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

Mardybum15

hello, newbie here although I have been a lurker of the boards for a while now. I feel we are ready to take on this challenge - nothing like jumping right in!

Currently have a mortgage of 153,000 split 118,000 on a 2.5% tracker and 35,000 on a 6.44 fixed for 4 years (our only option as we needed to move and wanted to bring our SVR tracker with us). I think the best route is to reduce the 6.44% as much as possible (can only overpay £500 a month) and then any extra on the biggie/into savings.

Aim will be to reduce said fixed rate to 20,000. This is doable, but not stretching us as we do want to do some renovations too. So like others have said, we may not make a big dent in the first year but will be playing catch up in years 2 and 3.

Off to fill out the form now. Looking forward to the journey...

Mardybum15

Oh! And thank you to financialbliss for setting this up. What a mammoth task!!

financialbliss

Mardybum15 wrote: »

Oh! And thank you to financialbliss for setting this up. What a mammoth task!!

Hi Mardybum15,

Darn it- you just updated at 22:16 and 13 seconds! Missed you - I'll make sure you're in before I post the updates I was just about to do.

Is quite a task at the beginning - should theoretically settle down, but there is quite an interest just now - probably to do with the start date looming...

My work PC is locked down and has Internet Explorer 7 on it. The performance of google docs in IE7 is dreadful to say the least, so I now don't even bother checking during the day at work.

Try to check every evening at present, but can't always guarantee that.

FB.

financialbliss

Daily posts at present. Nice to see some new people, presumably registering for this challenge.

New challengers.
122. PurpleJellyFish. Reduce my mortgage from £60,000 to £50,000.
123. jimmyjones. Reduce my mortgage from £79,000 to £10,000.
124. Snood. Reduce my mortgage from £143,700 to £113,700.
125. Mardybum15. Reduce my mortgage from £35,000 to £20,000.

Objective updates.
45. Penny pauper. Reduce my mortgage from £127,155 to £100.000.
66. littlefred169. Reduce my mortgage from £86,471 to £74,000.
69. Welshlassie. Reduce mortgage from £179,058 to £165,000.

As per usual, I'll try and PM the new challengers.

Thanks for the interest / updates everyone.

FB.

Mardybum15

Thanks fb (can I call you fb so soon after 'meeting?') Typical I should have submitted the form and then introduced myself. Don't worry though, I can wait for the next update:)

financialbliss

Mardybum15 wrote: »

Thanks fb (can I call you fb so soon after 'meeting?') Typical I should have submitted the form and then introduced myself. Don't worry though, I can wait for the next update:)

Done. No worries. And PM'd too. Can't reall who, but there was at least one person who thought FB stood for Fat B@****d :eek::eek::eek:

F(inancial) B(liss).

SusanneCape

Good morning,

I have just received my statement and my starting value for this challenge is £125,899.86. I have registered the update via the form in post #4. Let the journey begin ........ :j.

All the best to all MFiT-T3 challengers for the next 3 years and well done to all MFiT=T2 challengers. You and FB have provided us newbies with inspiration to succeed in T3.:beer:

Lomcevak

Just signed up (hopefully!), goal is to reduce the mortgage from the current almost-£186k to £150k. Timing will be good, as we'll be coming up to a remortgage fairly shortly after that. I managed a touch under £10k off the balance this year, so hopefully a target that we can reach.

littlemonkeywolf

Hello!
Just found this in time...

Think registered... No idea what aiming for... 20 grand in 3 years is doable right :eek::eek::eek:

Only got the mortgage in June so still new to all this paying belarky..

Blonde question... Overpaying with Halifax do I have to phone up to do it or can I just up the monthly amount online?

Right time to get cracking and plotting how to do this.

Many thanks for setting this all up. :T:T:T

financialbliss

Morning all.

A few quick updates while I have a moment...

New challengers:
126. Lomcevak. Reduce my mortgage from £185,808 to £150,000.
127. littlemonkeywolf. Reduce my mortgage from £80,000 to £60,000.

Challenge updates:
71. SusanneCape. Reduce my mortgage from £125,900 to £80,000.

I'll PM the new challengers.

FB.