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

Kwaker_Knacker

lvm wrote: »

Anyone else on their own in this challenge rather than part of a "we"? Always seems so much harder going on your own :-(

My wife doesn't get involved with any of the payments or bills, but she likes spending money, so I feel like I'm on my own with this, but working with 1 hand tied behind my back :rotfl:

K_K

Calfuray

lvm wrote: »

I've been a little slack with the finances recently so looking forward to a fresh start come 2013.

Have updated my exact starting figure at 12/12/12 - £23,321.82 of savings/net assets and hoping to reach £60k by the end of the 3 yrs with a mixture of savings and mortgage overpayments. As I'm looking to either move house or buy an investment property during the challenge I thought I'd best not complicate things with several challenge numbers!

Anyone else on their own in this challenge rather than part of a "we"? Always seems so much harder going on your own :-(

Anyway, looking forward to the March update! :-)

I'm part of a 'we', but I'm the only one overpaying! Well, that's not true, he's overpaid roughly £25 over the last three years

ajmoney

I am also part of the "we" but really "me" club. When we discuss finances DH loves the idea but then forgets and I don't like reminding him as I feel like I am nagging. So far this year (2012) I have OPd £1055 and I am the one who earns the least, I really think I should address this situation!

financialbliss

Quick update before I turn in.

Firstly, apologies to ShelleyC - registration was there the other day, but I managed to ignore that in the raft of updates.

Here's where we are at just now:

New challengers:
137. gjb1503. Reduce my mortgage from £148,372 to £126,772
138. ShelleyC. Build up my savings from £0 to £50,000.

Objective updates:
3. lvm. Build up my savings from £23,322 to £60,000.
8. gallygirl. Completely clear my £96,841 mortgage.
16. JoeyGrey. Completely clear my £19,581 mortgage.
23. cake21. Completely clear my £54,745 mortgage.
51. someday soon. Completely clear my £24,500 mortgage.
52. canne. Completely clear my $57,220 mortgage.
84. happycamel. Reduce my mortgage from £256,800 to £241,800.

May be worth mentioning that while I rounded the T2 challenge values manually to the nearest pound, the T3 data is entered in a central numbers sheet and the chart itself just takes the relevant information and presents it - in a rounded format to the nearest pound (or dollar) to save on a little bit of column space.

So, no need to get anxious if your mortgage appears to be higher than you logged - mortgage value, reduction and percentage values should be getting worked out correctly... :rotfl:

This that's it for now. About to use above data to update post #1, plus PM the two newbies.

Thanks,
FB.

financialbliss

YoungBusinessman wrote: »

FB - thanks for running this, i will join!!


Get keys on Friday, £100,000 mortgage(between me and gf) on a purchase price of £112,000...

5 year fix at £648 a month repayments...we are both 21 and its a 20 year term. We are not putting down a figure to aim for, just going with "as much as possible"....

Wouldnt be suprised if we can get it down to under £70,000...

YoungBusinessman,
The chart stats work best with definitive values - I could put you down as £100,000 to £70,000. How does that sound?

I'll PM you...

FB.

samtoby

Happy Christmas to all the T3 Mortgage reducing people xx

Courgette

Have just sent details to FB via Google docs. Hoping I'm not too late to register for the new challenge. We have 2 mortgages with a combined debt of 104,500. Our aim is to get this down to 80,000 and completely pay off the smaller of the two. This will be our first target

gjb1503

I've got a question about the 'rules' of the challenge. I started a MFW diary and it was pointed out that as the larger of our mortgages is at 1.29% that we would be better off saving our over-payments in ISAs while the rate there was higher.

Would it be cheating to declare the money saved in the ISA as over-payments before actually using it to overpay? Otherwise we will be working hard on the challenge but have nothing to enter on the updates.

What do you think?

Courgette

personally I wouldn't class that as cheating at all, sounds completely reasonable. Don't know what others think though

black_taxi_2

gjb--the rules are there are no rules