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

frazzmunch

oooh....can i join too please!!! I want to pay off my entire mortgage -77k-by the end of 2012 so this is an ideal challenge for me....

i am part of the mfw board but have kept the totals on that the same as i originally intended...now i want to get rid in three so by the time i start this challenge i am hoping to be sub 75k....

i will pm you fb...

good luck all!!

financialbliss

Hi everyone,

We got off to a good start in January I think - 25 challengers have registered so far.

Of those 25 challengers, the ones who have so far gave their challenge details show that collectively they have mortgages totalling 1.3 million pounds :eek:and we've pledged to reduce our mortgages by nearly 700 thousand pounds. See the current chart, which can be found in post #4.

Note for anyone who has perhaps joined this thread here and not yet read the start - you need to join by 12th December 2009 in order to be eligible for this challenge.

Thanks,

Financial Bliss / Maz123.

kazzys51

Hi fb and maz, i too would like to join ive pmd fb with my figures and i think 12/12/12 sounds fab my mort if £40662.34 with nationwide

we started in 2004 with a mort of 74100.00 with a 5 yr fixed rate of 6.29 but we bought ourselves out early in oct08 and put all our savings and sold everything that wasnt tied down! to put to the mort and took a 3 yr fixed rate of 5.78% and plan to keep overpaying 500.00 a month till 12/12/12

we started overpaying 2 years ago and have stuck to it rigidly since its addictive when you see the total come down so fast im now p time at work so its a lot tighter than b4 but were sticking to it well with frugal living considering im just back at work after having a baby and been on mat 9 mths anyway ramble ramble(sorry) thanks fb and maz kazzys51

uzubairu

kazzys51 wrote: »

we started overpaying 2 years ago and have stuck to it rigidly since its addictive when you see the total come down so fast

Isn't it just.

We are the same too, in that we are overpaying by the maximum each month with our Nationwide mortgage, and we've reduced the term to pay back even faster.

Well done on your impressive achievements so far and welcome aboard.

travellady

Oh I called C & G this weekend as our fixed rate term ends this month so goes from a 5.7% to 3.5% variable rate. We have reduced our term from 16yrs to 10yrs which is super also I asked if we were able to overpay and found out we can overpay by ANY amount atabny time as we have come to the end of the term....woohooo.

So all our spare cash will be paid in now too! I'll get to end it in 5 yrs with luck and hard work! :T

Good luck to everyone else..

abouttimetoo

financialbliss wrote: »

Hi everyone,

We got off to a good start in January I think - 25 challengers have registered so far.

Of those 25 challengers, the ones who have so far gave their challenge details show that collectively they have mortgages totalling 1.3 million pounds :eek:and we've pledged to reduce our mortgages by nearly 700 thousand pounds. See the current chart, which can be found in post #4.

Great stuff FB, can't wait to get started and see the numbers coming down in the percentage paid column in post #4. Silly isn't it as I'm part of the 2009 challenge and do my own stats but still want to see the numbers coming down in the MFiT T2 challenge

kazzys51

wooo 26 is my lucky number thats spooky:rotfl:good luck everyone thanks k

LouiseJ

Oh How Exciting, although my original plan was to clear my mortgage in 5 years I say I love a challenge and will you please count me in. Thanks FB for nudging me in the direction of this thread;)

My target is to clear my estimated mortgage balance at 12/12/09 of £40,000. :j

I love charts too............soooo excited

RosieTiger

Hi,
can I also join this challenge?
I would like to take my original starting point of £145,000 in Dec 2008 and get below £60,000 by Dec 2012.
We are already in the MFW2009 group.

RosieTiger

FB Thanks for the prompt response and for letting us join in - we do have an ambitious target but were going to give it a very good try !