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

financialbliss

perrywinkle wrote: »

Hi,

can you please include us in the challenge - will confirm mortgage figure and target before 12/12.

Many thanks
Perrywinkle

Done. You take the new recruits for today alone to 6 and an October to date of 20:

120. mrs_deadline.
121. madonsaving.
122. yukkibear.
123. canadiangirl78
124. tomtom03
125. perrywinkle

Based on the current rate of recruits for October, we're going to beat the previous maximum new recruits joined in any one month - which was 25 in January.

Financial Bliss / Maz123.

Welshlassie

Wow its moving quickly on here at the moment - welcome to all the new comers.

Maz - sorry to hear you've been poorly, hope you are feeling better now. Don't over do things and look after your health, no challenge is worth getting ill for.

Update on our situation, we finally completed on our new mortgage (after 3 months) on Friday, so we now have a shiny new 3 year tracker at 1.89% above BOE at £178,500. This will save us almost £700 per month, so plenty to OP and save with, especially as we had to wipe out our saving (and borrow a bit from bank of mum and dad) in order to be able to do it.

Therefore I would like to reduce our target to £155,000 reducing it by £23,500. Slightly less reduction than the original plan, but we will be in a better position overall if we can meet it.

We can overpay up to 10% each year so plenty of flexibility and the lower the interest rates stay as they are the better the position we will be in.

Will PM FB with new figures.

lamorna23

I've decided to include myself in this, I've PM'd financialbliss so hopefully I'll be given a number. Good luck to all those taking part and here's hoping we all make/exceed our targets.

moneysavingotter

Hi All,

I'd love to join this challenge. My aim by 12/12/12 is to reduce our £170,000 mortgage to £90,000. I will also PM FB.

Good luck to everyone!

MS-Otter

twinklie

I would like to join this challenge as well. My circumstances will change dramatically over the 3 year term. I think joining this challenge however could just keep me focused!!

At the start of Nov, my DH is moving down to Wales to undertake a full time PhD. As part of the funding conditions he then has to stay down there for at least 12 months working. I live in the NW of England and will remain in the family home. However, if I can secure a job down there...we'll sell our house and I'm offski! We shall see what the future brings....

dexter_fan

Hi FB

I would also like to join this challenge. I would like to reduce the mortgage by 50K by 12/12 (to 85K)

Good Luck Everyone !

Scad

Count me in. Current mortgage £126,500 want to get down to £100,000 by 12/12.

travellady

Maz- Hope ur feeling better!
Crikey I can't believe how fast this is coming round- before we know it- we'll all be on the road to being MF!! Well all apart from moi... things aren't looking too bright at the moment- my other half is in the building trade and things aren't great so looks like a drop in wage is around the corner and I'm in travel--hahaha not a great business to be in a the mo.... but hopefully we'll just have to cut back on other things and moggy on through.

Good luck everyone. xx

Superfast_Gran

Hi everyone,

We'd like to join this new challenge as not going to make MFi3's original challenge - although will still post there until the end.

Long story short I lost my job (£38K) and became ill and also had a major op. Not going to be able to pay mortgage off by 2012 either but plan to make a dent in the balance.

So challenge for us is to reduce current balance (reduced by £9,759 with original quest) of £37K (exact figure to be updated nearer the time) to 25K. Not that much compared to others but we also have £8 cc debt that we want to clear too - plus every penny paid early means shorter term and interest savings!

Sign us up and let's have at it. :beer:

deefadog

Think I'll have ago at this as well, need some motivation .

Ok Our mortgage is around 97k (will have to exact figure tonight). (Current market value of around £240k)

we are have 2 years left on a 5 year fixed rate 5.17% (I think) with NR (The Gov) with something like an 8k early clause, so we are stuck with them.

We do have 2 properties abroad that we are hoping to sell next year which will return 60k+

So if all goes well we should have £38k to clear in 2.5 years which is around £1233 a month.

So what do i have to do, is there a calculator we are all using for this challenge?

Thanks