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

financialbliss

tomtom03 wrote: »

Okay - relatively new here so a bit slow on the uptake! How do I find this thread when I go into 'Forum'. I'm currently going into my message folder, retrieving my message from Finacialbliss and clicking on the link.......now I'm pretty certain I could be doing something easier?!

tomtom03 - simple solution. You don't actually need to be logged in to the MSE forums in order to view this thread. Just bookmark it in your browser.

Simply click on this link:
http://forums.moneysavingexpert.com/showthread.html?t=1402631

which will take you to page one of this thread. Once you are there, bookmark it in your browser.

Internet Explorer (IE).
Favourites, Add to Favourites.

Firefox.
Bookmarks... Bookmark this page. Or Double click on the star in the address bar to file the bookmark somewhere.

Will be similar in other browsers, but I mainly use Firefox, with the occasional use of IE.

Every time you want to locate this challenge, simply fire up your favourite browser and use the bookmark. Simple

Financial Bliss.

taxi73

Evening all...I have my plan sorted..lol
I dream that it will be paid off in 3 years but before signing for this challenge was hoping to be debt and mortgage free by my 50th in feb 2014..so if I don't quite manage to clear it all I should be very close.
# I have a plan with workable figures and we shall just see if it works.Being S/E it's very hard to have a set budget as my incomings and outgoings vary greatly.

Trying_to_be_good

hypno06 wrote: »

Go into the forum and click on "user CP" on the bar that runs across the screen about a third of the way down the page....

That should give you your "subscribed threads" of which this should be one!

Or, go to the right hand side of your screen where it says "forum jump" and select Mortgage Free Wannabe from the drop down menu where it will give you all the threads on the MFW board, and you can scroll through and find the MFiT one in there.

Good luck!

Hypno - I've been around for years and never knew about the forum jump thingie - thanks!

cake21

Thank you very much Financial Bliss and Maz for setting this up. :T I'd like to join in please - currently on the MFW 2009 challenge but I think it will be great to have a longer-term challenge (but not as long term as my mortgage :eek:)

My aim is to reduce my mortgage from £123,000 at 12/12/09 to £76,000 at 12/12/12. That will be extremely challenging but nothing ventured, nothing gained

misswissy

Hi Guys,

Just an update as I haven't posted since page 9! DH still not found long term work although he has done the odd week/month here and there. So basically my existing credit card and car loan will not be paid off by the end of the year as I had hoped. On my income alone they will not be paid until July next year :eek:so it is not until then that my mortage balance will start shifting. I fear I may be in the red on FBs chart for the first few months of this challenge but will try not to be disheartened. Its great to see so many new members since I signed up. Hoping to get to know some of you over the course of this challenge. And with a bit of luck DH may get some longer term work and I will have something positive to report. Looking forward to getting started. :j

Superfast_Gran

Likewise I have not been doing much in the way of earning due to illnesses throughout the last year or so, but am also trying not to be disheartened. The only way is up, right?

Mind you, every time we seem to be getting to the point of making overpayments (we are in the original challenge and have joined this one to keep going with our efforts after April 2010), something happens. For example, I've just had another prang in my car that's costing an excess of £600 - third in 12 months although the 2nd one was not my fault! But hey, even if we only overpay by a few quid instead on hundreds it will still make a difference in the (very) long run!

Like it says in my signature - KEEP ON KEEPING ON - and we will get there. Maybe not all at the same time or when we would like, but every penny saved on interest is worth so much more at the end of it all.

deefadog

I have a quick question which i can't seem to work out, I am with Northern rock and overpayment only count for borrow back if over £500. I can make the £500 every 3 months, instead of £160ish each month. How much will i lose out on if i delay this for 3 months at a time? - How can i work it out?

Many thanks

shangaijimmy

After 2 months of effort we have reduced the capital by just under 2k!! Just thought i'd share my joy with the world!!

gallygirl

deefadog wrote: »

I have a quick question which i can't seem to work out, I am with Northern rock and overpayment only count for borrow back if over £500. I can make the £500 every 3 months, instead of £160ish each month. How much will i lose out on if i delay this for 3 months at a time? - How can i work it out?

Many thanks

Deefa I can't find your post with your interest rate. However, you are working out how much extra interest you would be paying on:
M1 165
M2 330
M3 0
So over a quarter of 90 days you would pay additional interest on £165 for say 61 days and £330 over say 30 days.

If your interest rate is 5% you will pay £5 per annum for every £100 you borrow, this works out at £0.0137 per day. Very roughly, using the sums above, you would be paying an extra £3.62 a quarter or £14.48 a year. This is less than 4p a day and even I wouldn't work out an hourly rate on that :rotfl:.

So, unless your interest rate is around 15% :eek: I'd suggest it's not worth losing sleep over.

Of course, you could pay £503.62 per quarter to offset the impact

financialbliss

Hi all, just a quick update. I've added to the list of questions and answers in post #2:

Q. How do I provide information for a chart update?
Q. How do I bookmark this challenge so I can locate it easily?

Do have a look in the Q&As if you're interested. I've also added to the 'announcements', adding the following:

If you have not yet set a goal, you will need to set one by 12th December 2009.

If you have already set a goal and you wish to update your starting balance, you can do this at any time up to or even on 12th December 2009.


Currently we have 20 challengers who have yet to set a goal. If you have set a goal and I've missed it, then please either PM me, or use the chart update form here:

http://spreadsheets.google.com/viewform?formkey=dGtzMTdvS1VnNXUwakpPc3NjZzRHMVE6MA

Thanks,
Financial Bliss / Maz123.