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

puddle96

Hi all,
After a long time of lurking around this thread I've plucked up courage and would like to join in.
Mortgage 12/12/09 - an estimated £43,400
Mortgage 12/12/12 - £0
Thanks
Puddle

plzhelpmesave!

Hi guys can we join too please?

FB - any chance i can have the freed up no 36 - i'm gonna be 36 in January and hopefully wil make first OP in January so will start me off well!

will work out our figures in a minute and post - mortgage 115,000(ish) @ 5.39 until 2017 and currently pay £705.04 a month. Hoping to increase this 800 a month so a £95 overpayment will mean:

start balance - £115,000.00

12.12.12 balance - £104,197.88

12.12.12 balance if use child benefit to overpay - £100,787.20

We will also building up some savings whilst ovepaying as we have very little at the moment, so hopefully we will be able to increase the OP during the challenge

Quick thought - we get £182 a month in child benefit so possibly look at diverting this full amount into a separate account solely for OPing - as this money is usually absorbed into monthly costs anyway, mainly kids stuff!

Good luck to us all!

financialbliss

plzhelpmesave! wrote: »

FB - any chance i can have the freed up no 36 - i'm gonna be 36 in January and hopefully wil make first OP in January so will start me off well!

Hi plzhelpmesave,
I added Bearcat as 36, as that was the next free number at the time. Not a problem to swap Bearcat to 175 (next free number) and allocate you to 36 if you're both happy with this. I'll PM bearcat and see what response I get.

FB.

jazzyjustlaw

Am I too late. I only just taken out a mortgage and the first payment is around 7th December. We can only pay 10% off a year so I aim to reduce our mortgage by 21680 which I believe consists of 8,000 off year one 7200 off year two and 64800 off year three which means I will reduce it to £58320. No idea how I am going to do it or what I have to give you or do I am slowly reading through the thread - help!!!!!!!!!!!!!!!!!!!!!!!

pawlala

I believe the deadline is 12/12/09 so you're in time

financialbliss

pawlala wrote: »

I believe the deadline is 12/12/09 so you're in time

pawlala - correct. Any PMs or posts here up to 23.59 on 12th December will allow you to be entered into the challenge. I could end up adding you into the challenge on 13th December, but as long as you make yourself known to the challenge on 12th, you're in. :j

OK. Back to today's new entrants:

36 - Bearcat (may swap with plzhelpmesave - TBC)
174 - puddle96
175 - plzhelpmesave (may swap with bearcar - TBC).
176 - jazzyjustlaw

jazzyjustlaw - just about to PM you...

FB.

jazzyjustlaw

financialbliss wrote: »

pawlala - correct. Any PMs or posts here up to 23.59 on 12th December will allow you to be entered into the challenge. I could end up adding you into the challenge on 13th December, but as long as you make yourself known to the challenge on 12th, you're in. :j

OK. Back to today's new entrants:

36 - Bearcat (may swap with plzhelpmesave - TBC)
174 - puddle96
175 - plzhelpmesave (may swap with bearcar - TBC).
176 - jazzyjustlaw

jazzyjustlaw - just about to PM you...

FB.

Thanks I am just reading thread. Dh confirmed he is happy that we do not go abroad for three years. However, he thinks I have no way of meeting the challenge at first I felt disappointed but I am determined to give it the best shot - our money is separate so I will be making most of the overpayment. He indicated a small contribution - oh well.

Bearcat_2

PlzhelpmesaveYou are very welcome to number 36, after all - I'll be 175 some day!Bearcat

plzhelpmesave!

thanks FB and bearcat - sorry for the extra hassle guys!
have been on the pc all day signing up to various challenge threads so i have more money to save/OP!

Hope I can see it all through and looking forward to sharing this journey with you all!

TheBees

Evening everyone

Tonight after much juggling of money between accounts and counting the loose change jars, I have written a capital repayment cheque for £3000 to be sent off tomorrow. So our starting figure for the challenge is £48968.

We are aiming to pay off £9000 over the 3 years to bring the balance down to £40K.

Good Luck everyone