Helen's MFi3 Diary

edited 31 August 2009 at 8:33PM in Mortgage-Free Wannabe
2 replies 524 views
Hels50Hels50 Forumite
28 Posts
edited 31 August 2009 at 8:33PM in Mortgage-Free Wannabe
I'm officially part of the MFi3 Challenge! My aim is that by 12/12/12 I'll:

87. Hels50. Completely clear my £56,050 mortgage. :j

I took out a £90,000 mortgage in August 2004 with the Halifax. I made regular capital overpayments then remortgaged with First Direct at the end of last year when I had £63,000 outstanding on the mortgage(1.49% above base rate, lifetime offset tracker).

Between now and December when the official challenge begins, I'm having some double glazing installed so a little juggling will be required but I've calculated there should be around £54,000 outstanding by then.

As long as I can continue to work full time, I should continue to bring home around £2,500 a month (including unsocial hours and bank shifts). This is my budget:

Mortgage interest95Mortgage capital1250Regular saver ISA300Council tax110RCM19.18Water rate21.32Scottish Power88House insurance16.8Nuffield Health (swim daily)44TV licence11.95Telegraph18.2Orange10Virgin Media30car/dentist/clothes/Xmas etc178Food/Groceries/Household160Petrol70Going out50Hair/beauty/cosmetics1242596.45

I plan to return to this diary with regular updates. Meanwhile, any comments/suggestions welcome. And good luck to all taking part in this challenge!


This discussion has been closed.
Latest MSE News and Guides

Bacon flavoured toothpaste

Can you help this Forumite track some down?

Join the Forum discussion

£10 Christmas bonus

For benefits recipients

MSE News