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

abouttimetoo

Thanks FB, I'll definately be able to let you know before the 12th December what my start figure will be.

Not long now :j:j:j:j

yukkibear

I've pm'd you to register my interest FB. If I need a monetary value I'll work out some figures and get back to you.

mrs_deadline

Please count me in too, FB, this challenge and the 12.12.12 target is just what I need! Will update my starting total in early December.

Susiesue

Hi everyone!
I'm signing up for this challenge too! I've been part of the original MFiT for a few years and in that time managed to reduce my mortage from almost 95,000 to about 60,000. We've got an offset tracker mortgage with IF and we overpay every month. The interest rates have been kind recently and this has meant that the balance has really started to come down.

I've signed up to this new challenge to keep me focused and stuck to the plan of being mortgage free by May 2013. During the course of the challenge I'm expecting to bring down that £60,000 by 90% to £6,000. That looks like a big challenge now that's written down, but I'm determined!!

Good luck to everyone who's signed up and look forward to seeing those mortage balances dropping over the next few years!

SS
xxx

madonsaving

Hi! My first post here. I have had my mortgage for nearly five years but had to take it out of 30yrs as at the time this was the only way to afford it!I have been thinking about either moving or reducing my mortgage and after reading this thread I have now been convinced reduce is much better!

My mortgage is currently £80,000 with 25years and 5 months remaining as of October 09.

As this challenge doesn't start till December I have decided to concerntrate on clearing my credit cards and car loan so then this extra money can go against the extra payements

So this is my position
Car Loan - £900
Halifax CC - £ 450 (app)
Virgin - £600

I am only able to pay 5% extra on the mortgage but at least this is a start!

I am going to work on the figures over the weekend as I would like to set myself an achievable figure. How has everyone else set there targets - new to all of this so any help would be appreciated!

Thank you for starting this thread.

RosieTiger

FB / Maz,

can you please revise our starting figure down to £117,000 which is the position we will be in for the start date. Leaving the original £60,000 in place for the final position after 3 years.
From first registering at £145,000 last January we will have already taken out £28,000 so hence the reduction.

Have PM'd this too.

Thanks from the RT's

financialbliss

Yikes. Mail box full :eek: Cleared now...

A few new people today. I've PM'd you all:

120. mrs_deadline.
121. madonsaving.
122. yukkibear.
. . .
126. Susiesue. (Kept same ID as original MFiT challenge)

RosieTiger - I've updated your starting value.

Now using Google docs as the primary chart - because it's already online I don't need to think about publishing it - it just gets refreshed...

Financial Bliss / Maz123.

canadiangirl78

Hello

Can I join too? Will update actual figures closer to the time, but think my mortgage will be at £170k by then, aim to reduce to £140k in the 3 years!

Thanks for setting this up!

tomtom03

Hi, please can I join too....? We started this 5/6 years ago and did well paying off cards, making over payments and saving for 1st baby. All went pear shaped, but we're now on course to start again.....current mortgage £103k, aiming to halve (ish) to £58k in 3 years. Excited about getting some control back:j

perrywinkle

Perrywinkle