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

financialbliss

Quick post - up far to late on a "school night" - waiting for batteries and phone to charge!

While I'm doing that, I've had a quick look and updated the challengers for this challenge:

New challengers:
146. PaddyPaws. Reduce my mortgage from £61,274 to £40,000.
147. egon. Reduce my mortgage from €215,156 to €200,000.

Challenge updates:
59. abouttimetoo. Reduce my mortgage from £65,000 to £30,000.

Apologies to PaddyPays as I know you have been waiting a few days. I see you also have a diary. I'll link that into the first page post tomorrow, plus PM PaddyPays and egon tomorrow - aiming to turn in by midnight!

FB.

PaddyPaws

Thank you FinancialBliss

Best update my sig now :j

PP

TallGirl

Happy New Year everyone first day back at work since the 11th December. Feel a bit down as we had such a lovely time in South Africa but here we are also excited about starting this challenge.

Updated my starting point I currently have £12,332,67 saved in ISA's and Zopa.

Wanted to push myself so set a taget to reach of £35,000 saved as I cleared my mortgage during the original MFi3 challenge.


Good luck everyone look forward to reading all about your progress.

SusanneCape

TallGirl wrote: »

Happy New Year everyone first day back at work since the 11th December. Feel a bit down as we had such a lovely time in South Africa but here we are also excited about starting this challenge.

I am soooooo jealous. I am from Cape Town. Did you go there too? My family say it has been baking out there ......

egon

Thanks FB!

:j

TallGirl

SusanneCape wrote: »

I am soooooo jealous. I am from Cape Town. Did you go there too? My family say it has been baking out there ......

We didn't go to Cape Town this time did, jo'burg (BIL lives there) then Sun City and Madikwe (private game reserve) then Penington just outside Durban.

Yes it was hot and Cape Town is lovely in particular the Water Front. Also like the penguins at Simons Town and the wine in Stellonbosh.

SusanneCape

TallGirl wrote: »

We didn't go to Cape Town this time did, jo'burg (BIL lives there) then Sun City and Madikwe (private game reserve) then Penington just outside Durban.

Yes it was hot and Cape Town is lovely in particular the Water Front. Also like the penguins at Simons Town and the wine in Stellonbosh.

That's what I love about home - beautiful city, fantastic weather and surrounded by wine farms ..... heaven!:D:D

I used to hitchhike with my mates from JHB to Durban after lectures on a Friday afternoon and sleep on the beach for the weekend. Could never do that now. Oh, those were the days!:T

littlemonkeywolf

First overpayment ever made.... I had it in my head it was a hard thing, finally phoned up and got the details to do it online... bonus... and survived the phone call!

so goodbye £3000.00 ... we own a few more bricks now wooohooooo!!!!!
Now to leave it few days and get a balance as no idea what currently is at.. slacking i know!

beachie

Sat down today and worked out how much I need to pay a month.

I needed to pay £42524 over 3 years however I received £6100 from an inheritence which is now in savings. I have £1800 on my credit card. This means I have to make a payment of £37'954 to reach my target.

Dividing this amount by 35 equals a payment and overpayment of £1084.40 a month (2/3 of my pay!) so this in the short term is unachievable. This shouldn't matter though as assuming interest rates stay the same my interest payments should come down and more will go the the Capital.

To keep myself on target though I am going to aim for that amount. A quite staggering amount but this is how I am doing this month. I am hoping to get within £200 of the target!

Jan 2012
Total Standard Payment - £200 of £200
Total Overpayment so far - £484.40 of £884.40 required to meet target
Total left to meet target - £400
Money left in Bank - £468

black_taxi_2

beachie don't stress yourself about hitting target every month

unknowns happen--treat yourself every so often to a nice restaurant

Many stop o/p because they burn themselves out

you will get there

All the best