)
Hope this makes sense to you all, sorry for ignoring you all but i'm defo back now!
Maz x

taka

Wow Maz... I hope you are making a good recovery. Your health is far more important than becoming MF at a rate of knots that puts it at risk.

Good luck and take care... xx

SuiDreams

Update on Mortgage Balance £22,694 to far off my target starting balance. Unfortunately savings have not been going as well as expected due to numerous extra expenses. Will be trying to increase mortgage payments and savings after christmas.

financialbliss

maz123 wrote: »

Good morning people,
It's been a long time since i've been on... Unfortunately when i came back i had a massive heart attack ( with numerous cardiac arrests and stent) and am now laid up at home recovering. BUT i've been treating myself, a little too much! (BIG flat screen TV!, clothes etc)

Hi Maz, Glad you're back here posting and glad you've made that public ( I knew already), in case everyone though you had deserted us.

Take it easy and don't spend too much... :rolleyes:

Best wishes,
FB.