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

Moneybag

No. 182 reporting in!

Have just given my starting figure of 158,000.

This is an interest only mortgage and figure includes some arrears which have built up during this year due to sad circumstances.

However, I'm now looking forward to a new year, a new challenge and hopefully to reduce the mortgage by 12k by 12.12.12 to a figure of 146,000.

Good luck to all from Moneybag.

THRIFTY_GIRL

WOW!!

189 challengers:j:j

Any more budding MFWs out there? excited about the start line.....35 hours to go:D

curlygirl1971

The very best of luck to everyone joining in on this challenge

I won't be joining in although I would love to be mortgage free. I only owe £45k (over another 17 years) ....but at present can only afford very small over-payments - which is a bit embarressing given some of the big mortgages / big over-payments many of you are managing. I will be looking to squeeze every bit of cash I can to over-pay but even so, estimate that it will still take me 10 years to get rid.

I find all your stories very inspirational and think you're great for giving this challenge a go.

twinklie

Curlygirl as it currently stands it'll take me 10 years to be MF as well! But I'm doing it with a focus of trying to beat my target. It just makes me think...do I really need that/need the heating on etc. I could OP instead!

I only do little OP's at the minute but they soon add up! My first priority is to pay off the car anyhoo and our CC that is currently 0% for 16 months! But I'll do it side by side with OP the mortgage!

wynnvegas

Curlygirl,

Come on in and join the party!! I can't imagine FB turning anyone away from the challenge - even if it is just a small overpayment or just the normal payments - joining in here will help focus the mind and avoid mad spending urges which, if you're anything like me, is going to be more than helpful in hitting the overpayment targets we have.

Cheers,

Billy

taka

curlygirl1971 wrote: »

The very best of luck to everyone joining in on this challenge

I won't be joining in although I would love to be mortgage free. I only owe £45k (over another 17 years) ....but at present can only afford very small over-payments - which is a bit embarressing given some of the big mortgages / big over-payments many of you are managing. I will be looking to squeeze every bit of cash I can to over-pay but even so, estimate that it will still take me 10 years to get rid.

I find all your stories very inspirational and think you're great for giving this challenge a go.

Join in! You know you want to... This is not a competition as to who can OP the most... just a bunch of people all trying to get rid of the millstone of a mortgage early... and a bit of support and inspiration helps along the way! I managed to smash my MFiT 1 target a few months ago - and that was a target I thought was very, very optomistic and challenging! I managed it thanks to the support and inspiration of MSE! :money:

Have you played with the mortgage OP calculators and seen exactly what difference what you can afford per month would make? - even an extra ~£13/month knocks a year off the term of mine! :j It doesn't sound a lot (~£500 over 3 years) but it makes a really noticable and useful difference! Every little helps!

I have a similar sized mortgage due to finish in 18 years, hoping to cut that to 9.5 years as I want to get rid of it on or before mid 2019 so you are not alone on the length of time it'll take either! I'll still be here for MFiT take 3 and 4 too! :rotfl:

setmefree2

Curlygirl,

The smf2s are already 6 years into paying of the mortgage with "a wee while" to go yet.....join in:D

curlygirl1971

Ok ok! LOL. Thanks for all the encouragement. Will think about it tonight and read FB's original posts to see what I have to do to join

Thanks again

Am scared and excited at the same time!

And yes, Taka....I play a lot with OP calculators - I'm obsessed and you are right about small amounts. By doing exactly that over the last 18 months I've already knocked about 5 months off my mortgage life. Ding Dong!

taka

curlygirl1971 wrote: »

Ok ok! LOL. Thanks for all the encouragement. Will think about it tonight and read FB's original posts to see what I have to do to join

Thanks again

Am scared and excited at the same time!

And yes, Taka....I play a lot with OP calculators - I'm obsessed and you are right about small amounts. By doing exactly that over the last 18 months I've already knocked about 5 months off my mortgage life. Ding Dong!

:j Yaaaay!! Congratulations on your OPs to date! :T I managed ~1 month off mine since July so you are doing better than me! :rotfl:

I'm coming in ~£1000 under budget for my 4k a year challenge (well mine was for £5k :rolleyes:) and shown I can cut back and spend more wisely (and still have a good quality of life) so I'm going to OP £100/month from money that was earmarked for that this year but who knows where the other £2000 odd for my target will come from! :eek: :rotfl:

shala_moo

Hi everyone,

I've not posted since i joined but i've managed to make some small overpayments in the meantime.

Just rang for a starting balance and i was just shy of £200 over my original starting target, so i paid another overpayment of £200.. this makes my starting balance £79,999 - i just have another £29,999 to find to meet my finish target. i love seeing my mortgage in the £70K's!

I hope everyone has a good weekend, i look forward to hearing about everyone's overpayments!!

Thanks to FB and Maz for setting up this challenge.

Moo x