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

motch

Hi financialbliss

Can you add me to the challenge please ?

Current balance just over £28,000

Aiming to completely clear

teapot2

Hi can I join the challenge please am a bit lastminute.com as usual - only just realised we wouldn't have to be mortgage free at the end [sadly not going to happen] but we'd carry on aiming to overpay as much as possible. Mortgage is currently £58142 and would aim to reduce it to £30000.

Thanks

mister_bojangles

I am envious of you folks. If only my partner was this committed. I find it difficult to pay more into a joint acct when ownership is 50-50, yet i feel that we're wasting funds by not overpaying regularly. Right now, it's haphazard.

slopemaster

Me too please!
Interest only mortgage £91 000
Aim to pay off 10% each year, ie the max I can without penalty.
Not yet worked out how much that is!
Guesstimate about £24 000 leaving £67 000

aliwali

chirpchirp wrote: »

First overpayment for the challenge will leave my account on the 30th but I will be without internet access then. I calculate it to be £1107.03. My payments during the challenge will almost certainly imply that I'm not meeting my target and I'm still unsure how to get around this. This is because I am paying some money directly to the mortgage ( amount as given above for this month), some money into a S&S ISA which I won't cash in until I am near my mortgage free date, this is £300 a month which I think is a significant amount not to be calculating and other monies into savings.

I'm in a quandry about what to calculate, as until the money is paid off the mortgage I don't feel able to count it in case something really major crops up and I need to use the money for that not that I can actually think of any possibilities apart from a new car which hopefully won't be for a few years yet. Meanwhile I keep a reserve in my current account which should cover anything up to £3000!

However, I'm logging £207,000 here as my net debt which takes into account all regular savings, approximated S&S values and actual mortgage amount at the start of the challenge, 12.12.09. This is so I have an amount to compare with in three years time. If using this figure then I would like my amount to be down to £123,251.

Hi
I am counting the money I am putting into my regular saver account as this is solely for the mortgage. Only putting it there rather than straight on mortgage as the interest rate is way higher than our mortgage. I have separate savings accounts for other things. I would include it but that is up to you.

brizzledfw

Hello all - just a quick note to say thanks for Financial Bliss, Curly Girl, Chirp Chirp and Aliwali for your messages re the calculator - opted for the FB spreaddie and it seems to have given me a good guide - will be needing to up our regular overpayments by about 70% to meet my target (ouch may have to sell the cat) (just joking) but at least thats a goal for Year 1 - lets see how it goes...

AND...best of luck with all your efforts in 2010 everyone..heres to a great year of savings and that goals get realised and some dreams come true..

Brizzle

genty

Hi everyone,

Ive been lurking for almost a year now and I think its time I joined, its great that the time to register has been extended so I made it just in the nick of time.

I have two mortgages on two buy to let properties that I want to get rid of as soon as possible.

Ive just got the balances on each:

mortgage 1 : £59, 178.86
mortgage 2: £55, 242.60

Both mortgages were fixed but are now out of the fixed rate period so I can make overpayments.

At the begining of 2009 the mortgage balances were £71, 805.80 and £64,000.00 respectively but thanks to this forum I have made regular overpayments over the year and reduced them both.

My aim is to reduce the mortgages to £30,000.00 each by the end of the challenge.

I hope Im not too late to join.

Genty.

LilacPixie

Morning everyone. I sent FB a PM yesterday to join so I am now MFiT-T2 member no 199

Bit about me/us. I am married with 2 kidlettes. I have lived in this house since 2003 initially as a rent but then I bought it from my landlord in 2005. Mortgage o/s is somewhere between 52k and 50k but not exactly sure how much. I will call today and ask. This place was fine as a single girl and great as a couple but now we have the pixies it istoo small.Moving is on the cards sometime after June 2010 when my ERC ends. At this point I revert to SVR which is LIBOR + 2.24%. Moving will mean a larger mortgage, but not exactly sure how much larger at this point. It all depends on what happens to housing prices,what equity I have in here for a deposit and what is actually on the market when time comes.

This makes setting a target difficult. Rather than setting a target to reduce mortgage to a specific level I will instead aim to reduce mortgage o/s by 20k overall which is a quite advanced target but I personally feel that i need to be challenged.


ETA: balance 51584.11

loopy-juice

All

As we enter 2010 I'd like to wish all my compatriots a wonderful and healthy beginning to the new year. Two weeks ago I never new any of you existed and I know its cyber space but I do hope that each and every one of you achieves your financial dream over the next three years. Please update regulary with your own stories and tales of how you are getting on and even if you are flagging, which I'm sure many of us will at some stage, why not post for a bit of inspiration and receive some vibe and energy off off another compatriot.

Al the best in 10 and beyond.........

black_taxi_2

looks like im starting off year badly--quoted £600 a month o/p(keeping same pledge)

but first few months will only be £200 o/p and maybe catch-up end of year

a builder ive had in-- has let me down badly and i need 5k to fix things.im not taking out a new loan to cover it,so reducing overpayments.

all the best everyone