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

Kwaker_Knacker

black_taxi wrote: »

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

+1

All work and no play etc.

K_K.

RosieTiger

It's important that you don get fixated on it having to be done in 3 years. We could and maybe should have managed to get there during the last challenge, but we still managed to pay off well over £100k during that challenge.
Things will come up and being able to help out family or opt to go for the mega holiday are things we don't regret anything.
Key point is to enjoy yourself on the way so we would echo the treats on the way advice earlier - whatever you achieve will mean you have progressed beyond where you would have been if you did nothing

beachie

black_taxi wrote: »

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

Yes, I know but I want to buy a house.I have been overpaying for 5 years now. Had a weekend in London at Christmas, a night out in Bristol last weekend, meals throughout December, a new tablet, new clothes for curry out on Wednesday and I'm away this weekend at my parents so I'm not really restricting my life to much. Going to Spain in June.

I split my pay up as 800 overpayment, 500 bills (mortgage interest, petrol, electricity etc.) and 400 spending money.

I'm certainly not stressing about it. Infact I normallly forget to even post here but its good to get to a pattern and get ahead while I can. Im actually saving a deposit for a house than paying down my mortgage at the moment but just offsetting it for this challenge.

black_taxi_2

good point by rosie---3 years

i will prob be 2/3 years over target but i couldnt be happier an will reach goal.

main thing is milestones---seeing capital balance reduce every 10k

remember the norm in society--- keeping mortgage full term with loans on top

those of us on here are breaking that mould---overpayments so we can change our financial freedom lifestyle.

black_taxi_2

sorry posted before i saw reply

you look you hav yourself well budgeted

so you want a bigger property

beachie

black_taxi wrote: »

sorry posted before i saw reply

you look you hav yourself well budgeted

so you want a bigger property

Yes, so will most certainly be doubling my mortgage next year. My flat is too small, I can't own a kayak or surf board or a photography studio, my bike is stuck in the lounge and I have finished renovating it.. Looking a 3 bedroom houses to take in a lodger or two.

I dont really budget or anything, dont have spreadsheets or anything but the above works well.

black_taxi_2

yeah---buying right type of property is a big decision

its good you have a plan and not going into it blind

Fluffypigs

Beachie - My sister in law bought a larger house than she needed at the time, and took in 2 lodgers to help with the bills. Eventually when she had met the right person she started a family and the lodgers went. It worked very well for her but you have to be careful to get lodgers that you get on well with.

Trying_to_be_good

Right. Am considering seriously delaying my MF date, as we're thinking about adding a very lovely orangery to the house. We have an amazing garden and this would allow us to enjoy it all year round, and future-proof our forever house for the next 30 to 40 years.

Am I mad?

TallGirl

Trying_to_be_good wrote: »

Right. Am considering seriously delaying my MF date, as we're thinking about adding a very lovely orangery to the house. We have an amazing garden and this would allow us to enjoy it all year round, and future-proof our forever house for the next 30 to 40 years.

Am I mad?

That sounds lovely if you have the space for it I would go for it. I am looking at a hexagonal 6ft x 6ft greenhouse that's all I might have space for. When I was trying to be MF during the original mfi3 we had a new bath room, cloak room and wet room and now I love them and the cost is irrelevant if its your forever house.

On the savings front I am looking at opening a 1st direct account to et the £125 and the e 8% saving account good place so lock away next years ISa money. Any one got one how long do they take to do the switch?