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

sleepingpintsized1

Hiya All

Please can you include me in this challenge too?

I have a bit of a strange, obsessive request however!! Is there any chance I could have challenger number 119 as long as no-one objects (I am a bit OCD with the numbers 19 and 11 - being born on the 19th November has something to do with it but even I know it's strange :-) :rotfl:

Anyway, have just requested a balance on my mortgage and my callenge is as follows:

Amount Outstanding = £106, 077.36 :eek:

Reduce this by £30,000 by 12/12/12 :eek::eek:

Not quite sure how but I'm gonna plough everything into it, but continue to have a life (on Tesco vouchers!!).

Roll on the 12th of December!! :j

not_tonight_josephine_2

Hello all, this sounds like the perfect challenge for me, can I join please?

OH and I have been gearing ourselves up to start overpaying the mortgage for the last few months; in the next few weeks we'll (hopefully!) be out of our tie in period which limits overpayments and set up with a nice shiny new offset in time to join the challenge!

The current mortgage balance is £198k, our aim is to try to be mortgage free in 5 but for the 3 year challenge we are aiming to get the balance down to £60k, so pay off £138k in 3 - eek! It's not quite as crazy as it sounds as we already have around £50k in other savings which will be put straight into the offset.

Our balance is likely to go up and down a bit over time as I work for myself so have to set aside large amounts of money to pay my tax bills - these will be temporarily sat in the offset to reduce our interest payments.

Am quite pathetically excited about this challenge

gerbiljo

Hey! My first post here. We have been trying to get our mortgage down for a while and have quite a strict plan! It would be good to be part of an official target/group so could we be included please?

I had been off work after having our first baby and we never thought wed be able to afford for me to stay off but we were lucky enough to have dramatically decreased mortgage payments thanks to the falling interest rate, so managed for me to be off and overpay. We have paid £12k off so far this year despite me only just going back to work.

My work was very inflexible and my only job offer was a 48 hour week which obviously was undesirable but my husband and i decided i would return in a bid to try and smash the mortgage so we could relocate to the country before our little one goes to school to basically get our ultimate dream lifestyle to try and justify our current sacrifice.

Our mortgage is currently £111,852 with 24years remaining as of november 09.
Our aim is to do the following in 5 years

1) overpay the mortgage to decrease the total by £2500 a month (£30k a year) irrespective of interest rates (within reason) our current mortgage is 0.94 above the BR with HSBC tracker.
2) put up an extension on our house which we are basically building ourselves, planning permission currently in place though we are in no hurry so hoping to get started only and then concentrate on the mortgage
3) after we are mortgage free- pay off a loan i have with 5 years remaining with tescos for about £18k now which should only take a couple of months once we are no longer making mortgage payments, £258 a month
4) finally pay off a loan of £30k to my parents which is interest free hence the last on the list which i pay off at £500 a month

So to conclude

our mortgage balance 12th december 09 should be £106,852
so our target for 2012 is £16,852, tho reality to be near to £30,000 (bearing in mind the extension) would be amazing!! hopefully 2013 we shall become mortgage free!!
:money:

gallygirl

:hello:Hello to all newcomers & thanks to Martin for including this in his email :money:. Looking forward to the target starting & can;t wait to follow everyone's progress, some pretty hefty targets on here _pale_. Still, we'll have a great party on 12/12/12 _party_

financialbliss

Phew. Rush of people interested in joining today. Looks like the original mortgage free challenge has been linked to in the weekly newsletter and SMF2 has posted a link from there to here - thanks!

New IDs as follows:

112 - icarrynocash
113 - not_tonight_josephene
114 - minimoocow (Registered in September but requested 114).
115 - gerbiljo
116 - Norfolk Poppy
119 - sleepingpintsized1

I'm just about to PM you lot. I've updated post #1 and updated the chart.

The chart appears to be getting smaller as I add lines to it and export to photobucket. Looks fine on my PC, but starting to get difficult to read on here.

If anyone has any ideas for fixing this, I'd be happy to try them out. Perhaps putting the document on Google docs too?

Financial Bliss / Maz123.

financialbliss

financialbliss wrote: »

The chart appears to be getting smaller as I add lines to it and export to photobucket. Looks fine on my PC, but starting to get difficult to read on here.

If anyone has any ideas for fixing this, I'd be happy to try them out. Perhaps putting the document on Google docs too?

If you look at post #5 (the current chart) in this thread, I've uploaded the spreadsheet to Google docs. Needs a bit of tidying up, but looks like the Google docs solution will work much better than an image. Does that look ok to others?

Financial Bliss.

wynnvegas

Looks fine to me. Can't wait to get cracking on it!

Kipper

Looks good!

abouttimetoo

Hi FB, the google chart looks great, I can't wait to get started!

Apologies if you've mentioned this elsewhere but when is the deadline for confirming my start figure to you - you do have my challenge details but I think my start figure is going to be a wee bit higher than I'd originally anticpated due to me dabbling in S&S this year

Regards
ATT

financialbliss

abouttimetoo wrote: »

Apologies if you've mentioned this elsewhere but when is the deadline for confirming my start figure to you - you do have my challenge details but I think my start figure is going to be a wee bit higher than I'd originally anticpated due to me dabbling in S&S this year

HI ATT / all,

See post 3 linked here. Learning from the original MFiT challenge, this only became locked to new entrants after the first year, meaning people got a sliding timescale from 3 to 2 year for their challenge, depending on when they registered.

So, we've adopted a registration period until 12th December 09 - then after that it becomes locked and everyone gets a 3 year challenge, which I think is fair.

So, you've got until 12th December to give your starting values. I know my own starting value is slightly off as I calculated mine back in January and I'll be updating my own on 12th December.

Hope that helps - any questions, just post here!

Financial Bliss / Maz123.