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

666paw

Just sent my update in, finally remembered to do it on time. :rotfl:

catshark88

My September update is that we managed to pay the blinking thing off. It was about a month ago, and it still don't think it's sunk in.

We had a relaxed-spending 2 week holiday, but are back now to writing everything we spend down, having a daily allowance etc. This MSE stuff gets into your blood... ;-)

Suffolk_lass

Well done! there are some brilliant achievements. I have just made my Sep overpayment and my outstanding balance is just under £128k, down from just over £167k at the start. On track and very pleased. Did not pay off more this month as it always takes until end of Sept for all the holiday things to work through the systems and clear the bank accounts (and for me to get back into the monitoring routine!)

OS_QS

My goodness where does the time go?!

Posting my September balance of £106,101 :beer:

someday_soon

That's it for me. Five years of hard work with the odd interruption and I've achieved mortgage freedom.
I came from the debt free wannabee boards once I had rid myself of several years of built up credit card, loans and poor decisions debt. That was pretty exhilarating, but this ride has been something else!
I bought an endowment mortgage. The bloke said it would payback my mortgage and then some, everyone was doing it, get on the train to wealth and security Sir, That didn't end well. Five years in and the projection was that I would need to find at least a third of a payment more each month, but not to worry, the bank had other 'products' which would help. I ditched, remortgaged and determined that I would rid myself of the hyenas once and for all, and someday soon.
The MFiT challenge was just about to start, 3 years? Really?? I got the calculator out and got to work.
I read diary after diary, took inspiration from others, switched, ditched, meal plannned slow cookered, EBay'd and here I am, it took 5 years in the end. So that was me, Today is my Someday Soon.

FB, Thanks man.:T

black_taxi_2

brilliant somedaypast(can I call you now)

from debt free to mortgage free wow

funny how you mention endowment,that's what happened to me,switched to a repayment tracker,no limit over payments.

good luck on next stage financial independence

black_taxi_2

someday soon

here's your 1st post 2009

# 8 someday soon 07-11-2009, 7:09 AM
MoneySaving Convert


Join Date: Nov 2009
Posts: 132

Hello
New to this. Have been concentrating on clearing all other debts as per Martins excellent advice, and have been working really hard to overpay since April this year. Overpayments on 60,000 mortgage are currently £540 per month. I am waiting for the annual statement to arrive almost as much as Christmas! How sad am I?? I'd love to join your list for 2010.


here's mine

2010
i only joined 2009 thread for 1 payment--dec 1st 2009

heres to 2010

monthly target £400
year £4800

thx cake

gallygirl

Superb Someday Soon :j:j:j.

BT - you're not far behind :T.

Lomcevak

Last time out it was

Lomcevak wrote: »

I'm declaring £170,348, so £4,470 paid off since last time and a touch over £16k down in the first half of the challenge.

very steady progress, now £165,849 so £4,499 since the last update and over £20k paid off since the start.

I took a big step backwards early in the challenge with a remortgage from 4.99% fixed to 2.5% fixed; that shortened the mortgage by three years and saved more than £500 a month in interest but came with £8k of early repayment fees. Good news is that the last year of OPs mean that within a month or two I'll have caught up with where I would have been and the decision then pays off big time, by the time the old mortgage would have run out i'll be more than £10k ahead overall.

Longer term i'm contemplating a 5 year plan to take the mortgage from £150k to zero ... pretty ambitious and would mean upping the OPs and using all my savings to pay off a big chunk of mortgage near the end, but would mean i'm MF at 45 or so, would have been 58 with the original mortgage. Seems a good goal

Lomcevak

Oh, and the other good news is that I think I should be green by the next update