The Mortgage Free in Three - Take 3 challenge (MFiT-T3)

hoobydoobydoo

Just submitted my updated balance £76338 but I'm afraid that I won't be able to carry on with the challenge as my husband and I are separating and I am hoping to take on a new mortgage of £150000 on my own (which seems a very scary amount) in order to partly buy him out of the house. It's looking unlikely that I will be able to make any substantial overpayments for the next 3 years (until the children finish Sixth Form) but I realise that even small payments all add up.

I should be sorted out in time for the next update. Perhaps I will revise my figures and set a small target for myself for the rest of this challenge - if that's all right?

Best wishes to all
Hooby
x

brizzledfw

Sorry to hear that hooby..hope all turns out well for you

No. 96 checking in..not great news. Going a little backwards at times, but forwards on most MSE fronts. I am not trying as hard as we could on the MF front as I am also trying to build a fund for the kids, build savings pots and make some lifestyle changes...but as I am now DF!!! I can concentrate on the secured debt ie. the mortgage and building up the funds and savings pots and not worrying about credit cards debts and all that malarkey!

So I stand at £193,000 with 10 years and 9 months to go....but planning to pay off in full in max. of 8:)

Will update Google docs now.

Thanks FB

Brizzle

SusanneCape

Hallo all,

Number 71 checking in ......

Balance now at £100,853.30. I have sent in the update.

Many thanks,

teapot2

Hi all, have just updates Googledocs - we are now on £4274 still owing as been OPing as much as possible due to OH's job situation.


Hope you are over your tumble FB and well done to everyone on their challenges :j

SuperSecretSquirrel

We've managed to OP our full 10% allowance this year thanks to self employed earnings and drawing down some savings, for the rest of the year we'll be coasting along making the standard repayments (which is still a good amount coming off each month having more than halved the term).

Our balance as of today is calculated to be £53,974.31, daily interest is £7.82, LTV estimated to be around 45%.

Combined savings balance after deducting tax return estimate is £43,694.15, so in theory we are just £10,280.16 short of mortgage neutral, which is now the true MFiT3 target :eek:

Sadly we are about to take a couple of huge steps backwards over the coming months, so the target is not quite as in reach as it seems. We have some big house spends coming up, renovations and landscaping etc. I could try to kid myself that these home improvements will increase the house value, but honestly what value we add to the house will be nowhere near what we spend! Still, we live in this house and want it to be as pleasant as possible, it's not ALL about mortgage neutrality so we're trying to strike a balance. Add to this that I'm considering a newish car sometime in the next year, and it seems 10k short of neutral is as close as we're going to get for quite some time!

Hope the challenge is going well for you all

drinkduffbeers

Fingers crossed this should be my penultimate update :j 12k and counting

Thanks for keeping up all motivated FB:money:

greent

Just updated via Google Docs Balance £28253 - have slipped slightly due to husband previously being out of work for almost a year but we're looking to catch back up when we can!

akamustang

Just submitted my update, after 4 updates in the red I'm finally back in the green! :j

Mrs_Money_Penny

Just updated.

slowlyfading

Sent my update