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

tattycath

upped my game a bit this month with the mortgage overpayments and have overpaid £179 so far this month.
It has helped that I've started a diary over on the DFW board.:)
£179 is such a none rounded figure... just going to round it up...

black_taxi_2

no need to cancel holiday----as long as your not taking on a loan to pay for it/just use your couple of months o/p

ie-1 week instead of 2weeks

OS_QS

tattycath wrote: »

Gosh OS QS and Mrs Money Penny make my overpayments look like smallfry. I'll have to try and up my game somewhat. ... open to all suggestions...

Everyone's circumstances are different and therefore OPs are relative. I wouldnt compare unless it spurs you on in a positive way. Though it would be interesting to see the percentage of disposable income people are putting to their OPs.

Luckily for us can draw down on our overpayments at any time, so its easier to put away the money if you know you can get it back....although I've never tried it! Also because of this facility, it make sense to put the money to the mortgage instead of the pitiful savings rates.

I doubt I'll manage to sustain the OPs every month, but it feels good trying to meet the crazy 3year objective:rotfl:

tattycath

OS_QS wrote: »

Everyone's circumstances are different and therefore OPs are relative. I wouldnt compare unless it spurs you on in a positive way. Though it would be interesting to see the percentage of disposable income people are putting to their OPs.

Thanks for this-it does spur me on in a positive way-think i've had a kind of light bulb moment lately.
Luckily for us can draw down on our overpayments at any time, so its easier to put away the money if you know you can get it back....although I've never tried it! Also because of this facility, it make sense to put the money to the mortgage instead of the pitiful savings rates.

Ours is not an offset but I beleive that if our individual overpayments are over £500 we can draw them back should the need arise-not that we've had to either yet...

I doubt I'll manage to sustain the OPs every month, but it feels good trying to meet the crazy 3 year objective :rotfl:

I set myself this crazy task of overpaying something like £25,800 in the next 3 years -way over my budget really but, I'm going to have a jolly good go at achieving it-especially as I'd love to get 30K off the mortgage
In order to do this I'm having to think out of the box a bit more than is usual for me.

tattycath

Just been looking back to the 1st and 2nd MFI3...
Interesting to see the first challenge for me was pay off 4K and the 2nd was £15,750 and now I'm aiming for £25,800.
Just paid off another fiver....we'll get there.

black_taxi_2

nice1 tattycath

good to look back
debt/loans hide your true monthly budget
as you pay them off slowly but surely your o/p becomes bigger and capital smaller--a snowball effect

akamustang

Registered a week or so ago.

The registration link is still active and the first chart hasn't been published yet so I hope I'm still able to join in.

black_taxi_2

Aka you will be ok to join

FB

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.

Trying_to_be_good

I thought the challenge started on 13 Dec 12 - straight after the last one finished?

Confused why it would start tomorrow, 19 Feb 13, but happy to be put right! Or is that a quote from FB at the start of the thread? I've totally confused myself now!

TallGirl

The quest did start 12th Dec as far as I understand but guessing its still open to new people who can put in a start balance as of 12/12/12.

My own progress might be off to a flying start with a redundancy payment but new job likely to be a lot lower paid and I got to get one first. I am able to stay at my old job until 31st May so that does help a lot.