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

financialbliss

Really struggling with lack of energy. Again, out for the count for a while this evening on sofa, but after a cup of tea, I'm back into action and crossing off a few jobs I wanted to do.

One of which was this challenge. I've looked back through a few weeks now (apologies - not the way I want to be running the challenge) and I've added in everyone outstanding, unless you've just registered in the last 15 minutes or so...

So, here's the latest batch of challengers. A few old names and some which are new to me!

98. lawbee. Reduce my mortgage from £72,000 to £60,000.
99. SparkleBlack. *** Objective to be set ***
100. TheWebDev. Reduce my mortgage from £121,000 to £96,000.
101. Needhelpsaving. Reduce my mortgage from £100,000 to £86,000.
102. muddywhitechicken. Reduce my mortgage from £167,000 to £125,000.
103. Skittle. Reduce my mortgage from £99,000 to £65,000.
104. lilyp. Completely clear my £46,000 mortgage.
105. Mrs Money Penny. Reduce my mortgage from £89,220 to £50,000.
106. black taxi. Completely clear my £21,000 mortgage.
107. Fluffypigs. Reduce my mortgage from £162,496 to £128,516.

As per usual, I'll attempt to PM everyone to make sure you're aware you're "in".

Thanks for being patient and apologies for the delay.

FB.

teapot2

samtoby wrote: »

I understand that as 10% for payments and everything so the balance can not be below 110,920 - 10,920 (made up of over payments and payments) so I can be at 100,00 at the end of year one? (I am being ambitious but I am really going to try.)

Hi samtoby, we also have a Halifax mortgage with the 10% rolling OP limit. Its on a 5 year fix with a year to go so we've been OPing for quite a while. My advice is to be very careful if you are making big OPs as you might trigger an ERC. We nearly did because I'd been phoning the Hali to find out how much more we could overpay and everyone we spoke to there gave us a different figure so I'm afraid I don't trust to just phone now. I now write to them every so often and ask for a reply about how much we can overpay, I also say we don't want to reduce the monthly payments as they will sometimes do that without asking - grrrr. My thinking is that if there is any problem at least we have a figure in writing to contest any issues.

Good luck with the OPs - its so worth it :j

SusanneCape

teapot2 wrote: »

Hi samtoby, we also have a Halifax mortgage with the 10% rolling OP limit. Its on a 5 year fix with a year to go so we've been OPing for quite a while. My advice is to be very careful if you are making big OPs as you might trigger an ERC. We nearly did because I'd been phoning the Hali to find out how much more we could overpay and everyone we spoke to there gave us a different figure so I'm afraid I don't trust to just phone now. I now write to them every so often and ask for a reply about how much we can overpay, I also say we don't want to reduce the monthly payments as they will sometimes do that without asking - grrrr. My thinking is that if there is any problem at least we have a figure in writing to contest any issues.

Good luck with the OPs - its so worth it :j

I think it is a great idea to get them to put it in writing. That way you have recourse if they ever knock you with ERC :mad:!

Can't wait to start the challenge. I already have a saving plan in place!

Poppy_Golightly

Hi Financial Bliss,Tilly MFW in 6 Years referred me over here and as the title of this post states this will be a life changing challenge for me and ultimately worthwhile. I'll be sharing progress, ups and downs on this thread only as my friends and family would only laugh at me and poo poo the idea of me being able to buy my own place.

My aim is to make/save enough money to buy a little 2 bed cottage with a huge garden and pond (I love gardening and wildlife) and I think with all of us supporting and reporting here it might just actually be a reality!

xxx

brizzledfw

Hi Poppy..just followed your over from Mrs t's thread. Don't forget to post your goals to Mr FB! There is lots of support in here, it's a great thread.

MuffinTops

samtoby wrote: »

Thank you! All packed and completion is next Friday. So the 23rd of Novemeber 2012 is going to be a very important date for us as a family.

Does anyone else have a Halifax Mortgage - or on a 10% maximum over payments a year? Does this include what we pay on the payments or indeed completely independant of the payments we make. The mortgage balance starts at 110,920 so in my thinking I can pay 10,920 in the first year with no penalty.

Am I thinking it right? Not meaning to be dumb....:o

Eek! That's today! I hope all is going really well and the weather is as kind to you wherever you are as it is in London today.

Happy New Home Day.:D

SusanneCape

Hi samtoby, hope you have now moved in and are enjoying your new home.


With best wishes,

black_taxi_2

FB --you have given me number 29 and 106---i know i hav that much debt.:eek:i will keep number 106 as 21k will be my starting balance.you can give number 29 to a new starter.

amazing how the 12/12/12 thread will be finished in 16 days

thx

zebedeesaysboing

Just registered for my first challenge on here. We were nearly mortgage free but then the family grew which meant the house had to too. I have set an optimistic target of reducing our mortgage, hopefully this challenge will help keep me on track :-)

Thanks for setting it up!

Z

Alion

We've finally moved in and I've put in a target. New mortgage is £270k and I'd like to get it down to £225k as that's kinda where we started - the cost of our first house 6 years ago. I'd like to say £200k but we've got a lot of work to do on the house first.

I don't imagine we'll overpay much in the next 12-18 months, but once the work's done I hope we'll get to it with the same passion we've had before.