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

SusanneCape

samtoby wrote: »

Maximum with Halifax is 10% so I am assuming that is 10% of the balance every year so it will decrease each time - what I would like to know - does that include the payments I make as standard as well?

Hi SamToby, I am not sure as I don't have this type of restriction on my mortgage, but it seems very common. You would need to check with your bank. If you have more money than the 10% allowed, put it in an interest-bearing account for the following year and/or pay it when you remortgage. You would then exit your first mortgage on a higher amount than your entry amount for your second mortgage.

I can't wait to start. I hope you have a stressfree completion soon. If you need help packing, let me know

All the best,

Skittle

Hi there

I've just registered too.

We finally made the last payment of our DMP in October. I've been lurking on the MFW board for the last year or so and itching to join in and now I finally can!

Thanks FB for overseeing this challenge and for the inspirational diary.

lilyp

I would love to join - not sure ive filled in the form correctly?

We have 2 mortgages but one is brand new and we cant op for 2 years. The other is 46000 and I would love to get rid of it all in 3 years. I am currently aiming for 5 years but I am up for a challenge :j

gallygirl

Skittle wrote: »

We finally made the last payment of our DMP in October. I've been lurking on the MFW board for the last year or so and itching to join in and now I finally can!

Well done Skittle. The discipline you've shown will stand you in good stead. I hope you find OPing the mortgage more fun though

Good luck lilyp. We don't like easy to achieve targets, you've got to live a bit dangerously :rotfl:.

black_taxi_2

What's DMP?

muddywhitechicken

A debt management plan, I think

black_taxi_2

That's good---no more debt

Tilly_MFW_in_6_YRS

Hi FB, I have been most remiss in providing targets.

January 2013 - £235k
December 2015 - £0

Very tough challenge and our only focus is clearing the mortgage not saving, although we do fill ISAs each year.

I am using this challenge to push hard to be shot of it by the time it finishes, will do our best to succeed but if not, it won't be by much. I am hoping that a few bonus payments come in, to close the gap, along with an endowment policy.

Girding the Tilly loins

Tilly x x

Skittle

black_taxi wrote: »

What's DMP?

Sorry, yes it's a debt management plan. All our finances have been tied up with paying these debts off so haven't been in a position to make mortgage overpayments till now.

Mrs_Money_Penny

Hi I would very much like to join this challenge and have just registered. Would like my mortgage to reduce in 3 yrs from 89k to 50k. This is taking into account an endowment policy which matures next summer. Have recently shortened our mortgage term from 13 years 7 months to 10 years so will have higher payments from December.