Helen's MFi3 Diary

edited 31 August 2009 at 8:33PM in Mortgage-Free Wannabe
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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!

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