Mfi in 100!! - My Oct 2017 challenge

I have been inspired by all the threads and diaries and have decided to set myself the challenge of being mortgage free in 100 months (following gallygirl's lead!!)

This means that my mortgage should be paid off by 31 October 2017:j

My first task this week will be to find out the current balance on my mortgage.:eek:
MFiT - T2 # 64start date: 1.7.09 MFW end date: 31.10.17
Start balance: £205,746.51 :eek: Month 18/100..paid 13.50%
Current balance: £177,977.07 (updated 18.12.10)
Target 12.12.12: From £194,000 to £140,000:p
MFI-3 reductions: £16,023/£54,000 achieved (29.67%):j
«13456

Replies

  • Yehhhh, welcome and good luck in your quest, as I tell everyone it's addictive on here so watch yourself!:D

    A dairy is a fantwastic motivational tool, I should know, i'm blabbering on most days!!;)

    TPAx
    MFW - We've only gone and blooming done it!
    May 2013:j
  • ShelleyC_2ShelleyC_2 Forumite
    1.5K Posts
    Good luck and looking forward to reading your progress :j

    When I finally get another mortgage I'll know all the tricks to clear it :D
    Looking for the perfect home and saving to make becoming a MFW easier
    MFiT3 48103/50000 Saved So Far :j
  • abouttimetooabouttimetoo Forumite
    1.9K Posts
    Welcome Thrifty Girl

    Good luck with your plans, you'll get some great support on here. Have you thought about signing up to the 2009 challenge or the 3 year one that starts at the end of this year?

    Regards
    ATT
    MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
    Original Mortgage o/s £187,643 / £71,904 (-115,739)
    Repay o/s £92,661 / now £55,900 (-36,761)
    Int Only o/s £94,982, now £16,004 (-78,978)
    Total daily interest £1 [a) £0.77 b)£0.23
    Total OP's:2018 target £TBC YTD £1,995
  • Welcome Thrifty Girl

    Good luck with your plans, you'll get some great support on here. Have you thought about signing up to the 2009 challenge or the 3 year one that starts at the end of this year?

    Regards
    ATT

    THanks ATT. I will think about targets as soon as I have discovered my balance and budget. Watch this space, it is much easier doing it with others:grouphug:

    WHat is the 3 year challenge called? I didn't realise this starts 1.1.2010 so will be ideal as I'll be back at work by then.
    MFiT - T2 # 64start date: 1.7.09 MFW end date: 31.10.17
    Start balance: £205,746.51 :eek: Month 18/100..paid 13.50%
    Current balance: £177,977.07 (updated 18.12.10)
    Target 12.12.12: From £194,000 to £140,000:p
    MFI-3 reductions: £16,023/£54,000 achieved (29.67%):j
  • abouttimetooabouttimetoo Forumite
    1.9K Posts
    Hi there, the 3 year challenge is called MFiT (T2), it's called take 2 as currently there is another 3 year challenge on the go. You don't need to completely pay your mortgage off in three years to join so don't worry about that. Yes, you're right about doing this with others and motivating each other:j

    The thread is under Financial Bliss's name although him and Maz123 will be adminitistering it. You will probably find it on page 2 or 3 ish of the MFW thread site. Have a read, all you need to do is drop FB a PM (private message) advising him that you want to join. If you already know what your start balance will be in December then you can let him know along with your target but if not don't worry, you can let him know nearer the time.
    MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
    Original Mortgage o/s £187,643 / £71,904 (-115,739)
    Repay o/s £92,661 / now £55,900 (-36,761)
    Int Only o/s £94,982, now £16,004 (-78,978)
    Total daily interest £1 [a) £0.77 b)£0.23
    Total OP's:2018 target £TBC YTD £1,995
  • StuartGMCStuartGMC Forumite
    2.2K Posts
    Thirfty Girl welcome to the MFW thread, and very best wishes in your journey ahead.

    If you've been reading the diaries and threads then I'm sure you've picked up some ideas already. Basically the crux of this challenge is to know what your target is and to include the mortgage alongside your other needs (pensions, general savings, savings for specifics like car, holiday etc) and to have a really good handle on your budget to maximise the opportunities to improve on savings, OP etc.

    Best wishes in gathering your data together, don't rush, far better to have the really accurate data than to start out then need to trim back on aspirations.

    Finally, it's a marathon, set short term targets across the complete financial spectrum. Do undertake a formal 3 yr review which includes your assessment of career, life goals, over 5, 10 and more years, and similar so you can identify some short term targets to aim for.

    Good luck and as noted above keep this diary active as it is a great incentive to stay the course with the great support from everyone here.
  • financialblissfinancialbliss Forumite
    1.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭
    WHat is the 3 year challenge called? I didn't realise this starts 1.1.2010 so will be ideal as I'll be back at work by then.

    Think ATT may be referring to the mortgage free in three take two challenge (MFiT-T2). See below for more details...

    http://forums.moneysavingexpert.com/showthread.html?t=1402631

    PM me once you have digested the info there if you're interested.

    Financial Bliss.
    Mortgage and debt free. Building up savings...
  • financialblissfinancialbliss Forumite
    1.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭
    Thrifty Girl,

    Welcome to the MFiT-T2 mortgage challenge. I've just sent you a personal message (PM) and I've linked you back to this diary.

    FB.
    Mortgage and debt free. Building up savings...
  • uzubairuuzubairu Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Home Insurance Hacker!
    ✭✭✭
    Welcome aboard and good luck with your plans.

    I'm planning to do the MFiT (T2) and we can keep each other motivated.

    Currently part of the MFW 2009 gang.
  • Mortgage_Reduction_NoviceMortgage_Reduction_Novice Forumite
    1.8K Posts
    ✭✭✭
    Hi and welcome... there seems to be a surge of new MFWs recently, it's nice that so many people are joining and taking stock. It's good to have the experienced MFWs about too, they're very savvy!

    Best of luck and keep us posted!
    MFW: Nov 2008 £156k, Jun 2015 £129k, Jun 2017 £114k.
This discussion has been closed.
Latest MSE News and Guides