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

sleepingpintsized1

Hiya All

Challenge No 119 signing in.

We're finally here - 12th December 09!!! :j Good Luck to everyone on their own personal challenges!!! I can't wait to get stuck into mine

Just updated my blog - so please come and follow me there, add your comments, etc - it would be lovely to have your motivations following me. You can get to my blog from the link on my user name on the 1st page.

Good Luck & Best Wishes to Everyone!!! :beer:

Px

Kipper

Good luck everyone, let's hope we have some fun along the way!

RosieTiger

Wayheeeeeeeey we're off !
We are not going for the precise balance from the lender today and sticking with the estimate!
Good luck to everyone - lets hope we better the original MFi3 challenge for toal repaid back - and maybe even for finishers !
Mr and Mrs RT.

curlygirl1971

Am a late applicant (about 5 minutes ago by PM to FB) so don't have a challenge number yet

Current Mortgage Balance is £45490.41 and by December 2012 I would like it to have reduced by £10000.00 to £35490.41.

This will be achieved by current standard repayments of £291 of which about £158 is capital repayment plus over-payments of various amounts - basically whatever I can afford and using some savings. Looking at my spending forecast I don't think I will be able to squeeze much in until August 2010 when about £100 per month comes free.

My current Mortgage is with Halifax, 3.5% on SVR. Given the fact that the SVR is likely to rise over the next 3 years (could even double) and that this would impact heavily on my minimum monthly repayments, then £10000.00 could turn out to be more of a challenge than it might seem at the moment. My completion of the challenge is also dependant on personal circumstances - I will be moving in with BF at some point which means a different job and probably a reduction in Salary given his location, although my costs will also be lower. So I would have to review my situation at the time and also I would hopefully have a regular rental income on this property - hence remaining on the SVR as I don't won't to buy a mortgage product only to be forced onto buying a Buy-to-let product in next 12 months.

So that's it. I know £10k is small-fry to some of you big boys (and girls) but I'm a little scared! In a good way

Best of luck everyone - I think you're all FAB

curlygirl1971

Sorry - I probably wasn't meant to ramble on that much....but I just felt I needed to 'declare' myself! If I post again will make an effort to keep it short

Queen-Bee_2

Queen-Bee (no. 73) checking in....

As at 12th December, my mortgage is £59,000 - quite a reduction from the £77,000 it was when I first registered for the challenge. Update submitted via Googledocs

It's certainly gonna start getting a lot harder from now on, but my target remains the same - to clear the lot within the challenge period.

Here's hoping my diary will keep me motivated and on the straight and narrow!!!

Good luck everyone!!!!

JonnyBravo

Recruit number 21 reporting for duty FB Sahhh!


I've sent in an accurate figure for my start via the googledocs link. For the record it is £30077.25.

Aiming to completely clear this..... hoping to do this well inside the 3 year window. Ideally want it gone before I'm 40 really.... for no good reason other than it'll be one less thing to depress me when that day arrives.


Good luck to all!


:j

Courgette

109 reporting in :j

Sooooo excited this challenge has finally started :j:j:j About to go out to the bank and make my first OP of the challenge

Good luck everyone!!! :beer:

financialbliss

Great to see a huge amount of enthusiasm for this. I've just added two more new challengers:

190 rsdiscos
191 curlygirl1971

and I'll PM you both shortly. I'm then going to sort through the PMs and chart update information and get this up to date.

Financial Bliss / Maz123.

black_taxi_2

its FB day

have a good 3 years everyone