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

Charterhouse

Hello. First post. Just reduced my mortgage by the maximum 10% I am allowed as I am still locked into fixed rate deal but I want to become mortgage free in 3 years. Sadly I can't pay any more down til July 2010 and then not again til July 2011 so this could be quite hard work but we'll see how I get on.

Current Mortgage : 401,388
Target : Mortgage Free by Xmas 2012

gingernutbizkit

Hi all. Number 30 here
It's been ages since I have posted on MSE so I'm feeling a bit guilty. I need to get my head into gear and get back on track with this challenge. Christmas has cost a lot and it's not even here yet
I'm going to set up a brand new diary and delete the old one so I have a complete new start.
Hope you are all going well with the start of the challenge.
Here's to 2010 being the year we all really get a handle on our finances.

Ging x

financialbliss

Charterhouse wrote: »

Hello. First post. Just reduced my mortgage by the maximum 10% I am allowed as I am still locked into fixed rate deal but I want to become mortgage free in 3 years. Sadly I can't pay any more down til July 2010 and then not again til July 2011 so this could be quite hard work but we'll see how I get on.

Current Mortgage : 401,388
Target : Mortgage Free by Xmas 2012

PM from Charterhouse:

"Sorry, I just joined the forum, was hoping to get involved even though I missed it by a few days - I was on hols the last 2 weeks I'm afraid... no issue if I can't sneak in but would be nice to!!"

The original MFiT thread was "open" for the first year, then closed to new entrants, meaning some people got close to 3 years, but some got nearer 2 years for the challenge.

However for this MFiT-T2 challenge, we have had a registration period. The thinking behind this is that everyone gets the full 3 years for the challenge.

How about we extend registration until 31st December 2009?

Only eats into the challenge by 2 weeks which isn't going to effect being able to meet anyone's goals - any late comers are going to get a few weeks less, which over the course of 3 years is no time at all.

What's your thoughts everyone?

Personally, I can't see any reason why we should not let Charterhouse in.

Financial Bliss / Maz123.

twinklie

The more the merrier if you ask me!

JonnyBravo

FWIW I'd stick to the original but I won't lose sleep either way..... got to draw a line somewhere though, what you going to say to the people arriving on 2nd Jan though? You're going to upset someone somewhere.

curlygirl1971

I think Charterhouse should join in - it's your 'Admin. time' so if you want to be bothered admitting new people at this point then it's your call FB. This challenge is very motivating and is keeping me focused on my goal....it's a great for anyone to sign up to if being MF is on their agenda

However I do feel a little sulky at loosing my 'last on the list position'

On a personal note, I have been extremely lucky (given the current financial climate) to have been given a Christmas Bonus. Am thrilled to bits.......not least because I intend to put a little in my ISA and a little as an OP.

Courgette

Fine by me too but I do agree that we need a close date that's sooner rather than later. Maybe 31st Dec as FB said?

uzubairu

financialbliss wrote: »

How about we extend registration until 31st December 2009?

Only eats into the challenge by 2 weeks which isn't going to effect being able to meet anyone's goals - any late comers are going to get a few weeks less, which over the course of 3 years is no time at all.

What's your thoughts everyone?

Personally, I can't see any reason why we should not let Charterhouse in.

Financial Bliss / Maz123.

I think that is a good idea, because as the year draws to an end and people look to what the next few years may bring, it may be something that they might now consider.
Being part of the group is motivating and I think we should encourage others to benefit from it if we can.

It maybe someone's New Year resolution, so make December 31st or January 1st 2010 be the closing date.

I say let them in.

financialbliss

OK. General opinion is to extend, so I think we'll go with that. Very much take on board JonnyBravos excellent comment - very true - I'm not going to be able to please everyone all of the time.

Also, as uzubairu comments, as the year draws to a close and people formulate New Year resolutions, I think 31st December 2009 is a good closing date - challenge started in 2009, and registration is in 2009 only!

So deadline is by 23.59 on 31st December 2009 and this second deadline will NOT be extended.

Financial Bliss / Maz123.

miss_undastood

Please can you add me into the challenge.

I think my initial aim will be to reduce my mortgage from £53,993 to £30,000 but I presume I can re-evaluate if I want a bigger challenge?

Thanks