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

financialbliss

I_want_a_baby wrote: »

Hello everyone!

Would someone be kind enough to register me on this challenge. We have a very weak internet connection which won't load the registration page for some reason - not getting proper connection until 4th Dec :eek:!

Having just moved into our first mortgaged home we are intent on OP'ing as much as we can (with me being a SAHM).

So our challenge is to reduce the mortgage from the starting point of £97500 to £84000 during the 3 year challenge. This is a very ambitious target for us but need something to really strive for.

Thanks

Stacey x

No worries Stacey - Spotted that and I'll log/process this evening.

FB.

brizzledfw

Hi all

Have filled in my registration form so looking forward to the challenge...

Thanks FB for all your work on this.

Brizzle

trix-a-belle

Another joiner here *waves*
I fixed my mortgage last year & set myself the target of paying it off by the end of the fixed period which ends in Feb 2016 so this challenge is perfect for making sure I stay on track as the last couple of months a few other things have got in the way.
I've rounded the figures for the moment but will try to make the start at least abit more accurate.

Thanks to financialbliss for running this

Shineyhappy

Hi

I tried to join a previous challenge but DH wasn't really on board but now he is so I would like to sign us up. The mortgage stands at £160 200 for our house. We paid off £18k last year which was our 10% and we are aiming for it all to be gone in the next 5 years but 3 would be better so our target is the full £160.2k.

I have a question and not sure where best to ask, do you guys pay ERC for ops when you go over your allowance or save it for the next time? We cant make any ops till May apart from little bits without paying a 3% fee but our mortgage rate is 5.9% the mortgage ends in June 2014. Any thoughts would be really appreciated.

Thank you FB for running this hopefully we will all hit our targets

financialbliss

Very quick post - early start tomorrow and should have been in bed by now...

I've allocated the following challengers this evening:

93. I want a baby. Reduce my mortgage from £97,500 to £84,000.
94. southernman. Reduce my mortgage from £82,000 to £60,000.
95. ChickenFriedRice. Reduce my mortgage from £180,515 to £130,000.
96. brizzledfw. Reduce my mortgage from £183,000 to £120,000.
97. trix-a-belle. Reduce my mortgage from £27,200 to £2,600.

As it's late and I want to turn in this side of midnight, I'll PM everyone at some point tomorrow.

@Shineyhappy - haven't seen your registration - don't forget to complete the form

FB.

brizzledfw

Thanks FB! Off to update my sig now

gallygirl

Shineyhappy wrote: »

Hi


I have a question and not sure where best to ask, do you guys pay ERC for ops when you go over your allowance or save it for the next time? We cant make any ops till May apart from little bits without paying a 3% fee but our mortgage rate is 5.9% the mortgage ends in June 2014. Any thoughts would be really appreciated.

Impressive OP's there :T.

Personally, even with such a high mortgage rate, I wouldn't pay the 3%. Have you filled your cash ISA's? Looked at regular savers linked to bank accounts? I'd save as much as I could that way, pay the max off in May and the same the next May, then I assume from June 2014 you can pay what you like?

If you pay the 3% then it's sort of like paying a mortgage rate of 8.9% on some of your mortgage, Well, it would be to me :rotfl:.

Shineyhappy

Hi

I have filled out the form and cant wait to get my number! The only thing is I cant make any major OP till May which sucks, we have ISAs etc but it is more motivating to not have takeaway and pay £30 to the mortgage than a savings account with a small amount of interest that is then taxed.

We have a fair amount of savings probably about 30k that if we were out of the ERC that I could talk DH into OPing but I don't think he will pay a 3% fee on the money. So come May we will have done 10% and then next year look at an offset mortgage so that we can in effect pay off as much as we can without penalty.

The whole thing is very depressing. The money is burning a huge hole in my pocket.

What do others do who are stuck with ERCs?

twiga_2

Original Mortgage (2009) : 222,378
Current Mortgage (2012): 64,067.5
FIT Date (2015): ???.

Can you add me to this round? I posted in 2010 in the MFIT Take 2 but was too late for that round :-)

pavlovs_dog

I'm game.

Our starting balance (give or take the odd hundred pound once November's OPs and mortgage payment clear) will be £121,000. Over the next three years through a combination of standard payments and overpayments I would like to reduce our mortgage by £15,000.

This is quite a well timed project for us, as our 5 year fix ends in June 2015. My mission from the very beginning of my MF diary was to get the mortgage as close to £100k by that time, so as to ensure the best possible LTV when the time came to consider re-mortgaging.