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

gallygirl

deefadog wrote: »

Thanks so much, i got the same figures! (Eventually).

Now decisions, decisions, what would you do? be £18ish worse off, but have the overpayments available to be borrowed back, or be £18ish better off?

It's a quandary as you are basically paying to borrow the money back :mad:

Thanks again! Much appreciated

Compromise - keep the flexibility but pay £18 extra so you are not worse off

deefadog

Yes good point £518 it is

financialbliss

misswissy wrote: »

Just an update as I haven't posted since page 9! ...
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.

misswissy,

Don't worry about being in the red on the charts.

If I remember correctly, I think I had the idea of converting the chart progress to date into a percentage on the original MFiT challenge so that like with like comparisons could be made.

I've simply built on to this by adding a colouring scheme to hopefully add some further incentive to drive down your mortgages.

I've got a few further ideas up my sleeve and I'll let everyone know about them in due course!

Financial Bliss.

chirpchirp

Hi Financial Bliss. Do you know how often I misread your name as Facebook as everyone abbreviates you to FB?

I need to reset my target for the MFI3 take 2. My starting figure will have reduced ( according to my spreadsheet - well Loco's actually!) to £235945.69. However, I will also have savings which will hopefully be growing throughout the course of the challenge. I'm going to set myself the huge target of reducing the mortgage to £141,000. This will include some of the savings I have made into regular investments and may even include the Stocks and Shares ISA dependent on growth. However, I would like to leave the S&S Shares out of it for now.

I will need to give you an update of the actual starting figure in Jan/Feb when I can see the actual amount outstanding from my annual statement. Thanks for starting this challenge as I am certain it will keep me motivated to get to a point where I can get my ex off the mortgage which should be achieveable if I can reduce to £141,000. Without this thread I was going to aim to have it at this amount in Sep 2014 which would include the investments.

Gosh, I can't believe how close we are to the start now. When I first joined it seemed so far away!

financialbliss

chirpchirp wrote: »

Hi Financial Bliss. Do you know how often I misread your name as Facebook as everyone abbreviates you to FB?

Sorry - I've not a Facebook account. The "FB" has also been interpreted in the past as "Fat B@****d" :eek:

chirpchirp wrote: »

I need to reset my target for the MFI3 take 2. My starting figure will have reduced ( according to my spreadsheet - well Loco's actually!) to £235945.69. However, I will also have savings which will hopefully be growing throughout the course of the challenge. I'm going to set myself the huge target of reducing the mortgage to £141,000.

Done. Post #1 and to-be chart 01 updated.

chirpchirp wrote: »

I will need to give you an update of the actual starting figure in Jan/Feb when I can see the actual amount outstanding from my annual statement.

Have you considered phoning your mortgage provider to get an accurate figure on or around 12th December? Or is it possible to sign up for internet banking so that you can see your mortgage account on-line? Just a thought.

Financial Bliss.

gallygirl

FB just sent another update to chart as 1st one didn't appear in list. Planning on reducing balance to zero :j:eek::beer::rotfl::o:T

taxi73

Hi Financial Bliss and all...
Just wondering FB if you can help me with something please?
My mortgage is an offset but only at 0.99% interest so am putting money in savings accounts instead .So do I report my debt figure to you as mortgage -savings =total owing?
The savings are basically my offset.

chirpchirp

Hi FB

I will try and call on or around the 12.12.09 or on the 1.12.09. If I call on the 12.12.09 it will take into account 12 days interest which I don't normally count as being part of the outstanding amount so I think the 1.12.09 will give the best figure and then I'll report the 1.12.12 figure too.

financialbliss

gallygirl wrote: »

FB just sent another update to chart as 1st one didn't appear in list. Planning on reducing balance to zero :j:eek::beer::rotfl::o:T

Apologies for missing that. Now reflected in post #1 and the chart.

taxi73 wrote: »

My mortgage is an offset but only at 0.99% interest so am putting money in savings accounts instead .So do I report my debt figure to you as mortgage -savings =total owing?
The savings are basically my offset.

Say that you start the challenge with a £50k mortgage, but in your own case, you are better off saving as you cat get a better mortgage rate than your savings rate.

Also, come chart 01, say you mortgage had dropped to £49k, but you had managed to put away £4k in savings, then I'd be happy for you to report your mortgage balance as £45k. Whatever works in your own situation really.

I guess the more important consideration is to report this consistently, ie always report mortgage minus savings and not report just mortgage on one chart and mortgage minus savings on another.

FB.

deefadog

I updated mine too, but nothing happened

But as i have my spreadsheet all working hunky dory, then i can tell you that on the start date my mortgage will be at : £95.490.54