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

financialbliss

Just bumping this back to page 1 for a couple of reasons:

1) Haven't had as many new registrations in February - may well be a good thing, otherwise there could be a huge list of questees to manage come December.

2) Diaries. I know some of you have your own mortgage free diaries. If you want your diary linked from post #1 of this challenge, please PM me with a link to your diary and I'll create a link to it from post #1.

FB / Maz123

kazzys51

http://www.thismuchiknow.co.uk/?p=42 download the notebook (you need excel) hi all just thought id put this fab overpayment calculator link on youve proberbly seen it but its not in any of the links ive found so far gives you a full break down at a glance i thought it was a good one! does anyone know when we post our balances or is it just whenever? cheers kazzys51

Floxxie

I have this calculator; it's my favourite. Think I got it off the mortgage calculator sticky but it was under a different name. Perhaps you could add it to that thread (if you haven't done so already)?

Do you mean your balance at the 12/12/2009? You could PM FB or Maz what you expect your balance to be at this date and what your target is after the 3 years.

There is another challenge which is MFW2009 and concerns overpayments now. Feel free to join that one if you want 'something to do now'. Apologies if you are already a member.

Good luck!

Floxxie

financialbliss

kazzys51 wrote: »

does anyone know when we post our balances or is it just whenever? cheers kazzys51

Hi kazzys51,

As the challenge doesn't officially start until December 2009, you'll need a starting balance - I've (gu)estimated mine. There's not a problem in updating the balance nearer December or even taking the actual start balance come 12/12/09.

As for updates, I suggested in post #3:
http://forums.moneysavingexpert.com/showpost.html?p=17475791&postcount=3

that we have updates every 3 months. I think more regular than that, eg monthly is too frequent for a 3 year challenge and going the other way, say every 6 months, then perhaps people will loose interest and forget to give updates on their progress.

So, the first update isn't until 12th March 2010. Typically, people's mortgages are collected on the first of the month. In a chart update month, we could take note of the updates any time between 1st and 12th and post the chart after the 12th.

Nothing set in stone - I'm sure we'll find a formula that works, but may take a few charts...

FB.

kazzys51

oopps guys i never realised that this wasnt to start until dec 09 i'll stil stay in though my target for dec 09 is £30000 and in the meantime i'll follow the other mfw thanx floxxie for pointing this out, i have to say i was wondering why no one was posting, bit over keen eh!:rotfl: cheers kazzys

uzubairu

Hi Financialbliss,

I've used your idea for my end of month statistics in my diary.

Please could you do a link to my diary in the first post.
http://forums.moneysavingexpert.com/...html?t=1344993

financialbliss

uzubairu wrote: »

Hi Financialbliss,

Please could you do a link to my diary in the first post.
http://forums.moneysavingexpert.com/...html?t=1344993

Hi uzubairu,

Also spotted your PM. Sorry for the delay - now done.

FB.

gingernutbizkit

hi, I'd like to be counted is this challenge with the aim to pay of my full mortgage and loans - a total of.... holds breath.....£167,637.10

2012 will be the year I turn 30....... I wonder if I could be No 30???

Ging x

financialbliss

gingernutbizkit wrote: »

hi, I'd like to be counted is this challenge with the aim to pay of my full mortgage and loans - a total of.... holds breath.....£167,637.10

2012 will be the year I turn 30....... I wonder if I could be No 30???

Ging x

Hi,
Next free slot in 29 I'm afraid...

...but your pledge to reduce your mortgage/debt by 167k takes the total MFiT-T2 reduction to over 1 million pounds.

Great to have you on board - I'll PM you with your no. in case you miss this.

FB.

Kaz2904

gingernutbizkit wrote: »

hi, I'd like to be counted is this challenge with the aim to pay of my full mortgage and loans - a total of.... holds breath.....£167,637.10

2012 will be the year I turn 30....... I wonder if I could be No 30???

Ging x

Maybe if there's another poster they could slot above you?
Although I think it's hideous that you could pay off that amount by the time you're 30 (seeing as I'm rapidly aproaching 31 but Shh don't tell anyone!)
So now I feel the need to know more details, like partenr, children interest rate, are you planning on going to Florida summer 2013 etc (I'm very nosy you see- and 3 of us so far are planning on Florida 2013!)