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

seeking_happines

hi have tried to join....dont know if ive done it right soooo just in case would like to jin the chalange with a start of £91,141.33!!!!! help need to clear it all bu 2015 then start on the second mortgage of £150,000.00.............

sammy70

Hi, this is my first ever post, tho i have been reading how others have been making such good inroads into paying off their mortgages, and 12/12/12 will be the start of my challenge to completely clear my £43,600 mortgage!

any ideas/tips appreciated. i have an Halifax mortgage, and am out of fixed rate period, and can now make unlimited overpayments.:)

black_taxi_2

spammy I started around your balance on 12/12/09

1.best advice is DONT take on new debt--no matter ho w small/1k bank loans can put you back from paying main capital off mortgage.

2.theres unknowns out there--sickness/car/work--don't get down if you can't o/p a few months

3.hav holiday/short break/restaurants as long as you don't use bank for loan or overdrawn

4.if you feel you aren't making any progress---look at end of the year balance

5.if I never started this challenge in 2009,I'd still hav a 48k mortgage with loans on my equity--eternally in debt to the banks

6.now I'm well forward on my journey after 3 years/£120 better off a month in interest payments/when I clear mortgage in about 2 years time I will be £1200 a month better off--life changing

I say g/l but if you budget an keep at it you will reach your journey.

Mortgagefreeby50

I've just updated my target, forgot to include my normal mortgage payments into my target!
I have had the mortgage for a year, and have reduced it from £203k to £199,368. In 3 years time, according to Locoblade's spreadsheet, I should be down to £187,850 by continuing with my normal payments.

Therefore, I have revised my target to say I would like to reduce my mortgage by a further £10k, taking it from £199,368 to £177,850 by 12.12.15.

Good luck, everyone!

black_taxi_2

HSBC on-line fast 24/7 o/p anytime is great

PrincessLou

black_taxi wrote: »

HSBC on-line fast 24/7 o/p anytime is great

How do you make overpayments online with HSBC? I'd like to be prepared for when the challenge starts :j

black_taxi_2

You don't need to bank with them--just a HSBC mortgage

Lomcevak

Minor tweak to my challenge, realized that with a 12/12/12 start date my usual December payment hasn't gone out yet, so i'll be starting at £186,369 and not £185,808 - target remains £150k at the end.

Just after some advice - how do people manage their overpayments when they are limited to an amount they are allowed to pay?

I'm in this position, can only overpay up to £499 per month so I do that, then I have a First Direct regular saver for another £300 per month. That then gets rolled over into an ISA, and i'll make a lump sum payment when the mortgage drops onto the SVR in three-and-a-bit years.

So if all goes to plan i'll manage 36x£499 = £17,964 in 'normal' OPs during the MFiT-T3 and £10,800 plus interest in FD regular savers, so overall about £30k - although the lump sum won't be done until a few months after MFiT-T3 finishes. Adds up to a decent chunk of cash that way

tattycath

black_taxi wrote: »

Tattycath--challenge doesn't start till 12th

Just tell FB your new balance an new number 106

I will take your number 4---swap

Hi. Thanks for this-I have messaged FB

financialbliss

TattyCath /blacktaxi - spotted that. I'll get that actioned.

So, this third three year challenge starts tomorrow.

If you have called your mortgage provider or checked your mortgage online and have an update to your starting balance, please use the updates form to log the change and I'll get through the updates.

First port of call tomorrow is the last chart in the second challenge, then I'll get on to new challengers and objective updates here.

If you've not yet put an objective in yet, you may want to have a think about that.

Finally, although the challenge starts tomorrow, it's still open for new members to join and probably will remain so for the next 6 to 12 months depending on the interest.

Thanks everyone and best of luck,

Financial Bliss.