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

diadeb

How soon this date has come around, especially for those of us who signed up near the beginning! I am MFit-T2 no 34 and cannot believe that we have now reached MFit-T2 no 176 and over £8 million pounds pledged to be reduced......WOW!

Since signing up my OH was out of work but after a few months has a new job that takes him around the world.....so I'm here alone a lot and will be doing the budgeting on my own! It will be nice to have a shared goal with others out there.

I have just had my annual mortgage statement which ties in very nicely with the beginning of this challenge. I have an amended amount of £66,471.39 to pay off having pulled this exact figure off the statement. I have decided to do this by a mixture of directly overpaying and also offsetting in a savings account. We have a very low interest rate at present, so I think we earn more in a savings account, but needed to have some visible proof of overpaying on the statement so to speak. I need good incentives to do this!

Good luck to everyone and look forward to the updates after three months. I hope you don't think it too soon to wish you all a :xmassign: !

nellis10

Hi!

I'd like to join this challenge. I will pledge to reduce our I/O mortgage from £184K to £150K in 3 years. This includes the selling of a smaller property which should give us £20K to plough in. Also £94K of this mortgage is a remortgage for the business which allowed DH to buy out his partner. So theoretically personally we owe £90K of this mortage which I want to get down to £56K of a personal mortage owed.

I hope that all makes some sense!!!

Saver54_2

Hello All,

I'd love to join the challenge.

I've just called the Building Soc and our balance will be £89.8K 12/12/09 if we make a £450 overpayment (down from £95K 2 yrs ago).

We have overpaid half-heartedly since we moved back up North, but are now getting settled and want to tackle the mortgage properly. Would love to reduce the figure to £75K minimum in 3 years.

sleepingpintsized1

Hiya All

Just wanted to say, my hubby's picked up a few tips about adword(?) and I'm putting them into practice on my blog :j

This blog business is still relatively new to me so I'm really excited about how it's looking!

Go and have a look (because I could always do with a few more followers/visiters!!)

Px

wynnvegas

Morning all,

Overpayment today takes us to our 12/12/09 target start figure of £31,500. Good to go from the 12th - 1 year exactly to mortgage freedom!

Cheers,

Billy

hoobydoobydoo

Hello everyone!

Haven't posted anything here for ages, but I am started to get excited by the thought of the beginning of this challenge now. I've had a quick look at our figures and it looks like our starting figure for the further advance will be slightly under £15,200 (already £500 under my original estimate, yippee!). I hope that we will be able to clear this completely within the three years and then start on our proper mortgage (currently around £122,000).

Good luck to all of the challengers and I'll post an exact starting figure nearer the time, once this month's repayment and first overpayment have been made.

Best wishes
Hooby

WorkingHardDFW

HI All

Wow the start date for this challenge has come around so quickly. We're still not DF but will be next month :D.

Anyway I've just been online and checked our current balance as of today with this months payment made as well as we stand at £111,341.87.:rolleyes:.

We are planning and have set up to overpay £500 per month from 1 Jan 2010 and we may well reduce the term as well to allow us to reduce the mortgage quicker. I've not set this up yet since I want to get a grip on life post massive CC debts and I don't want to overcommit and get it wrong.

Our plan is to reduce the mortgage to £50k and if possible get rid of it altogether within 5 years !!!! Tall order I know but you've got to aim high.

Good luck everyone:T

maz123_2

Welcome to everyone its now 1st dec and we start the challenge very soon. i've got pages pages of posts to read so i'd better pull my finger out and then i can catch up
maz x
p.s. i'm quite excited

Kipper

Morning All,
Having just looked at our mortgage figures on-line I am happy to see that we have paid off a bit more than I'd originally calculated, so our starting figure will be £21,500. Can't wait to get seriously over-paying, the plan is to clear the mortgage and then buy a motor home and do some proper travelling. DS will be nearly 18 in 3 years so DH & I can travel much more on our own. (DS doesn't want to be seen with the parents at the mo, so uncool lol !)

lunar

Hi everyone, ive updated my total on the chart update form now that we know our starting balance for the challenge, its £129011.60

If you wanted to link to my diary on the front page its on the DFW board http://forums.moneysavingexpert.com/showthread.html?t=1694231&highlight=lunars

there is a link to some pictures of the house at the start of my diary. We are currently making the 20% per month overpayment we are allowed on the mortgage. once the debt is gone we will put extra in a savings account to pay off a lump sum in may 2012 when the fixed rate ends.