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

mortgagenomore_2

Welcome to all new challengers i am an oldie from MFI3-T3 which commenced 12/12/09 and is to end 12/12/12 whereby the new challenge shall commence. I actually joined up for MFI3 in the January so had 11 months to sit and wait for it to start so in theory its been almost 4 long years of overpaying. I never imagined i would ready my yearly goal of 5k but surpassed it and met my target early, this i feel down to this website and like minded peeps encouraging me and also with sheer determination to bring down my mortgage. My mortgage is now 18,650 with a start on challenge of 40ish so i am living proof a small over payment will help in the long run, i had my moments, i never kept my family short and in another 3 i should be mortgage free, anyway i wanted to give all the newbies an incentive and an insight into a few years down the track seems such a long way away and it is but you get there and your mortgage will be a lot less for it. !!!

trix-a-belle

Hmm FB I'm not sure the upload form is quite working right, I updated my figures yesterday morning but it appears you've not got them through *scratches head*
I'll put it though again later when I'm on a pc

jeanniefaethecarse

:wave: Good morning

I've just signed up for the challenge using the form, and thought I'd let you know what I'm aiming for.

We have a £60 000 mortgage which we took out in September this year. (our first mortgage) It's fixed for two years.
My aim is to get it completely paid off in 3 years.
I'll have to offset overpayments (I think that's the right word for paying money into a savings account?) as we are only allowed to overpay so much per year (I'll have a look later to check) without penalty. After this mortgage with RBS has run it's course in Sept 2014, I'll pay my savings into the account without penalty, and then look for a better deal.
Now, I *think* I've got that right, and that sounds like a viable plan... first time I've ever had a mortgage, and I'm still not sure about the terminology/how it all works. ~ Jeannie

gallygirl

jeanniefaethecarse wrote: »

:wave: Good morning

I've just signed up for the challenge using the form, and thought I'd let you know what I'm aiming for.

We have a £60 000 mortgage which we took out in September this year. (our first mortgage) It's fixed for two years.
My aim is to get it completely paid off in 3 years.
I'll have to offset overpayments (I think that's the right word for paying money into a savings account?) as we are only allowed to overpay so much per year (I'll have a look later to check) without penalty. After this mortgage with RBS has run it's course in Sept 2014, I'll pay my savings into the account without penalty, and then look for a better deal.
Now, I *think* I've got that right, and that sounds like a viable plan... first time I've ever had a mortgage, and I'm still not sure about the terminology/how it all works. ~ Jeannie

Morning Jeannie :hello:.

Yes your terminology is great . Technically offsetting is when your mortgage co give you a linked account(s), but a lot of us do exactly the same as you :T.

However, we only 'let' you do it if you promise you have extra columns on your spreadsheet (or if you don't have a spreadsheet, different colour pens in a notebook ) . Or both .

hypno06

Having just updated the MFiT-T2 challenge thread, I'd best sign up for take 3.....

Today my mortgage stands at £154,655. I would like this to be £125,000 in the three years.....whilst still having this thing called "a life" that I have recently rediscovered!!!

I'll get there eventually!!!

jeanniefaethecarse

Hi gallygirl,

Aw that's fab. I had a horrible feeling I was typing gobbledeygook- wouldn't be the first time

Just going to set up my spreadsheets now. (got to pull the mortgage agreement out so I can check the interest rate etc) What a lovely thing to be doing on a slushy morning in Scotland.... ~Jeannie

gallygirl

jeanniefaethecarse wrote: »

Just going to set up my spreadsheets now. (got to pull the mortgage agreement out so I can check the interest rate etc) What a lovely thing to be doing on a slushy morning in Scotland.... ~Jeannie

Cover your eyes Jeannie.


Look folks - another potential spreadsheet addict - mmwwwhahahahahaha :rotfl:

jeanniefaethecarse

Well now, just raked out our mortgage agreement. We are fixed rate at 3.49% for two years, so, until September 2014. We can pay a maximum of 10% of our outstanding balance in each repayment period- so every 12 months.....(I need to get my head round that... can we overpay £6000 this year, or overpay 10% of the outstanding balance shown at the end of the repayment year)
As for spreadsheets gallygirl hmmmm you may be right ~jeannie

black_taxi_2

FB

Which site is good

up tp date an diff rates for short/longterm

http://www.which.co.uk/money/savings-and-investments/reviews-ns/best-rate-savings-accounts/

black_taxi_2

sorry FB

going to keep saving/mortgage seperate

can you put target back to 21k

thx